In 1979, the Inflation Rate Reached About 14 Percent, Due

Multiple Choice

In 1979, the inflation rate reached about 14 percent, due in part to ________. The Board of Governors of the Federal Reserve under ________ decided to ________ interest rates, sending the economy into a ________.

A) a fall in oil prices; Volcker; raise; recession
B) an increase in consumer spending; Volcker; lower; recession
C) an increase in oil prices; Volcker; raise; recession
D) an increase in oil prices; Volcker; lower; boom
E) a fall in oil prices; Greenspan; raise; recession