For each statement in this section, say whether the statement is True, False, or Uncertain. Then explain each of your answers in a few sentences. For example, if a statement is True, then explain why it is True. If a statement is False, identify the part or parts of the statement that are False and explain why they are False. If a statement is Uncertain, explain why it could be True and why it could also be False. Your explanations count for nearly all the points.

a. "GDP measures the value of all spending and production in a country."

b. "A recession is officially defined by the U.S. government as two consecutive quarters of negative growth of real GDP per capita."

c. "According to economic theory, recessions will last longer than expansions."

d. "The total national income of the U.S. is actually much higher than indicated by GDP."

e. "GDP measured by the expenditure approach will be higher than GDP measured by the income approach."