The Economic Slump in the 1970s Looked Different from the Slump

question 173

Multiple Choice

The economic slump in the 1970s looked different from the slump at the beginning of the Great Depression because it was:

• A) the result of a lack of confidence that led businesses and consumers to spend less.
• B) largely caused by events in the Middle East that led to sudden cuts in world oil production and soaring prices for oil.
• C) the direct result of a contractionary monetary policy.
• D) the result solely of a negative demand shock.

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Definitions:

Attitude Changes

Adjustments or shifts in an individual's perspective or feelings towards a subject, often as a result of persuasion or new information.

Questions

Inquiries posed to gather information, clarify understandings, or probe deeper into a subject matter.

Diagnose Information

The process of analyzing information to identify problems, causes, and possible solutions.

Breakdown

A failure in communication or operations, where a system, relationship, or discussion ceases to function effectively.