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,...


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).


2800<br>2700<br>2600<br>2500<br>2400<br>1955<br>1956<br>1957<br>1958<br>1959<br>YEAR<br>Source:

Extracted 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)

Jun 08, 2022
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