Question

Which is a true statement about the US economy during the 1970s?
A.Prices for goods and services stayed the same, but a dollar bought less than it previously had.
B. Many Americans were employed, and their wages increased dramatically.
C. Many people made less money, but a dollar bought more than it previously had.
D. Prices for goods and services increased, and a dollar bought less than it previously had.

Answer 1

Answer:inflation and unemployment both were high during 1970

Explanation:The 1970s were a time of both high inflation and high unemployment in theU.S. because of two huge oil supplystuns.Unemployment created jobless Americans with less money to spend; therefore, prices would stay the same or fall. Surprisingly, the United States experienced high unemployment and high inflation simultaneously in the 1970s — a phenomenon called stagflation.

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Explanation:

Answer 2

• The united states is highly developed country with a market economy and has the world's largest  nominal GDP and net wealth.
• The US is ranked 3rd among 32 countries in the american  region,and its overall score is above the regional and world averages.
• The 1970s saw some of the highest rates of inflation in the United States in recent history.
• The catalogue of problems that people faced in the 1970s included double digit inflation,double digit unemployment,20% mortgage rates,the collapse of the manufacturing sector.
• The interest rate rose to nearly 20%
• The price of a product were also increased and the value for a dollar was reduced.
• Based on the above conclusion the correct answer is option D i.e.,Prices of goods and services increased,and a dollar bought less than it previously had.

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