explore other tables, particularly Table 1.1.2. and Table 1.1.4, to learn about changes in prices and how and why GDP changes.
• What is the current GDP growth rate? Also, examine the trend of GDP growth over the past few years.
• What stage of the business cycle is the U.S. economy currently in given the trend of GDP growth?
• What components of GDP tend to decline significantly during recessions (particularly during the 2008 recession), and what GDP components rise during expansion? In other words, what aspects of GDP are mostly affected when the economy slows down, and why?
