1. Key facts about economic fluctuationsThe following graph approximates business cycles in the United States from the first quarter of 1953 to the third quarter of 1957. The vertical blue bar coincides with periods of 6 or more months of declining real gross domestic product (real GDP). 2700260025002400230019531954195519561957YEARSource: "Current-dollar and Real GDP," Bureau of Economics Analysis, last modified May 1, 13, accessed May 15, 13, http://www.bea.gov/national/xls/gdplev.xls.Notice that real GDP trends upward over time but experiences ups and downs in the short run. A period of declining real GDP, such as the blue-shadedperiod in 1953, is known asTrue or False: Short-term fluctuations in real GDP are irregular and unpredictable.TrueFalseREAL GDP (Billions of dollars) Notice that real GDP trends upward over time but experiences ups and downs in the short run. A period of declining real GDP, such as the blue-shadedperiod in 1953, is known 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 1954? Check all that apply.Retail sales increased.The unemployment rate declined.Consumer spending increased.O Industrial production declined.

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Answered: 2700 2600 2500 2400 2300 1953 1954 1955…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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1. Key facts about economic fluctuations

The following graph approximates business cycles in the United States from the first quarter of 1953 to the third quarter of 1957. The vertical blue bar coincides with periods of 6 or more months of declining real gross domestic product (real GDP).

2700
2600
2500
2400
2300
1953
1954
1955
1956
1957
YEAR
Source: "Current-dollar and Real GDP," Bureau of Economics Analysis, last modified May 1, 13, accessed May 15, 13, http://www.bea.gov/national/xls/gdplev.xls.
Notice that real GDP trends upward over time but experiences ups and downs in the short run. A period of declining real GDP, such as the blue-shaded
period in 1953, is known as
True or False: Short-term fluctuations in real GDP are irregular and unpredictable.
True
False
REAL GDP (Billions of dollars)

Notice that real GDP trends upward over time but experiences ups and downs in the short run. A period of declining real GDP, such as the blue-shaded
period in 1953, is known 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 1954? Check all that apply.
Retail sales increased.
The unemployment rate declined.
Consumer spending increased.
O Industrial production declined.

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