1. Key facts about economic fluctuations The graph included below approximates United States business cycles between quarter one of 1947 and quarter three of 1951. The shaded region denotes periods of six or more consecutive months of declining real gross domestic product (real GDP) Notice that real GDP trends upward over time but experiences ups and downs in the short run. These short-run fluctuations in real GDP are often referred to as True or False: Small ups and downs in real GDP follow a consistent, predictable pattern. O True O False Which of the following probably occurred as the U.S. economy experienced declining real GDP in 1948? Check all that apply. Consumer spending increased. Corporate profits declined. Car sales increased. Total real income declined.
1. Key facts about economic fluctuations The graph included below approximates United States business cycles between quarter one of 1947 and quarter three of 1951. The shaded region denotes periods of six or more consecutive months of declining real gross domestic product (real GDP) Notice that real GDP trends upward over time but experiences ups and downs in the short run. These short-run fluctuations in real GDP are often referred to as True or False: Small ups and downs in real GDP follow a consistent, predictable pattern. O True O False Which of the following probably occurred as the U.S. economy experienced declining real GDP in 1948? Check all that apply. Consumer spending increased. Corporate profits declined. Car sales increased. Total real income declined.
Chapter1: Making Economics Decisions
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Transcribed Image Text:1. Key facts about economic fluctuations
The graph included below approximates United States business cycles between quarter one of 1947 and quarter three of 1951. The shaded region
denotes periods of six or more consecutive months of declining real gross domestic product (real GDP)
Notice that real GDP trends upward over time but experiences ups and downs in the short run. These short-run fluctuations in real GDP are often
referred to as
True or False: Small ups and downs in real GDP follow a consistent, predictable pattern.
O True
O False
Which of the following probably occurred as the U.S. economy experienced declining real GDP in 1948? Check all that apply.
Consumer spending increased.
Corporate profits declined.
Car sales increased.
Total real income declined.
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