The Impact and Cultural Response to Economic Crises Quiz

Conflict theory suggests that economic downturns can lead to increased societal polarization and conflict.

'Austerity' in the context of economic crises is the reduction of government spending to address budget deficits.

The period often referred to as the 'Long Depression' is the 1873 Financial Crisis.

The period following an economic crisis characterized by a gradual recovery is termed 'Recovery.'

The term for the government's policy of reducing spending to control inflation is 'Austerity.'

The term 'Great Depression' originated during the economic crisis caused by the 1929 Stock Market Crash.

A common cultural response to economic downturns is the rise in political activism.

One major factor contributing to the 2008 Financial Crisis was widespread mortgage defaults.

The technology industry was particularly affected by the Dot-com Bubble Burst in the early 2000s.

The term for a period of sustained economic decline, often characterized by a decrease in GDP, employment, and production, is economic depression.

Keynesian economics emphasizes the role of government intervention to stabilize the economy during times of crisis.

Japan's response to the 2008 Financial Crisis included a 'Lost Decade' of economic stagnation.

One significant outcome of the Great Depression on literature and the arts was the rise of escapist literature and film.

The 'Paradox of Thrift' is increased savings leading to decreased spending and economic contraction.

The United States implemented a 'New Deal' program in response to the Great Depression.

'Quantitative Easing' in response to economic crises is the injection of money into the financial system by central banks.

Rise in consumer confidence is NOT a potential consequence of an economic crisis.