Real GDP Project ECON 2 1. Study the graph and describe what is being measured and how any one component changed over time. 2. The gray bars on your graph show recessions (periods of declining real income and rising unemployment, a significant decline in general economic activity extending over a period of time). Since 1947 there have been 11 such periods in the United States. Do you see a pattern in private firms' spending before and during a recession? Real GDP Project ECON 2 3. What possible explanations are there for the changes in the share of government spending as a percentage of real GDP