Question

during the 1970s, some economists argued that the cause of the woes of the economy were due to . a.) increase in unemployment, as women entered the labor force b.) brain drain due to ineffective education and training c.) low taxes and a government surplus that should have been spent on social programs d.) supply shock due to issues with the supply of oil

Answer 1

During the 1970s, some economists argued that the cause of the woes of the economy was due to d.) supply shock due to issues with the supply of oil

What was the economic crisis of the 1970s?

This refers to the term that is used to discuss and describe the economic crisis that threatened to engulf the United States financial sector due to certain influences such as the 1973 oil crisis, the fall outs of the Vietnam War under President Johnson and many other factors.

Hence, it can be seen that with these factors in mind, the main argument of some economists was that the cause of the woes of the economy was due to d.) supply shock due to issues with the supply of oil as can be found in option D which is true because of the supply shock which helped to cripple the US economy.

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