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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
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
Expert Solution
Answer
B )
Explanation
In the recession that began in late 2007 in the United States, the first main element of GDP that faltered was the part of investment called residential structures. When housing prices started falling in 2006, new home construction slowed down. So, the correct option is B "New Home Construction".
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