Which of the following is true regarding the productivity slowdown in the United States during the mid-1970s?
A) The productivity slowdown occurred despite a rising quality of labor.
B) The productivity slowdown was unique to the United States as foreign countries experienced unprecedented rates of growth during that time.
C) High oil prices raised the costs of doing business for markets worldwide, and reduced output worldwide as well.
D) The move toward a "New Economy" ended in the early 1970s, resulting in less technological progress in the United States during the mid-1970s.

Question

Quizplus · Accepted Answer

High oil prices during the 1970s, particularly due to the oil embargo, increased costs globally and contributed to reduced output worldwide, affecting productivity.

Which of the Following Is True Regarding the Productivity Slowdown