Which of the following was true of the US economy in the 1970s? Prices for goods and services stayed the same, but the dollar bought less than it previously had. Many Americans were employed, and their wages increased dramatically over previous years. Many people made less money, but the dollar bought more goods and services than it previously had. Prices for goods and services were increasing, and the dollar bought less than it previously had.
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The correct answer for the question “ which of the following was true of the US economy in the 1970s.?” is option (D)-Prices for goods and services were increasing, and the dollar bought less than it previously had.
The period of 1970s is America is also known as the great Inflation of 1970. The stock market was a mess at that time. Economic growth was weak and more people became unemployed. Easy money polices of american central bank brought even more high inflation. Economists around the world call the period as “the failure of American macroeconomic policy in the postwar period”.
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