The Economy in the 1970s

Question 1

Study the graph.How much did inflation increase during President Carter’s term?

Revolt · Accepted Answer

by about 7 percentage points

Question 2

A major event that took place in the United States in 1979 was

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an energy crisis.

Question 3

The Federal Reserve’s attempts to reduce inflation in 1979

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caused the economy to slow further.

Question 4

When President Carter took office in 1977, the US economy was

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improving slightly.

Question 5

How did the shortage of oil from OPEC nations affect the United States?

Revolt · Accepted Answer

It created more unemployment.

Question 6

Under President Carter, the Federal Reserve

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raised interest rates in an attempt to slow down inflation.

Question 7

What did Americans experience during the oil shock of 1979?

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gas shortages

Question 8

President Carter’s Community Reinvestment Act

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encouraged banks to lend in low- and moderate-income areas.

Question 9

Both the oil embargo of 1973 and the oil shock of 1979 showed the United States that

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the government needed to be less dependent on foreign oil production.

The Economy in the 1970s Answers