Discussion
The period of high inflation and low economic growth is termed as
Answer: C
The period is termed stagflation.
Stagflation combines stagnation and inflation: prices rise rapidly while output growth is low and unemployment high. It is usually caused by a supply shock, as in the oil price rises of the 1970s, and is hard to treat because measures that curb inflation also slow growth.
Stagnation alone means slow growth without the high inflation. A depression is a deep, prolonged fall in output, usually with falling prices. The take-off stage is W. W. Rostow's term for the start of rapid, self-sustaining growth, the opposite of stagnation.
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