1. The following table shows Spain's (awalized) quarterly real GDP growth rates for the 2007–2012 period. (Roman numbers refer to quarters.) Variable 2007 2007 2007 2007 2008 2008 I II III IV I II Real GDP 7.6 7.3 6.5 6.4 5.6 4.6 Variable 2008 2008 2009 2009 2009 2009 III IV I II III IV Real GDP 3.1 0.5 -0.1 -4.1 -4.5 -3.3 Variable 2010 2010 2010 2010 2011 2011 I II III IV I II Real GDP -1.5 -0.2 0.0 0.4 0.5 0.5 Variable 2011 2011 2012 2012 2012 2012 II IV I II III IV Real GDP 0.6 0.0 -0.7 -1.4 -1.6 -1.9 a) Plot real GDP growth rate in a graph, and identify a trend in the data. b) Based on the data shown, identify the beginning (i.e., the year and the quarter) of the current recession.

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1. The following table shows Spain's (awalizr) quarterly real GDP growth rates for the 2007–2012 period.
(Roman numbers refer to quarters.)
Variable
2007 2007 2007 2007 2008
2008
I
II
III
IV
I
II
Real GDP
7.6
7.3
6.5
6.4
5.6
4.6
Variable
2008 2008 2009 2009 2009 2009
III
IV
I
II
III
IV
Real GDP
3.1
0.5
-0.1 -4.1 -4.5 -3.3
Variable
2010 2010 2010 2010 2011 2011
I
II
III
IV
I
II
Real GDP -1.5 -0.2
0.0
0.4
0.5
0.5
Variable
2011
2011
2012 2012 2012 2012
III
IV
II
III
IV
Real GDP
0.6
0.0
-0.7 -1.4 -1.6 -1.9
а)
Plot real GDP growth rate in a graph, and identify a trend in the data.
b)
Based on the data shown, identify the beginning (i.e., the year and the quarter) of the current
recession.
2. Unemployment is a very important topic in macroeconomics. A high unemployment rate means that a lot
of individuals willing to work cannot find a job. This is bad for the economy, as some resources (i.e., labour)
remain idle.
Comment on the effects that being unemployed have on an individual.
Transcribed Image Text:1. The following table shows Spain's (awalizr) quarterly real GDP growth rates for the 2007–2012 period. (Roman numbers refer to quarters.) Variable 2007 2007 2007 2007 2008 2008 I II III IV I II Real GDP 7.6 7.3 6.5 6.4 5.6 4.6 Variable 2008 2008 2009 2009 2009 2009 III IV I II III IV Real GDP 3.1 0.5 -0.1 -4.1 -4.5 -3.3 Variable 2010 2010 2010 2010 2011 2011 I II III IV I II Real GDP -1.5 -0.2 0.0 0.4 0.5 0.5 Variable 2011 2011 2012 2012 2012 2012 III IV II III IV Real GDP 0.6 0.0 -0.7 -1.4 -1.6 -1.9 а) Plot real GDP growth rate in a graph, and identify a trend in the data. b) Based on the data shown, identify the beginning (i.e., the year and the quarter) of the current recession. 2. Unemployment is a very important topic in macroeconomics. A high unemployment rate means that a lot of individuals willing to work cannot find a job. This is bad for the economy, as some resources (i.e., labour) remain idle. Comment on the effects that being unemployed have on an individual.
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