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 increasing real GDP in 1954? Check all that apply. O The unemployment rate declined. O Consumer spending declined. O Car sales declined. O Total real income increased.
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 increasing real GDP in 1954? Check all that apply. O The unemployment rate declined. O Consumer spending declined. O Car sales declined. O Total real income increased.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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(hw33)Note:- Please consider this as one whole question these are not separate questions. For this question need all the possible correct answer as soon as possible.

Transcribed Image Text: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
2800
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. 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
False
Which of the following probably occurred as the U.S. economy experienced increasing real GDP in 1954? Check all that apply.
O The unemployment rate declined.
O Consumer spending declined.
O Car sales declined.
O Total real income increased.
REAL GDP (Billions of dollars)
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