The options for the first questions are: expansions, recessions, and the business cycle.

1. Key facts about economic fluctuations The graph included below approximates United States business cycles between quarter one of 1953 and quarter three of 1957. The shaded region denotes periods of six or more consecutive months of declining real gross domestic product (real GDP). (?) 2700 2600 REAL GDP (Billions of dollars) 2500 2400 2300 1953 1954 1955 1956 1957 YEAR Source: "Current-dollar and Real GDP," Bureau of Economics Analysis, last modified May 1, 13, accessed May 15, 13, http://www.bea.govational/xis/gdplev.xis. 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. True False Which of the following probably occurred as the U.S. economy experienced increasing real GDP in 19547 Check all that apply. )Consumer spending increased. )Retail sales increased ) Industrial production declined, The unemployment rate declined