Economic Impact Of Cold War (70s 80s) Flashcards
1
Q
What is Stagflation
A
An economy that is experiencing a simultaneous increase in inflation and stagnation of economic output
Increase in unemployment and in prices
2
Q
Spiking Energy Prices
A
OPEC embargo on USA for involvement in Yom Kippur War
Israeli side
3
Q
Who is OPEC
A
Organization for the Petroleum Exporting Countries
typically Arab states
4
Q
Yom Kippur War?
A
Ramadan war, Arab-Israeli
- Israel v coalition of Arab states
- Arabs led by Egypt and Saudi Arabia
- 1973, 6th - 20th October
5
Q
Yom Kippur War effect on US economy ?
A
Oil prices went up so people stopped buying American made, fuel intensive cars, opting for smaller Japanese models for fuel efficiency
6
Q
Space Race
A
Federal spending on NASA in 1966 was at 4.41% of the budget (5.9b)
In 1963 it was at 2.29%
7
Q
How much did the oil price up by?
A
Quadrupled
