The following table shows Spains (annualized) quarterly real GDP growth rates for the 20072012 period. (Roman numbers

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The following table shows Spain’s (annualized) quarterly real GDP growth rates for the 2007–2012 period. (Roman numbers refer to quarters.)

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a) Plot real GDP growth rate in a graph. Can you identify a trend in the data?

b) Based on the data shown, can you identify the beginning (i.e., the year and the quarter) of the current recession?

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