Asked by Timothy DeKorver on Jun 07, 2024
Verified
Which statement is true?
A) Nations should strive for self-sufficiency.
B) The U.S.balance of trade has always been positive.
C) Our biggest trade deficit was a little over $150 billion.
D) Our balance of trade turned negative in the mid-1970s.
Self-Sufficiency
The ability of an individual or economy to meet all its needs without external assistance.
Balance of Trade
The variance between what a country spends on imports and earns from exports during a certain timeframe.
- Comprehend the historical progression and trends in U.S. trade balances and their underlying reasons.
Verified Answer
MM
Maxwell MarfoJun 12, 2024
Final Answer :
D
Explanation :
The statement "Our balance of trade turned negative in the mid-1970s" is true. Option A is not necessarily true as interdependence is also beneficial for nations. Option B is false as the US has had negative trade balances in several years. Option C is incorrect as the highest trade deficit for the US was over $800 billion in 2018.
Learning Objectives
- Comprehend the historical progression and trends in U.S. trade balances and their underlying reasons.