Economic Turmoil in the 20th Century Quiz

Test your knowledge on economic crises, theories, and reforms that shaped the 20th century. Explore events like the Great Depression, stagflation, and hyperinflation.

#1

Which economic theory advocates for minimal government intervention and free-market capitalism?

Keynesian economics
Marxism
Supply-side economics
Monetarism
#2

Which economic concept is defined as the sustained increase in the general price level of goods and services in an economy over time?

Deflation
Stagflation
Inflation
Recession
#3

Which economic concept refers to the total market value of all goods and services produced by a country in a specific time period?

Trade balance
Gross Domestic Product (GDP)
Consumer Price Index (CPI)
Fiscal policy
#4

Which economic concept reflects the total value of a country's exports minus the total value of its imports?

Trade deficit
Budget deficit
Current account surplus
Trade surplus
#5

Which event is often considered the trigger for the Great Depression in the 20th century?

Stock market crash of 1929
World War I
The Roaring Twenties
The New Deal
#6

During which decade did the oil crisis and stagflation significantly impact the global economy?

1950s
1960s
1970s
1980s
#7

What international agreement, established in 1944, aimed to stabilize currencies and promote economic cooperation after World War II?

NATO
Bretton Woods Agreement
Warsaw Pact
Geneva Conventions
#8

The concept of Gross Domestic Product (GDP) is used to measure the economic performance of a country. Which of the following is included in GDP calculation?

Unpaid household work
Stock market value
Government transfer payments
Illegal activities
#9

Which economic theory argues that government intervention is necessary to address market failures and ensure economic stability?

Laissez-faire economics
Keynesian economics
Supply-side economics
Monetarism
#10

In the 1970s, many Western countries experienced a phenomenon characterized by high inflation and high unemployment simultaneously. What is this economic condition called?

Hyperinflation
Stagflation
Deflation
Recession
#11

Who is considered the architect of the economic reforms that transformed China in the late 20th century?

Mao Zedong
Deng Xiaoping
Chiang Kai-shek
Sun Yat-sen
#12

In 1997, several Asian economies faced a financial crisis. Which country was not significantly affected by this crisis?

Thailand
Indonesia
South Korea
Japan
#13

Which country experienced the hyperinflation crisis in the early 1920s, with prices rising rapidly and leading to social and economic upheaval?

United States
Germany
France
United Kingdom
#14

During the 1980s, the debt crisis affected several developing countries. What was the primary cause of this crisis?

Sharp decline in commodity prices
Excessive government spending
Rapid population growth
Decline in foreign aid
#15

The Plaza Accord, signed in 1985, aimed to address imbalances in international trade. Which major currencies were primarily involved in this agreement?

US Dollar, Euro, Yen
US Dollar, British Pound, Franc
US Dollar, German Mark, Yen
US Dollar, Chinese Yuan, Ruble
#16

Which country implemented the 'Perestroika' and 'Glasnost' policies in the 1980s, aiming for economic and political reforms?

China
United States
Soviet Union
United Kingdom

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