The Economy in the 1970s

Question 1

President Carter’s Community Reinvestment Act

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

Question 2

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.

Question 3

President Carter’s policies for increasing economic growth in America

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had a slight impact.

Question 4

The Federal Reserve’s attempts to reduce inflation in 1979

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caused the economy to slow further.

Question 5

The US recession in the 1970s was caused by

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an oil embargo.

Question 6

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

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by about 7 percentage points

Question 7

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

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an energy crisis.

Question 8

How did President Carter respond to the energy crisis in 1979?

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He tried to increase US oil production.

Question 9

What did Americans experience during the oil shock of 1979?

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gas shortages

Question 10

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

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It created more unemployment.

The Economy in the 1970s Answers