What is 7.4 in it's simplest form?

Assuming that you mean to ask . . . "What is 7.4 as a fraction in simplest form?"

7.4 = 7 and 4/10

4/10 can be reduced to 2/5

7 represents = (7*5)/5 = 35/5

so . .  7 + 4/10 = 35/5 + 2/5 = 37/5 (improper fraction in simplest form)
or
 . . . . 7 + 4/10 = 7 2/5 (mixed fraction in simplest form)

I believe the answer is: Prices for goods and services increased, and a dollar bought less than it previously had

In the 1970s, united states was experiencing a period of economic stagnation which later known as called the great inflation of the 1970s.

During this period, the number of unemployment skyrocketed and the value of our currency fall dramatically, which caused an increase in overall products and less amount of products it can obtain with previously same amount.