Which Event Triggered the Recent Recession That Began in 2008

question 54

Multiple Choice

Which event triggered the recent recession that began in 2008?

• A) Consumers were unwilling to purchase electronic equipment.
• B) Businesses were unable to make loan payments.
• C) Homeowners were unable to make mortgage payments.
• D) Renters were unable to find available housing.

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Definitions:

Videocassettes

Magnetic tape media used for storing video recordings, now largely obsolete due to digital technology.

Resource Prices

The costs associated with the inputs used in production, such as labor, capital, and raw materials.

Production Technique

The method or process used to produce goods or services, often involving particular technologies or strategies.

Economically Efficient

A state where resources are allocated in a way that maximizes the net benefit to society.