1. Key facts about economic fluctuationsThe graph included below approximates United States business cycles between quarter one of 1947 and quarter three of 1951. The shaded regiondenotes periods of six or more consecutive months of declining real gross domestic product (real GDP).[194919501951YEARREAL GDP (Billions of dollars)217020701970187017701947Source: "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.1948Notice that real GDP trends upward over time but experiences ups and downs in the short run. These short-run fluctuations in real GDP are oftenreferred to asTrue or False: Small ups and downs in real GDP follow a consistent, predictable pattern.O True000FalseWhich of the following probably occurred as the U.S. economy experienced increasing real GDP in 1950? Check all that apply.?Home sales declined.Consumer spending increased.The unemployment rate declined.Retail sales increased.

An increase in the real GDP of the economy in the short run is referred to as an expansion. A…

The graph included below approximates United States business cycles between quarter one of 1947 and quarter three of 1951. The shaded region denotes periods of six or more consecutive months of declining real gross domestic product (real GDP).

The graph included below approximates United States business cycles between quarter one of 1947 and quarter three of 1951. The shaded region denotes periods of six or more consecutive months of declining real gross domestic product (real GDP).

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter5: Measuring A Nation's Income

Section: Chapter Questions

Problem 6PA

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Question

1. Key facts about economic fluctuations
The graph included below approximates United States business cycles between quarter one of 1947 and quarter three of 1951. The shaded region
denotes periods of six or more consecutive months of declining real gross domestic product (real GDP).
[
1949
1950
1951
YEAR
REAL GDP (Billions of dollars)
2170
2070
1970
1870
1770
1947
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.
1948
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
000
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.
Consumer spending increased.
The unemployment rate declined.
Retail sales increased.

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