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Refer to the table below. Duration Percentage Peak Dates (Months) Decline in Real Unemployment GDP Rate Aug 1929-Mar. 1933 43 35.4% 24.9% May 1937-June 1938

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Refer to the table below. Duration Percentage Peak Dates (Months) Decline in Real Unemployment GDP Rate Aug 1929-Mar. 1933 43 35.4% 24.9% May 1937-June 1938 13 9.4 20.0 Feb. 1945-Oct. 1945 8 23.8 4.3 Nov. 1948-Oct 1949 11 9.9 7.9 July 1953-May 1954 10 10.0 6.1 Aug. 1957-Apr. 1958 8 14.3 75 Apr. 1960-Feb. 1961 10 72 7.1 Dec. 1969-Nov. 1970 11 8.1 6.1 Nov. 1973-Mar. 1975 16 14.7 9.0 Jan. 1980-July 1980 6 8.7 7.6 July 1981-Nov. 1982 16 12.3 10.8 July 1990-Feb. 1991 8 2.2 6.5 Mar. 2001-Nov. 2001 8 0.6 5.6 Dec. 2007-June 2009 18 4,1 10 0 Mar. 2020-May 2020 3 32.0 14.7 Instructions: Enter your response as a percent rounded to one decimal place. a. What was the largest percentage decline in real GDP in a recession since 1971? percent

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