Hand written solutions are strictly prohibited 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 asTrue or False: Small ups and downs in real GDP follow a consistent, predictable pattern.O TrueO FalseWhich of the following probably occurred as the U.S. economy experienced declining real GDP in 1948? Check all that apply.Consumer spending increased.Corporate profits declined.Car sales increased.Total real income declined. 1. Key facts about economic fluctuationsThe 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).REAL GDP (Billions of dollars)21702070197018701770194719481940YEAR19001951?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.xis

The measure of the value of all final products produced within a country's borders, adjusted for…

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 declining real GDP in 1948? Check all that apply. Consumer spending increased. Corporate profits declined. Car sales increased. Total real income declined.