Asked by Joanna Rivera on Jun 11, 2024
Verified
In the mid-1970s, the United States switched from running a trade ________ to running a trade ________.
A) balance; surplus
B) deficit; surplus
C) surplus; deficit
D) deficit; balance
Trade Surplus
A situation where the value of a country's exports exceeds the value of its imports.
Trade Deficit
Occurs when a country's imports exceed its exports, leading to a negative balance in trade.
- Discern historical fluctuations in trade balances, including surpluses and deficits, for select countries.
Verified Answer
GS
Gessica SementilliJun 17, 2024
Final Answer :
C
Explanation :
In the mid-1970s, the United States transitioned from having a trade surplus, where exports exceed imports, to having a trade deficit, where imports exceed exports.
Learning Objectives
- Discern historical fluctuations in trade balances, including surpluses and deficits, for select countries.