7. In the table below, U denotes the unemployment rate and I the inflation rate in six American countries in 2011. Country U H Mexico 5.2 3.4 Argentina 7.2 9.5 Brazil 6.0 6.6 Chile 6.6 3.3 Colombia 10.8 3.4 Venezuela 8.2 26.1 a) Determine whether the data is a time series or a cross-section. b) Draw a scatter-plot with the data of the table. Interpret your graph. c) Calculate the correlation coefficient (U, I) and interpret your result. d) Calculate a new correlation coefficient eliminating the Venezuelan observation and interpret your result