Context
What was the main cause of the Oil Shock
Yom Kippur War
What fiscal policy was implemented to cut taxes?
The Tax Reduction Act
What was the economy like (one word answer)
Stagflation
How much were interest rates raised at its peak?
20%
Organization of the Petroleum Exporting Countries
Who inspires Volkners new monetary policy?
Milton Friedman
How much revenue was loss due to the Tax Reduction Act of 1975
$2.5 billion