The United States and other industrialized countries experienced rising inflation accompanied by a recession during the 1970s.This phenomenon was described as (a)

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Stagflation refers to a situation where there is both high inflation and stagnant economic growth, which is exactly what occurred in the 1970s in the US and other industrialized countries. Hyperinflation implies extremely rapid inflation, while depression describes a prolonged economic downturn characterized by a sharp decline in economic activity, neither of which fully apply to the situation in the 1970s. Stagnation simply refers to a lack of growth or progress, which doesn't fully capture the reality of the 1970s given the simultaneous presence of inflation.

The United States and Other Industrialized Countries Experienced Rising Inflation