In 1973 the countries of the West faced a new economic hardship when
Answer
the U.S. withdrew many loans and investments from Europe.
the Soviet Union placed an embargo on trade with western Europe.
the Japanese GNP surpassed that of Europe.
oil-exporting countries in the Middle East banded together to raise oil prices.
the meltdown of Chernobyl occurred.
Probably when oil prices were raised.
The correct answer is: oil-exporting countries in the Middle East banded together to raise oil prices.
To arrive at this answer, we can eliminate the other options and focus on understanding the events of 1973.
The first option, "the U.S. withdrew many loans and investments from Europe," does not accurately represent the events of 1973. The United States did not withdraw loans and investments from Europe during this time.
The second option, "the Soviet Union placed an embargo on trade with western Europe," is also not factual. While there were political tensions during the Cold War between the Soviet Union and Western Europe, there was no embargo on trade in 1973 that caused economic hardship.
The third option, "the Japanese GNP surpassed that of Europe," is unrelated to the economic hardship faced by the West in 1973. While Japan's economic growth was significant during this time, it did not directly cause economic hardship for Western countries.
The fourth option, "oil-exporting countries in the Middle East banded together to raise oil prices," is the correct answer. This event is commonly referred to as the 1973 oil crisis. In response to Western support in the Yom Kippur War, several Middle Eastern countries, including Saudi Arabia, Iran, and Iraq, decided to restrict oil exports and raise oil prices. The sudden increase in oil prices caused a global energy crisis and economic hardships for many Western countries.
The fifth option, "the meltdown of Chernobyl occurred," is unrelated to the economic hardship faced by the West in 1973. The Chernobyl disaster did not happen until 1986, more than a decade after the 1973 oil crisis.