147 The Great Inflation - One Minute History

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.

What was the peak inflation rate during the Great Inflation period?

• 5%

• 10%

• 15%

• 20%

Which US President halted the exchange of the dollar for gold in 1971?

• President Ford

• President Nixon

• President Reagan

• President Carter

What was the impact of the 1973 oil embargo on oil prices?

• Prices remained stable

• Prices surged significantly

• Prices decreased

• Prices increased slightly

What economic condition is characterized by high inflation and high unemployment?

• Stagflation

• Deflation

• Hyperinflation

• Recession

What was one of the consequences of the Great Inflation on the stock market?

• The stock market increased by 10%

• The stock market lost half of its value

• The stock market remained unchanged

• The stock market doubled in value