Macroeconomics (9th Global Edition)
Macroeconomics (9th Global Edition)
9th Edition
ISBN: 9780134141534
Author: Andrew B. Abel, Ben Bernanke
Publisher: Pearson Global Edition
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Chapter 8, Problem 1AP
To determine

To ascertain: Whether alternative methodology increases or decreases the computed length of contractions or expansions.

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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 periods of 6 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 declining real GDP, such as the blue-shaded period in 1957, is known 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 declining real GDP in 1957?  Check all that apply.   Industrial production increased.   Home sales increased.   Consumer spending declined.   Retail sales declined.
Macroeconomics is concerned with:   only long-run trends in economic activity. only short-run fluctuations in the business cycle. both long-run trends and short-term fluctuations in economic activity. only with changes in the overall price level.
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 declining real GDP, such as the blue-shaded period in 1957, is known as ________ (options: a recession, a business cycle, an expansion)   True or False: Short-term fluctuations in real GDP are irregular and unpredictable.   Which of the following probably occurred as the U.S. economy experienced increasing real GDP in 1958? Check all that apply.A. Industrial production declined.B. Consumer spending increased.C. The unemployment rate declined.D. Home sales declined.
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