1. Key facts about economic fluctuationsThe following graph approximates business cycles in the United States from the first quarter of 1953 to the third quarter of 1957. The vertical blue barcoincides with periods of 6 or more months of declining real gross domestic product (real GDPP).27002002000W 2400230019501954196519561957YEARSource: "Current dollar and Real GDP" Bureau of Economics Analysis, last modihed May 1, 13, accessed May 15, 13, http://www.bea.gov/national/xds/gdplev.ds.Notice that real GDP trends upward over time but experiences ups and downs in the short run. A period of declining real GDP, such as the blue-shadedperiod in 1953, is known asTrue or False: Small ups and downs in real GDP follow a consistent, predictable pattern.O frueO FalseWhich of the following probably occurred as the U.S. economy experienced declining real GDP in 19537 Check all that applyORetail sales declined.O Home sales increased.O Industrial production increased.O Consumer spending declined.

Real GDP is a macroeconomic statistic that measures the value of the goods and services produced by…

Notice that real GOP trends upward over time but experiences ups and downs in the short run. A period of declining real GDP, such as the blu period in 1953, is known 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 dectining real GDP in 19537 Check all that apply. O Retail sales declined. O Home sales increased. O Industrial production increased.

Notice that real GOP trends upward over time but experiences ups and downs in the short run. A period of declining real GDP, such as the blu period in 1953, is known 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 dectining real GDP in 19537 Check all that apply. O Retail sales declined. O Home sales increased. O Industrial production increased.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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