5. According to the following informationEconomy Shrank Last QuarterWASHINGTON—Signaling what could be the start of a prolonged recession, the government said Thursday that the U.S. economy shrank in the July–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% rate—the steepest fall since 1980. The overall decline was the worst since the 2001 recession.—Sue Kirchhoff(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 .)
