Figure 20.6 shows the business cycle of a country during and after the 2008 economic crisis. Use
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Figure 20.6 shows the business cycle of a country during and after the 2008 economic crisis. Use the data in the following graph to discuss how movements in potential GDP can be explained by the analysis in this chapter.
Figure 20.6
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Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Gross Savings (% of GDP) 14.03% 15.56 16.59 18.87 19.29 20.44 20.23 18.82 19.31 19.16 18.71 19.00 Expenses (% of GDP) 26.16% 25.63 25.44 24.00 23.02 22.73 22.47 22.55 22.27 22.30 22.65 33.01 Consumption Expenses (% of GDP) 21.3% 21.0 20.3 19.4 18.7 18.1 17.7 17.6 17.4 17.4 17.5 18.3
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