Our balance of trade (LO2) a) has always been positive b) turned negative in the mid- \(1970 \mathrm{~s}\) c) turned negative in the mid- \(1980 \mathrm{~s}\) d) has always been negative

First, it's important to understand what is meant by the balance of trade (BoT). BoT is the difference between the value of a country's imports and exports during a specific period. A positive balance of trade means the country exports more than it imports (trade surplus), while a negative balance indicates the country imports more than it exports (trade deficit).

Considering the statements, a) The statement that the balance of trade has always been positive is not universally true. It varies from country to country. b) The claim that the BoT turned negative in the mid-1970s could be true for some countries, particularly those heavily impacted by the global recession and the oil crisis in 1973. c) The proposition that the BoT turned negative in the mid-1980s may be true for countries that faced economic difficulties, recession, or increasing import rates during this period. d) The assertion that the BoT has always been negative is inaccurate. As with the statement about the BoT always being positive, this doesn't apply universally since the BoT varies based on a country's economic performance and trade policies. Without specific reference to a particular country or economic region, it is not possible to definitively select a correct answer.

Each of the provided statements about the balance of trade could potentially apply to specific countries and periods. However, without explicit information about the country or region being discussed, it is not possible to definitively identify one correct statement for all scenarios.