According to the following article, \"WASHINGTON—Signaling what could be the sta

Question

According to the following article,

"WASHINGTON—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 consumers slashed 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
Source: USA TODAY, October 31, 2008, B1. Reprinted with Permission."

(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. ‘29–Mar. ‘33 43 53.4% 24.9%
May ‘37 –June ‘38 13 32.4 20.0
Feb. ‘45 –Oct. ‘45 8 38.3 4.3
Nov. ‘48–Oct. ‘49 11 9.9 7.9
July ‘53–May ‘54 10 10.0 6.1
Aug. ‘57–Apr. ‘58 8 14.3 7.5
Apr. ‘60–Feb. ‘61 10 7.2 7.1
Dec. ‘69–Nov. ‘70 11 8.1 6.1
Nov. ‘73–Mar. ‘75 16 14.7 9.0
Jan. ‘80–July ‘80 6 8.7 7.6
July ‘81–Nov. ‘82 16 12.3 10.8
July ‘90–Feb. ‘91 8 2.2 6.5
Mar. ‘01–Nov. ‘01 8 0.6 5.6
Dec 07– ? ? ?

My answer to D, reads as follows:
Based on my understandings on the chart shown above and the comparison with History dates, the most devastating recession after a war was the one suffered after World War I. This war officially ended in December 31, 1945 by declaration done by President Truman. September 2, 1945 was when Japan surrounded.
The closest dates to the end of World War II will be the data dated February 1945 thru October 1945 based on the Percentage Declined in Real GDP, now this recession started before the war officially (by declaration) ended.

I am very confussed about the rest, can someone please help!

Explanation / Answer

a.GDP declined by 0.3 % b. output lost = 14 *1000*3/1000 = 42 billion $ c. Each American lost = 42/0.3 =140 $

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