In the Recession That Began in Late 2007 in the United

question 113

Multiple Choice

In the recession that began in late 2007 in the United States, which of the following was the first main element of GDP that faltered?

• A)consumption spending
• B)new home construction
• C)business spending on new equipment
• D)net exports

---

Definitions:

Financial Statements

Reports that provide information about an entity's financial performance and position.

Intracompany Comparability

This term is not commonly used; it may refer to the ability to compare financial information within the same company across different periods or departments.

LIFO

Last In, First Out (LIFO) is an inventory valuation method that assumes the most recently produced or acquired items are the first to be sold, affecting the cost of goods sold and inventory valuation.