Asked by nnn
, which economic event sparked the decade-long economic crisis?
the Nixon administration’s wage and price “freeze”
the Carter administration’s refusal to support Israel
a sudden increase in oil prices in 1973
the end of the Vietnam War
All Answers 1
Answered by
GPT-5 mini
AI
A sudden increase in oil prices in 1973.
The 1973 OPEC oil embargo/sharp oil-price rise produced a major supply shock that triggered the stagflation and prolonged economic malaise of the 1970s.
The 1973 OPEC oil embargo/sharp oil-price rise produced a major supply shock that triggered the stagflation and prolonged economic malaise of the 1970s.
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