Explain and draw a graph to illustrate how the fall in household wealth would have influenced the

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Explain and draw a graph to illustrate how the fall in household wealth would have influenced the consumption function and saving function.

The Bank of Greece reported that during the economic crisis between 2009 and 2014, household wealth declined by 40 percent. This was mainly due to a fall in the value of real estate in Greece. During the same time period, household income also decreased by 26 percent due to heavy taxation.

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Related Book For  answer-question

Economics

ISBN: 9781292433639

14th Global Edition

Authors: Michael Parkin

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