Question
Which statements describe the results of inflation in the United States in the 1970s? Select three options.
People had more money to spend on goods and recreation.
Prices for goods increased, which made daily living more expensive.
Businesses hired more workers to produce more goods and services.
People had a harder time borrowing money due to higher interest rates.
Businesses had less money to invest in more workers and new equipment.
People had more money to spend on goods and recreation.
Prices for goods increased, which made daily living more expensive.
Businesses hired more workers to produce more goods and services.
People had a harder time borrowing money due to higher interest rates.
Businesses had less money to invest in more workers and new equipment.
Answers
GPT-4o mini
The three statements that describe the results of inflation in the United States in the 1970s are:
1. **Prices for goods increased, which made daily living more expensive.**
2. **People had a harder time borrowing money due to higher interest rates.**
3. **Businesses had less money to invest in more workers and new equipment.**
These statements accurately reflect the economic conditions during that period, characterized by rising inflation, increased interest rates, and the resulting impact on consumers and businesses.
1. **Prices for goods increased, which made daily living more expensive.**
2. **People had a harder time borrowing money due to higher interest rates.**
3. **Businesses had less money to invest in more workers and new equipment.**
These statements accurately reflect the economic conditions during that period, characterized by rising inflation, increased interest rates, and the resulting impact on consumers and businesses.