Question

What was the state of the US economy by the mid-1970s?

Unemployment was high, and the country was experiencing inflation.
Unemployment was high, and the country was experiencing deflation.
Unemployment was low, and the country was experiencing inflation.
Unemployment was low, and the country was experiencing deflation.

Answer 1

Answer: the correct answer is Unemployment was high, and the country was experiencing inflation.

Explanation: economist coined the term Stagflation that it is when there is high unemployment and inflation.. Stagflation in the 1970s was caused by the fall of the Bretton Woods system and the 1973 oil crisis.