To control inflation,President Nixon
A)ordered wage and salary reductions for all government employees
B)increased government spending
C)dramatically reduced transfer payments such as Social Security
D)applied price floors to all goods and services
E)froze wages and prices

Question

Quizplus · Accepted Answer

President Nixon froze wages and prices to control inflation. This policy, known as the Nixon Shock, was implemented in August 1971 and lasted for 90 days. It was intended to be a temporary measure, but it ultimately failed to control inflation in the long term.

To Control Inflation,President Nixon