The event that stimulated the U.S.government's commitment to tracking the economy's health through a national income accounting system was the:
A) Civil War and Reconstruction.
B) Panic of 1907.
C) Great Depression.
D) Oil embargo of 1973.

Question

Quizplus · Accepted Answer

The Great Depression was a major economic crisis in U.S. history that led to massive unemployment, bank failures, and widespread poverty. In response to this crisis, the U.S. government recognized the need for better economic data and established the National Income and Product Accounts (NIPA) in 1934 as a way to track the health of the economy. This system of national income accounting has since been refined and expanded to provide a more comprehensive picture of the economy's performance.

The Event That Stimulated the U