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 1950? Check all that apply. Home sales declined. Retail sales increased. Consumer spending increased. Industrial production 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 1950? Check all that apply. Home sales declined. Retail sales increased. Consumer spending increased. Industrial production declined.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:6. Key facts about economic fluctuations
The following graph approximates business cycles in the United States from the first quarter of 1947 to the third quarter of 1951. 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)
2170
2070
1970
1870
1770
1947
1948
1949
YEAR
1950
1951
(?)
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.
Transcribed Image Text: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 1950? Check all that apply.
Home sales declined.
Retail sales increased.
Consumer spending increased.
Industrial production declined.
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