Was the unusual combination of high inflation and high unemployment Challenged Keynesian economic assumptions; led to monetarist responses.

Was an economic crisis confined to Western Europe with no real U.S. effect

Was a deflationary collapse in prices and wages much like the early 1930s

Was a period of rapid economic growth with low inflation and falling joblessness

Was the unusual combination of high inflation and high unemployment

Economy after 1945

AP US History· difficulty 4/5

Stagflation (1970s)

A
$Was an economic crisis confined to Western Europe with no real U.S. effect$
B
$Was a deflationary collapse in prices and wages much like the early 1930s$
C
$Was a period of rapid economic growth with low inflation and falling joblessness$
D
$Was the unusual combination of high inflation and high unemployment$
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Explanation

Challenged Keynesian economic assumptions; led to monetarist responses.

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