I need help with this packet and I don't know how to upload the rest of it.

Econ 04 Project 1 Inflation 1. Read the first article, completing the vocab section and questions. ECONOMY Think Inflation Is Bad Now? Let's Take A Step Back To The 1970s May 29, 20215:29 AM ET Heard on Weekend Edition Saturday NPR SCOTT HORSLEY President Jimmy Carter signs emergency natural gas legislation in the Oval Office of the White House in Washington, D.C., on Feb. 2, 1977. An oil crisis contributed to a period of double-digit inflation in the 1970s. AP 1. Vocab (8) recession supply interest rates inflation demand consumer price index Federal Reserve "stagflation" The 1970s are starting to trend - for all the also spiked. On the popular sitcom All In The wrong reasons. Family, Archie Bunker was reduced to eating Today, prices for everything from gasoline to meatless spaghetti. groceries are surging as the economy roars back In this Dec. 23, 1973 file from the pandemic recession. And that's raising photo, cars line up in two directions at concerns in some quarters about whether the a gas station in New York City. The 1970s was a period defined by United States is headed back to the awful devastating double-digit inflation, economic days of the 1970s, when the country requiring drastic action from the was gripped by double-digit inflation that Federal Reserve. required painful action by the Federal Reserve. Marty Lederhandler/ AP The Biden administration insists those Prices actually started concerns are far off the mark, and that the days creeping up in the mid-1960s, when the federal when Americans sported campaign-style "Whip government was spending heavily on both the Inflation Now" buttons on their wide lapels are Vietnam War and the Great Society. Nixon long gone. temporarily froze prices in the early 1970s, but that "I came of age and studied economics in the just postponed the pain. When his controls were 1970s and I remember what that terrible period lifted, prices bounced even higher. was like," Treasury Secretary Janet Yellen told a Gerald Ford declared inflation "Public Enemy House subcommittee Thursday. "No one wants to Number One." Carter called it the nation's most see that happen again." pressing domestic problem. Yellen and others in the administration argue Despite the tough talk from the White House, that the current run-up in prices is a temporary prices kept climbing. phenomenon, sparked by supply shocks tied to Princeton economist Alan Blinder says the pandemic, and pent-up demand from psychology was partly to blame. In the 1970s, consumers - not the beginning of a persistent, Americans came to believe that high inflation was upward spiral like the one that spawned here to stay. And that expectation became a kind "stagflation" in the '70s and haunted presidents of self-fulfilling prophesy. from Richard Nixon to Jimmy Carter. "If you're a business and you expect the To understand the differences between the inflation rate to be 5%, you're likely when it comes two eras, it helps to take a step back in time. time to set the prices for the next year [to] go up The 1970s were bookended by oil shocks that 5%," said Blinder, who was vice chairman of the brought soaring prices for gasoline. Meat prices Federal Reserve in the 1990s. Econ 04 Project 1 p. 1