Question

Which is a true statement about the us economic climate during the 1970s? inflation was high and unemployment rates were low. inflation and unemployment rates were low. inflation and unemployment rates were high. inflation was low and unemployment rates were high.

Answer 1

C. Inflation and unemployment rates were high.

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Answer 2

Answer:

inflation and unemployment rates were high

Explanation:

In the 1970s the world economy went through a turbulent scenario whose main motive was the cartel formed by the Organization of Petroleum Exporting Countries (OPEC), which raised the price of a barrel of oil as a way of retaliating against the USA and the nations of the West for political reasons, such as support for the state of Israel.

The US was heavily impacted as it was OPEC's biggest buyer of oil. Thus, the rise in the price of oil caused inflation and impacted the country's economic activity, raising costs to the point of closing companies, increasing unemployment and inflation.