During the antebellum period, most international payments were made by
(a) shipping specie.
(b) bills of exchange.
(c) credit extended by private banks in the U.S.
(d) all of the above.
Question 2
While deficits in the United States through the 1970s, 1980s and early 1990s were high relative to our historical peacetime experience, they
a. were been below average for large industrial countries.
b. were above average when compared to other large industrial countries.
c. were about average for large industrial countries.
d. were the lowest when compared to other large industrial countries.
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