Question

The following data give the dates of successive turning points in U.S. economic activity and the corresponding levels of real GDP at the time.

(A) July 1953 1992.2
(B) May 1954 1941.0
(C) April 1957 2182.7
(D) April 1958 2117.4
(E) April 1960 . 2391.0

The economy experienced a recession that lasted from:

A. May 1954 to April 1958.
B. July 1953 to April 1957.
C. May 1954 to April 1957.
D. July 1953 to May 1954.

Answer 1

The correct answer is May 1954 to April 1958. During a recession, the economy experiences a decline in economic activity, including a decrease in production, employment, and income. The correct answer is A.

Step-by-step explanation:

The correct answer is A. May 1954 to April 1958.

In the given data, there is a turning point with a decrease in real GDP from May 1954 to April 1958, indicating a recession lasting for that period.

During a recession, the economy experiences a decline in economic activity, including a decrease in production, employment, and income. With the provided dates and corresponding levels of real GDP, the recession lasted from May 1954 to April 1958.