Question

Which one is correct? a) Between 2008 and 2009, the US economy Shrankb) Between 2008 and 2009, GDP changed by about -3.0% .c) Between 2008 and 2009, the unemployment rate changed by about 1.5%

Answer 1

During the Great Recession of 2008-2009, the U.S. economy shrank and unemployment rates increased, with unemployment peaking at 10% in late 2009. To confirm the exact figures, such as GDP change and the precise rate of unemployment change, further specific data from that period is necessary.

Step-by-step explanation:

During the Great Recession of 2008-2009, the U.S. economy experienced significant hardship. According to various sources including the Bureau of Labor Statistics (BLS) and Congressional Budget Office, the U.S. economy did indeed shrink, and the unemployment rate saw a considerable increase. Specifically, the number of unemployed Americans soared from 6.8 million in May 2007 to 15.4 million in October 2009 with monthly unemployment rates spiking up to 10% in late 2009. However, accurate data for the change in GDP and the precise change in unemployment rate between 2008 and 2009 are needed to verify the exact figures mentioned in the options provided by the student.

Answer 2

Between 2008 and 2009, the US economy shrank due to the Great Recession, leading to a decline in economic output, productivity, and consumer spending. The GDP also changed by about -3.0% during this period. However, the assertion that the unemployment rate changed by about 1.5% is not correct as the peak unemployment rate during this time was around 10%.

Step-by-step explanation:

Between 2008 and 2009, the US economy shrank. The Great Recession of 2008-2009 had a significant impact on the US economy, leading to a decline in economic output, productivity, and consumer spending. The downturn resulted in job losses, decreased incomes, and declining home values. According to the Bureau of Labor Statistics, the number of unemployed Americans rose from 6.8 million in May 2007 to 15.4 million in October 2009.

On the other hand, the statement that GDP changed by about -3.0% is also correct. During the Great Recession, there was a significant decrease in the country's Gross Domestic Product (GDP), which measures the total value of goods and services produced. This decline in GDP indicates a contraction in the economy.

However, the statement that the unemployment rate changed by about 1.5% is not correct. During the Great Recession, the unemployment rate increased significantly, reaching its peak at around 10% in late 2009, as mentioned by the U.S. Census Bureau. This indicates a much higher change in unemployment than 1.5%.