For the oil-importing countries,the increases in oil prices in 1973-1974 and 1979-1980 resulted in all of the following except:
A) Balance of trade deficits
B) Price inflation
C) Constrained economic growth
D) Improving terms of trade

Question

Quizplus · Accepted Answer

The increases in oil prices caused balance of trade deficits, price inflation, and constrained economic growth for oil-importing countries, but did not result in improving terms of trade. In fact, the terms of trade for oil-importing countries worsened due to the higher cost of imported oil.

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