how the US GDP has performed from January 2017 to August 2021. (i) Excluding COVID-19 reason, briefly tell us two key reasons behind the observed trend. (ii) briefly describe how the US GDP performed between March 2020 to December 2020, using business cycle language in your description.

how the US GDP has performed from January 2017 to August 2021. (i) Excluding COVID-19 reason, briefly tell us two key reasons behind the observed trend. (ii) briefly describe how the US GDP performed between March 2020 to December 2020, using business cycle language in your description.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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MEASURING THE US ECONOMY: MATTERS ARISING

Definition Video Definition Overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period. Video

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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). [ 1949 1950 1951 YEAR REAL GDP (Billions of dollars) 2170 2070 1970 1870 1770 1947 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. 1948 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 000 False Which of the following probably occurred as the U.S. economy experienced increasing real GDP in 1950? Check all that apply. ? Home sales declined. Consumer spending increased. The unemployment rate…