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147 The Great Inflation - One Minute History

147 The Great Inflation - One Minute History

Assessment

Interactive Video

History, Business

11th Grade - University

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

The Great Inflation was a period of significant economic turmoil following WWII, marked by rising inflation and unemployment. Inflation peaked at nearly 15% in 1980, and unemployment reached 11%. President Nixon's decision to halt the dollar-gold exchange further devalued the dollar. The 1973 OPEC oil embargo led to skyrocketing oil prices, causing a recession. This era of stagflation saw both inflation and unemployment rise, stunting economic growth.

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5 questions

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1.

OPEN ENDED QUESTION

3 mins • 1 pt

What was the peak inflation rate in 1980?

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2.

OPEN ENDED QUESTION

3 mins • 1 pt

What were the consequences of the Great Inflation on employment rates?

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3.

OPEN ENDED QUESTION

3 mins • 1 pt

What significant action did President Nixon take in 1971 regarding the US dollar?

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4.

OPEN ENDED QUESTION

3 mins • 1 pt

How did the oil embargo imposed by OPEC members affect oil prices?

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5.

OPEN ENDED QUESTION

3 mins • 1 pt

Describe the economic conditions during the Great Inflation.

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