Use the graph to answer the question that follows. Real GDP Potential Real GDP Actual Real GDP Time At the points T₁ and T3 of this economy's business cycle, which of the following occurred? ( Real GDP was increasing, and unemployment was falling. Nominal GDP was decreasing, and employment was increasing. The price level was falling, and unemployment was falling. Nominal GDP was falling, but real GDP was increasing. Real GDP was falling, and unemployment was decreasing.

Use the graph to answer the question that follows. Real GDP Potential Real GDP Actual Real GDP Time At the points T₁ and T3 of this economy's business cycle, which of the following occurred? ( Real GDP was increasing, and unemployment was falling. Nominal GDP was decreasing, and employment was increasing. The price level was falling, and unemployment was falling. Nominal GDP was falling, but real GDP was increasing. Real GDP was falling, and unemployment was decreasing.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter23: Aggregate Demand And Aggregate Supply

Section: Chapter Questions

Problem 1QR

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macroeconomics - gdp
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