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. True False Which of the following probably occurred as the U.S. economy experienced increasing real GDP in 1958? Check all that apply. Retail sales increased. Consumer spending increased. Industrial oduction declined. Home sales declined.

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. True False Which of the following probably occurred as the U.S. economy experienced increasing real GDP in 1958? Check all that apply. Retail sales increased. Consumer spending increased. Industrial oduction declined. Home sales declined.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

1. Key facts about economic fluctuations
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).
REAL GDP (Billions of dollars)
2800
2700
2600
2500
2400
1955
1956
1957
YEAR
1958
1959
?

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.
True
False
Which of the following probably occurred as the U.S. economy experienced increasing real GDP in 1958? Check all that apply.
Retail sales increased.
Consumer spending increased.
Industrial production declined.
Home sales declined.

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