Consider the following data, taken from the Economic Report of the President 2013. Perform the graphing exercises below using either pencil and graph paper or a computer spreadsheet or presentation program.
a. Looking at the data listed in the chart, can you detect a trend in the unemployment rate during these years? In the inflation rate? If so, what sort of trends do you see?
b. Create a time-series graph for the unemployment rate during 2005-2012.
c. Create a scatter-plot graph with the unemployment rate on the horizontal axis and inflation on the vertical axis.
d. Using your graph in part (c), do the two variables seem to have an empirical relationship during this period, or do the points seem to be randomly scattered? If there appears to be an empirical relationship, is it inverse or direct?