Statement I: Until the mid-1970s,our imports and exports was a relatively small percentage of our domestic goods output.
Statement II: Our negative merchandise trade balance is about as large as our positive services trade balance.
A)Statement I is true and statement II is false.
B)Statement II is true and statement I is false.
C)Both statements are true.
D)Both statements are false.

Question

Quizplus · Accepted Answer

Statement I is true as the percentage of imports and exports in relation to our domestic goods output was low until the mid-1970s. Statement II is false as our positive services trade balance is actually larger than our negative merchandise trade balance. Therefore, only option A is correct.

Statement I: Until the Mid-1970s,our Imports and Exports Was a Relatively