Question

The US recession in the 1970s was caused by an oil embargo. energy interdependence. low unemployment. President Nixon’s resignation.

Answer 1

The answer is an oil embargo, however that wasn't the only contributing factor :)

Answer 2

• The US recession in the 1970s was caused by an oil embargo.

Step-by-step explanation:

The Organization of Petroleum Exporting Countries (OPEC) is accused at quadrupling oil costs. However, the OPEC oil ban alone didn't cause such a profound retreat. Two different variables contributed.

President Nixon organized compensation value controls. This kept costs excessively high, diminishing interest. Compensation controls made pay rates excessively high and constrained organizations to lay off laborers. Second, Nixon took the United States off the highest quality level because of a keep running on the gold held at Fort Knox, which prompted swelling. The cost of gold soar to $120 an ounce while the dollar's esteem plunged.