During the 1960s and 1970s, the U

question 64

Multiple Choice

During the 1960s and 1970s, the U.S.trade balance was close to zero, but during the 1980s, the trade deficit ballooned to unprecedented levels due to:

• A)an inability of U.S.companies to compete in the international market.
• B)a decline in private saving that resulted from an upsurge in consumption.
• C)a decline in national saving caused largely by rapidly rising government budget deficits.
• D)a worldwide recession that made it difficult for American companies to sell their products abroaD.

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Definitions:

Social Security Act

Enacted in 1935, this key piece of legislation in the United States established a system of old-age benefits for workers, benefits for victims of industrial accidents, unemployment insurance, and aid for dependent mothers and children, the blind, and the physically handicapped.

Unemployment Insurance

A government program that provides temporary financial assistance to eligible workers who are unemployed through no fault of their own.

National Health Insurance

A system where the government provides or mandates insurance coverage for all citizens, often funded through taxation.

Congress of Industrial Organizations

An American federation of labor unions founded in 1938, which focused on industrial unionism and played a significant role in labor politics.