D. a slow-down in the rate of inflation. The supply-side shocks that affected the United States in 1973 and 1979 were the result of A. government tax policies. B. union wage demands. C. OPEC policies regarding the availability and price of crude oil. D. increases in aggregate supply.
Stagflation is defined by high levels of both A. unemployment and inflation.
B. unemployment and interest rates. C. interest rates and inflation. D. economic growth and inflation. B. average price level currently is 125 times higher than the average price level during the base year. C. purchasing power of a dollar is 125 percent larger in the base year than in the current year.