Asked by Daeja Kavanaugh on May 18, 2024
Verified
In 1971, for the first time in the twentieth century, the United States experienced a merchandise trade deficit.
Trade Deficit
A situation where a country's imports of goods and services exceed its exports, leading to more money leaving the country than coming in.
- Acquire knowledge of significant political, social, and economic developments in America during the late 20th century.
Verified Answer
RV
Ruben Vera Jr.
May 23, 2024
Final Answer :
True
Explanation :
In 1971, the United States recorded its first merchandise trade deficit of the twentieth century, marking a significant shift from its longstanding position as a net exporter.
Learning Objectives
- Acquire knowledge of significant political, social, and economic developments in America during the late 20th century.