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 a period of six or more months of declining real gross domestic product (real GDP). Notice that real GDP trends upward over time but experiences ups and downs in the short run. A period of increasing real GDP is known as a __________ (options: bust, business cycle, boom).
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 a period of six or more months of declining real gross domestic product (real GDP). Notice that real GDP trends upward over time but experiences ups and downs in the short run. A period of increasing real GDP is known as a __________ (options: bust, business cycle, boom).
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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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 a period of six or more months of declining real
Notice that real GDP trends upward over time but experiences ups and downs in the short run. A period of increasing real GDP is known as a __________ (options: bust, business cycle, boom).

Transcribed Image Text:2800
2700
2600
2500
2400
1955
1956
1957
1958
1959
YEAR
Source: "Current-Dollar and Real GDP," Bureau of Economics Analysis, last modified May 1, 2013, accessed May 15, 2013, http://www.bea.gov/national
/xls/gdplev.xls.
REAL GDP (Billions of dollars)
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