In March of 2020, as the COVID-19 pandemic caused economic activity to slow sharply, the US economy went into recession. In response, Congress passed three bills in March, the third of which was the Coronavirus Aid, Relief, and Economic Security (CARES) Act, a $2.2 trillion dollar stimulus package. By the end of 2020, however, it was clear that more aid was needed: real GDP, which had increased at 2.29% in 2019 (in line with the 2.25% average annual GDP growth rate since 2010), declined by 2.77% in 2020 despite support from the CARES Act. a) What does a GDP decline mean, in plain English? Does a 2.77% drop in GDP imply that the economy has lost one thirty-sixth of its wealth? Explain