Some Call the Great Recession The

question 29

Multiple Choice

Some call the Great Recession the:

• A) period when the economy does not grow for four consecutive quarters.
• B) recession that began in 2007 due to the decline in consumer spending when the housing bubble burst.
• C) period of high inflation that took place in the early 1970s.
• D) period of economic stagnation that took place in the early 1990s.

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Definitions:

Headquartered Companies

Firms that have their main offices located in a specific geographical area, serving as the central point of operation and management.

Quotas

Predetermined limits on the amount of goods or services that can be produced, exported, or imported.

Domestic Subsidies

Financial supports provided by a government to local businesses or sectors to boost their competitiveness or manage the cost of their products and services.

Import Licensing

A governmental procedure requiring a permit or license to be obtained before goods can be imported into a country, often used to control the volume of imports.