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oil revenue accruing to producers could not be spent, caused an unprecedented balance of
payments problem and severe world recession.
16. One can conclude from the
passage that, in the three decades prior to the mid-nineteen
seventies ............. .
a) industrial relations in the West had deteriorated to a marked extent
b) most Western economies entered a -phase of insecurity and industrial decline
c) inflation in industrialized countries had reached
an unprecedented level
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