The Economy in the 1970s Answers

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The US recession in the 1970s was caused by

an oil embargo.

energy interdependence.

low unemployment.

President Nixon’s resignation.

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Under President Carter, the Federal Reserve

raised interest rates in an attempt to slow down inflation.

lowered interest rates in an attempt to help the economy.

increased discrimination against borrowers.

decreased wages paid to federal workers.

President Carter’s first economic plan proposed

decreasing government spending.

challenging the oil embargo.

increasing government spending.

lowering the price of everyday goods.

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

It created more unemployment.

It lowered unemployment.

It helped businesses to diversify.

It caused oil production to rise.

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