The economic condition known as stagflation was caused by a declining oil prices b

Question

The economic condition known as stagflation was caused by

a. declining oil prices.

b. low inflation rates.

c. stagnant economic growth and low inflation.

d. stagnant economic growth and high inflation.

e. high income tax rates.

ANS: D TOP: The End of the Golden Age

DIF: Moderate REF: Full p. 1027 | Seagull p. 1045

MSC: Understanding OBJ: 3. Examine the ways in which the opportunities of most Americans diminished in the 1970s.

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