Economic Challenges and Events of the 1970s Quiz

Test your knowledge of major economic events, crises, and policies of the 1970s. Explore topics like stagflation, oil crises, and global monetary systems.

#1

Which industry faced significant challenges in the 1970s due to increased competition from foreign manufacturers?

Automobile industry
Steel industry
Textile industry
Agricultural industry
#2

What term describes the period of slow economic growth and high inflation experienced during the 1970s?

Stagflation
Hyperinflation
Deflation
Recession
#3

Which industry was greatly affected by the decline of traditional manufacturing jobs in the United States during the 1970s?

Technology industry
Agricultural industry
Service industry
Textile industry
#4

Which major economic event marked the beginning of the 1970s economic challenges?

The Nixon Shock
The Great Depression
The Bretton Woods Agreement
The Marshall Plan
#5

Which country faced hyperinflation during the 1970s due to excessive money printing?

United States
United Kingdom
Germany
Zimbabwe
#6

What was the major factor contributing to the global oil crisis in the 1970s?

Increased oil production
Decline in oil consumption
OPEC oil embargo
Discovery of new oil reserves
#7

Which US president initiated the economic policies known as Reaganomics in the 1980s?

Jimmy Carter
Ronald Reagan
George H. W. Bush
Bill Clinton
#8

Which organization was formed in 1973 to coordinate policies and regulate the global monetary system?

World Trade Organization (WTO)
International Monetary Fund (IMF)
Bank for International Settlements (BIS)
Organization of the Petroleum Exporting Countries (OPEC)
#9

Which economic event in 1975 resulted in the bankruptcy of one of New York City's largest employers and financial crisis?

The 1975 Wall Street Crash
The New York City Blackout
The Ford Administration Bailout
The collapse of the Penn Central Railroad
#10

Which economic theory, popularized in the 1970s, suggests that there exists a trade-off between inflation and unemployment?

Keynesian economics
Monetarism
Supply-side economics
Phillips curve
#11

What was the primary cause of the UK's Winter of Discontent in 1978-79?

High unemployment
Harsh weather conditions
Massive strikes
Political corruption
#12

Which economic theory, associated with the 1970s, emphasizes reducing government intervention and promoting free market principles?

Socialism
Communism
Neoliberalism
Marxism

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