After the Official Start of the Recession in the U

question 52

Multiple Choice

After the official start of the recession in the U.S. in 2007, oil prices:

• A) began to fall because of decreased demand in China and India.
• B) began to fall because of decreased demand in the U.S. and Europe.
• C) began to rise because of increased demand in China and India
• D) began to rise because of increased demand in the U.S. and Europe.

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Definitions:

Property Taxes

Taxes levied by local governments based on the assessed value of real property.

Revenue Recognition

The accounting principle that revenue should be recorded when it is earned, regardless of when the payment is received.

Federal Grant

A sum of money given by the federal government to a state, organization, or individual for a specific purpose or project.