Answer: a)Deflationb)Both deflation and inflationc)Inflationd)Neither deflation nor inflation
The two worst crises of this period were the 1973 oil crisis and the 1979 energy crisis when the Yom Kippur War and the Iranian Revolution triggered interruptions in Middle Eastern oil exports. The crisis began to unfold as petroleum production in the United States and some other parts of the world peaked in the late 1960s and early 1970s.
Wed Sep 09 2009 14:30:00 GMT-0400 (Eastern Daylight Time) · The 1973–1975 recession or 1970s recession was a period of economic stagnation in much of the Western world during the 1970s putting an end to the overall post–World War II economic expansion.It differed from many previous recessions by being a stagflation where high unemployment and high inflation existed simultaneously.
1973 oil crisis – Wikipedia
Stagflation – Wikipedia
1970s energy crisis – Wikipedia
The 1973 oil crisis began in October 1973 when the members of the Organization of Arab Petroleum Exporting Countries proclaimed an oil embargo.The embargo was targeted at nations perceived as supporting Israel during the Yom Kippur War. The initial nations targeted were Canada Japan the Netherlands the United Kingdom and the Uni…