Asked by Yanna Listana on Jun 16, 2024
Verified
During the Great Recession of 2008,which of the following industries generated the greatest profits?
A) Discount stores (Walmart) .
B) Oil industry (Exxon) .
C) Computer software (Microsoft) .
D) Automobile (General Motors) .
Great Recession
The severe global economic downturn that took place from late 2007 through early 2009, marked by significant declines in consumer wealth, financial markets, and economic activity worldwide.
Profits
The financial gain that is realized when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes involved in sustaining the activity.
- Identify the significance of business and owner earnings within the national economy.
Verified Answer
CA
Crystal AguirreJun 20, 2024
Final Answer :
B
Explanation :
During the Great Recession of 2008, the oil industry, particularly Exxon, generated the greatest profits among the options listed. Despite the economic downturn, Exxon Mobil reported record profits due to high oil prices, especially in the early part of the year.
Learning Objectives
- Identify the significance of business and owner earnings within the national economy.