For the oil-importing countries, the increases in oil prices in 1973-1974 and 1979-1980 resulted in all of the following EXCEPT

Question

Quizplus · Accepted Answer

The increases in oil prices in 1973-1974 and 1979-1980 resulted in balance of trade deficits, price inflation, and constrained economic growth for oil-importing countries. However, it did not result in improving terms of trade as higher oil prices meant higher import costs, which worsened terms of trade.

For the Oil-Importing Countries, the Increases in Oil Prices in 1973-1974