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). (?) 2800 2700 REAL GDP (Billions of dollars) 2600 2500 2400 1955 1996 1957 1958 1:050 YEAR Source: "Current-dollar and Real GDP," Bureau of Economics Analysis, last modified May 1, 13, accessed May 15, 13, http://www.bea.gowational/xis/gdplev.xis. 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. O True O 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