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According to the News on page 159, (a) By what percent did GDP decline? (b) How much output was lost in the $14 trillion economy?
According to the News on page 159,(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 .)