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United States · Economy & Business · Hard
Which economic term describes a period of slow economic growth and high unemployment combined with high inflation, a phenomenon that plagued the economy in the 1970s?
Answer: Stagflation — Stagflation challenged the prevailing Keynesian orthodoxy that inflation and unemployment could not rise simultaneously, and led to the rise of monetarism.
- A Stagflation ✓
- B Deflation
- C Hyperinflation
- D Disinflation
Stagflation challenged the prevailing Keynesian orthodoxy that inflation and unemployment could not rise simultaneously, and led to the rise of monetarism.