The significantly high rates of inflation in the 1970s occurred, in part,
A)because of increased petroleum prices.
B)due to high unemployment.
C)despite falling gasoline prices.
D)due to restrictive monetary policies.

Question

Quizplus · Accepted Answer

The significantly high rates of inflation in the 1970s occurred partly due to increased petroleum prices. The Organization of the Petroleum Exporting Countries (OPEC) raised the price of oil, causing a surge in energy costs that affected many industries, leading to higher prices for consumers.

The Significantly High Rates of Inflation in the 1970s Occurred