Year Unemployment Rate (%) Output Growth Inflation Rate (%) One-Year Nominal One-Year Real Rate (%) Interest Rate Interest Rate (%), (%), r 1929 3.2 -9.8 5.3 0.0 5.3 1930 8.7 -7.6 4.4 -2.5 6.9 1931 15.9 14.7 3.1 -9.2 12.3 1932 23.6 1.8 4.0 10.8 14.8 1933 24.9 9.1 2.6 -5.2 7.8 1. Consider the data in the Focus Box, "Deflation in the Great Depression." a. Do you believe that output had returned to its potential level in 1933? b. Which years suggest a deflation spiral as described in Figure 9-3? c. Make the argument that if the expected level of inflation had remained anchored at the actual value of inflation in 1929, the Great Depression would have been less severe. d. Make the argument that a substantial fiscal stimulus in 1930 would have made the Great Depression less severe