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 oftenreferred to asTrue or False: Short-term fluctuations in real GDP are irregular and unpredictable.TrueFalseWhich of the following probably occurred as the U.S. economy experienced increasing real GDP in 1950? Check all that apply.Consumer spending declined.Car sales declined.The unemployment rate declined.Total real income increased. The graph included below approximates United States business cycles between quarter one of 1947 and quarter three of 1951. The shaded regiondenotes periods of six or more consecutive months of declining real gross domestic product (real GDP).21702070E1970187017701947REAL GOP (Billions of dollars)19481949YEAR19501951Source: "Current-dollar and Real GDP Bureau of Economics Analysis, last modified May 1, 13, accessed May 15, 13, http://www.bea.gov/national/shs/gdplev.xls

An increase in the real GDP of the economy in the short run is referred to as an expansion. A…

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Question

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: Short-term fluctuations in real GDP are irregular and unpredictable.
True
False
Which of the following probably occurred as the U.S. economy experienced increasing real GDP in 1950? Check all that apply.
Consumer spending declined.
Car sales declined.
The unemployment rate declined.
Total real income increased.

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).
2170
2070
E
1970
1870
1770
1947
REAL GOP (Billions of dollars)
1948
1949
YEAR
1950
1951
Source: "Current-dollar and Real GDP Bureau of Economics Analysis, last modified May 1, 13, accessed May 15, 13, http://www.bea.gov/national/shs/gdplev.xls

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