According to the article, which economic event sparked the decade-long economic crisis? the Nixon administration’s wage and price “freeze” the Carter administration’s refusal to support Israel a sudden increase in oil prices in 1973 the end of the Vietnam War

In 1973, the OPEC (Organization of Petroleum Exporting Countries), led by the Arab countries, which control the supply of oil, drastically raised the price of a barrel of oil in retaliation for policies. US diplomats who supported Israel. Thus, the rise in the price of oil caused an economic crisis (recession and inflation) as the countries were completely dependent on the raw material for production.

nikitavidya0 nikitavidya0 · Answer 2 · 2022-02-07T15:22:56+01:00

The economic event that sparked the decade-long economic crisis was a sudden increase in oil prices in 1973.

What was the oil crisis?

The oil crisis was experienced during 1973 in the OPEC and countries. The organization tried to control the oil supply in the market that increased the oil price.

This action was done in retaliation for the US policies that were to support Israel. Thus, it ultimately gets converted into an economic crisis as other nations heavily import raw materials from OPERC for their production activities.

Learn more about the oil crisis here:

https://brainly.com/question/1024711