The spreadsheet provides information about the economy in Argentina. Column A is the year, Column B is real GDP in billions of 2000 pesos, and Column C is the price level.
A B C
1997 277 105.6
1998 288 103.8
1999 278 101.9
2000 276 102.9
2001 264 101.8
2002 235 132.9
2003 256 146.8
2004 279 160.4
2005 305 174.5
2006 331 198.0
2007 359 226.1
2008 384 267.7
a. In which years did Argentina experience inflation? In which years did it experience deflation (a falling price level)?
b. In which years did recessions occur? In which years did expansions occur?
c. In which years do you expect the unmployment rate was highest? Why?
d. Do these data show a relationship between unemployment and inflation in Argentina?