AnswersGalliWCA 2221 CivicsEconomics 1st nine weeks 26-27Introduction to Macroeconomics

Inflation and Stagflation Answers

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1
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According to the article, which economic event sparked the decade-long economic crisis?

A
the Nixon administration’s wage and price “freeze”
B
the Carter administration’s refusal to support Israel
C
a sudden increase in oil prices in 1973
D
the end of the Vietnam War
2
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Which factor caused higher oil prices to directly lead to inflation?

A
It increased demand for cars, leading to higher automobile prices.
B
Companies passed on production and transportation costs to consumers.
C
The government began to print more money.
D
Gas prices declined too quickly, leading to oversupply
3

Which of these words was first used during the 1970s economic crisis?

A
influx
B
stagflation
C
deficit
D
programs
4

What can you infer was behind Nixon's decision to "freeze” wages and prices?

A
Workers would be willing to be paid less if it would help the economy.
B
Consumers would buy more if inflation continued to rise.
C
Inflation affects wages and prices, so freezing those would halt inflation.
D
Rising inflation would lead to improvements in unemployment.
5

Look carefully at this photograph from 1973. The situation illustrated by the sign in this photo was a direct result of an action taken by:

A
“baby boomers.”
B
OPEC.
C
President Nixon.
D
President Reagan.
6

Which of these economic concerns was related to the achievements described in the passage?

A
“Baby boomers” did not want the jobs that had been created by government.
B
Reagan “froze” wages and prices to accomplish this economic recovery.
C
Inflation and unemployment rates declined, but stagflation did not.
D
The nation’s deficit rose greatly as inflation and unemployment fell.
7

According to the article, which economic event sparked the decade-long economic crisis?

A
the Nixon administration’s wage and price “freeze”
B
the Carter administration’s refusal to support Israel
C
a sudden increase in oil prices in 1973
D
the end of the Vietnam War
8

Which factor caused higher oil prices to directly lead to inflation?

A
It increased demand for cars, leading to higher automobile prices.
B
Companies passed on production and transportation costs to consumers.
C
The government began to print more money.
D
Gas prices declined too quickly, leading to oversupply
9

Which of these words was first used during the 1970s economic crisis?

A
influx
B
stagflation
C
deficit
D
programs
10

What can you infer was behind Nixon's decision to "freeze” wages and prices?

A
Workers would be willing to be paid less if it would help the economy.
B
Consumers would buy more if inflation continued to rise.
C
Inflation affects wages and prices, so freezing those would halt inflation.
D
Rising inflation would lead to improvements in unemployment.
11

Look carefully at this photograph from 1973. The situation illustrated by the sign in this photo was a direct result of an action taken by:

A
“baby boomers.”
B
OPEC.
C
President Nixon.
D
President Reagan.
12

Which of these economic concerns was related to the achievements described in the passage?

A
“Baby boomers” did not want the jobs that had been created by government.
B
Reagan “froze” wages and prices to accomplish this economic recovery.
C
Inflation and unemployment rates declined, but stagflation did not.
D
The nation’s deficit rose greatly as inflation and unemployment fell.

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