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Chapter 20: Problem 1

We became a debtor nation in (LO4) a) 1975 c) 1985 b) 1980 d) 1990

Short Answer

Expert verified
The United States became a debtor nation in the year 1985. Therefore, the correct answer is (c) 1985.

Step by step solution

01

Define Debtor Nation

A debtor nation is a country that has a negative balance of payment, meaning it owes more money to other countries than it is owed. It's important to understand this concept in order to answer the question.
02

Find the Correct Answer

Based on historical records in the United States, the country became a debtor nation in the year 1985. Therefore, the correct answer choice is (c) 1985.

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Most popular questions from this chapter

Today international finance is based on ( \(\mathrm{LO3})\) a) the gold standard b) mainly a relatively free-floating exchange rate system c) fixed rates of exchange

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