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
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
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:2400 +
1955
1956
1958
1959
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: Short-term fluctuations in real GDP are irregular and unpredictable.
O True
False
Which of the following probably occurred as the U.S. economy experienced declining real GDP in 1957? Check all that apply.
O Corporate profits declined.
O Consumer spending increased.
The unemployment rate increased.
Car sales increased.
HH
1957
18
O

Transcribed Image Text:←
https://aplia.apps.ng.cengage.com/af/servlet/quiz?quiz_action=takeQuiz&quiz_probGuid=Q4PLC0A80101000... A
The following graph approximates business cycles in the United States from the first quarter of 1955 to the third quarter of 1959. The vertical blue bar
coincides with periods of 6 or more months of declining real gross domestic product (real GDP).
?
2800
2700
1958
O
REAL GDP (Billions of dollars)
2600
2500
2400
1955
G
1956
1957
YEAR
1959
I'
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