Back to Assignment Attempts Keep the Highest / 3 6. Key facts about economic fluctuations The following graph approximates business cycles in the United States from the first quarter of 1947 to the third quarter of 1951. The vertical blue bar coincides with periods of 6 or more months of declining real gross domestic product (real GDP). (? 2170 2070 REAL GDP (Billions of dollars) 1970 870 1770 1947 1948 1949 1950 1951 YEAR Source: "Current-dollar and Real GDP," Bureau of Economics Analysis, last modified May 1, 13, accessed May 15, 13, http://www.bee.govational/xls/gdplev.xls.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: Short-term fluctuations in real GDP are irregular and unpredictable. O True O False Which of the following probably occurred as the U.S. economy experienced increasing real GDP in 1950? Check all that apply. Consumer spending declined. Total real income increased. O Car sales declined. Corporate profits increased.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: expansions Ins in real GDP are irregular and unpredictable. recessions O True the business cycle O False Which of the following probably occurred as the U.S. economy experienced increasing real GDP in 1950? Check all that apply. Consumer spending declined. O Total real income increased. Car sales declined. Corporate profits increased