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Economic Turmoil in the 20th Century Quiz

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

Supply-side economics

Explanation

Supply-side economics promotes minimal government intervention and emphasizes free-market capitalism as a means of fostering economic growth.

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

Inflation

Explanation

Inflation is the sustained increase in the general price level of goods and services in an economy over time.

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

Gross Domestic Product (GDP)

Explanation

Gross Domestic Product (GDP) refers to the total market value of all goods and services produced by a country in a specific time period.

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

Trade deficit

Explanation

A trade deficit reflects the total value of a country's exports minus the total value of its imports.

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

Stock market crash of 1929

Explanation

The stock market crash of 1929 is widely regarded as the event that triggered the Great Depression, causing a severe economic downturn.

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

1970s

Explanation

The 1970s saw the global impact of the oil crisis and stagflation, marked by high inflation and high unemployment.

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

Bretton Woods Agreement

Explanation

The Bretton Woods Agreement, established in 1944, aimed to stabilize currencies and promote economic cooperation after World War II.

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?

Stock market value

Explanation

Stock market value is not included in GDP calculation; GDP measures the total market value of all goods and services produced by a country.

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

Keynesian economics

Explanation

Keynesian economics argues for government intervention to address market failures and ensure economic stability.

#10

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

Stagflation

Explanation

The 1970s phenomenon of high inflation and high unemployment simultaneously is called stagflation.

#11

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

Deng Xiaoping

Explanation

Deng Xiaoping is credited as the architect of China's transformative economic reforms in the late 20th century.

#12

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

Japan

Explanation

Japan was not significantly affected by the 1997 Asian financial crisis, unlike other economies in the region.

#13

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

Germany

Explanation

Germany experienced hyperinflation in the early 1920s, causing rapid price increases and social-economic upheaval.

#14

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

Sharp decline in commodity prices

Explanation

The 1980s debt crisis in developing countries was primarily caused by a sharp decline in commodity prices.

#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, German Mark, Yen

Explanation

The Plaza Accord involved major currencies like the US Dollar, German Mark, and Yen, aiming to address imbalances in international trade.

#16

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

Soviet Union

Explanation

The Soviet Union implemented 'Perestroika' and 'Glasnost' policies in the 1980s, aiming for economic and political reforms.

Economic Turmoil in the 20th Century Quiz

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

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

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

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

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

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

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

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?

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

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

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

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

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

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

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

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

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