TRUE OR FALSE

i. Nominal GDP is GDP measured in current prices and can be smaller than real GDP. ii. Potential GDP is always greater than real GDP in an economy. iii. Government spending on transfer payments is included in government purchases when calculating GDP, because it results in the production of new goods and services. iv. If Troy sells his 1996 Mazda for $3500 in 2013, the sale of his car contributes $3500 to GDP in 2013. v. If an increase in crime causes people to spend money on police and security systems, GDP will rise