5. According to the following information Economy Shra
Question and Solution
5. According to the following information Economy Shrank Last Quarter WASHINGTONâ€”Signaling what could be the st
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5. According to the following information
Economy Shrank Last Quarter WASHINGTONâ€”Signaling what could be the start of a prolonged recession, the government said Thursday that the U.S. economy shrank in the Julyâ€“September quarter as consumersslashed spending and businesses pulled back. The Commerce Department said gross domestic product, the broadest measure of goods and services produced in the USA, fell at a 0.3% annual rate in the third quarter. Consumer spending, two-thirds of economic activity, plummeted at a 3.1% rateâ€”the steepest fall since 1980. The overall decline was the worst since the 2001 recession.
(a) By what percent did GDP decline? (b) How much output was lost in the $14 trillion economy? (c) How much income did this represent for each of the 300 million U.S. citizens? (d) What was the largest GDP decline in a postwar U.S. recession? (See Table 8.1 .)
Table 8.1 Peak Duration Percentage Decline Unemployment Dates (months) in Real GDP Rate Aug. â€˜29â€“Mar. â€˜33 43 53.4% 24.9% May â€˜37 â€“June â€˜38 13 32.4 20.0 Feb. â€˜45 â€“Oct. â€˜45 8 38.3 4.3 Nov. â€˜48â€“Oct. â€˜49 11 9.9 7.9 July â€˜53â€“May â€˜54 10 10.0 6.1 Aug. â€˜57â€“Apr. â€˜58 8 14.3 7.5 Apr. â€˜60â€“Feb. â€˜61 10 7.2 7.1 Dec. â€˜69â€“Nov. â€˜70 11 8.1 6.1 Nov. â€˜73â€“Mar. â€˜75 16 14.7 9.0 Jan. â€˜80â€“July â€˜80 6 8.7 7.6 July â€˜81â€“Nov. â€˜82 16 12.3 10.8 July â€˜90â€“Feb. â€˜91 8 2.2 6.5 Mar. â€˜01â€“Nov. â€˜01 8 0.6 5.6 Dec 07â€“ ? ? ?
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