In the year ________, the United States switched from running a trade surplus to running a trade deficit.
A) 1950
B) 1966
C) 1976
D) 1994

Question

Quizplus · Accepted Answer

In the mid-1970s, a combination of factors led the United States to transition from running a trade surplus to running a trade deficit. These factors included the increase in oil prices due to OPEC's oil embargo, a decrease in competitiveness of American manufacturing, and the increasing popularity of foreign imports among American consumers.

In the Year ________, the United States Switched from Running