During the 2007-2009 Recession in the United States, the Component

question 49

Multiple Choice

During the 2007-2009 recession in the United States, the component of consumption spending that was impacted the most was

• A)durable goods
• B)nondurable goods
• C)saving
• D)investment
• E)services

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Definitions:

Tax Amount

The total sum of money required by a government from individuals or businesses as a form of revenue.

Deadweight Loss

A loss of economic efficiency that can occur when the free market equilibrium for a good or a service is not achieved.

Excise Tax

A tax charged on specific goods, services, and activities, such as gasoline, alcohol, and gambling.

Tax Burden

The impact of taxation on an individual or entity, often measured as a proportion of income or revenue.