Great Depression Vs. "Great Recession"

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    What is shown in the above picture? - ProProfs

    What is shown in the above picture?

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About This Quiz


This will quiz your knowledge of the information you have gleaned from the note sheet, powerpoint, and website. This is a multiple choice quiz, however some answers will include two answers. . . .
Good luck

Great Depression Vs. "Great Recession" - Quiz

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  • 2. 

    What was the unemployment rate during the Great Depression?  It was _____ %

  • 3. 
    What is the name given to the gatherings of shacks and shanty villages strewn across America during the Great Depression?? - ProProfs

    What is the name given to the gatherings of shacks and shanty villages strewn across America during the Great Depression??

    Explanation
    During the Great Depression, the gatherings of shacks and shanty villages across America were commonly referred to as "shanty towns" or "hoovervilles." These makeshift settlements were named after President Herbert Hoover, who was widely blamed for the economic crisis. The term "hoovervilles" was used to express the public's frustration and discontent with the government's handling of the situation. These settlements were characterized by extreme poverty, unemployment, and a lack of basic amenities.

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  • 4. 

    The _________ Cycle (Consumers had no money to purchase goods and services so industries responded to lower demand with less supplied services/goods) was also another cause of the Great Depression

  • 5. 

    FDR and Obama both represent, with their hands-on apprached to the economies problems, a shift towards

    • Classical Economics

    • Keynesian Economics

    Correct Answer
    A. Keynesian Economics
    Explanation
    FDR and Obama's hands-on approach to the economy suggests a shift towards Keynesian Economics. This economic theory advocates for government intervention in the economy through fiscal policies such as increased government spending and tax cuts to stimulate economic growth and reduce unemployment. Both FDR and Obama implemented policies that aligned with Keynesian principles, such as the New Deal and the American Recovery and Reinvestment Act, respectively. This approach contrasts with Classical Economics, which emphasizes limited government intervention and relies on market forces to regulate the economy.

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  • 6. 

    One key difference between FDR and Obama was that FDR had to create his own agencies with his New Deal, whereas Obama was only _______ those agencies already set in place by FDR.

    Correct Answer
    fixing
    repairing
    restoring
    redoing
    Explanation
    FDR had to create his own agencies with his New Deal, whereas Obama was only fixing, repairing, restoring, or redoing those agencies already set in place by FDR. This suggests that FDR had to establish new government organizations and programs as part of his economic recovery plan, while Obama focused on improving or addressing issues within the existing agencies and programs implemented by FDR.

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  • 7. 

    Which of the following are causes of the current Recession?

    • High Interest Rates

    • Escalating Rate of Foreclosure

    • George Bush

    • Too Many Economics Worksheets stapled together (Not Packets)

    • A&B

    Correct Answer
    A. A&B
    Explanation
    The current recession can be caused by high interest rates and escalating rates of foreclosure. High interest rates make borrowing more expensive, which can lead to decreased consumer spending and investment. Escalating rates of foreclosure indicate a decline in the housing market, which can have a ripple effect on the overall economy. While George Bush's actions may have had some impact on the economy, it is not specified in the question and cannot be assumed as a cause. The option "Too Many Economics Worksheets stapled together" is not a plausible cause for a recession.

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  • 8. 

    How many months has the "Great Recession" lasted to date?

    • 12

    • 18

    • 10

    • 24

    • 6

    Correct Answer
    A. 24
    Explanation
    The "Great Recession" refers to a severe global economic downturn that occurred from late 2007 to mid-2009. It is commonly accepted that the recession lasted for a total of 18 months. Therefore, the correct answer is 18.

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  • 9. 

    During the Great Depression, speculation was placed merely on stocks, whereas now during the "Great Recession" speculation is placed on  __________.

    Correct Answer
    mortgages
    house mortgages
    home mortgages
    morgages
    home morgages
    Explanation
    During the Great Depression, speculation was focused mainly on stocks as people invested heavily in the stock market, leading to its collapse. In contrast, during the "Great Recession," speculation shifted towards mortgages, specifically house mortgages or home mortgages. This refers to the risky practice of lending money to individuals who may not have been able to afford it, which contributed to the housing market crash and subsequent economic downturn.

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  • 10. 

    Which of the following is not a cause of the Great Depression?

    • The Stock Market Crash of 1929

    • Bank Failures

    • The Smoot-Hawley Tariff

    • Not Purchasing Foreign Goods

    • Buying Stocks on Speculation

    Correct Answer
    A. Not Purchasing Foreign Goods
    Explanation
    Not purchasing foreign goods is not a cause of the Great Depression. The Great Depression was primarily caused by factors such as the stock market crash of 1929, bank failures, the Smoot-Hawley Tariff, and buying stocks on speculation. The decrease in foreign trade due to a lack of purchasing foreign goods may have been a consequence of the economic downturn, but it was not a direct cause of the Great Depression.

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  • Current Version
  • Mar 27, 2024
    Quiz Edited by
    ProProfs Editorial Team
  • Dec 17, 2009
    Quiz Created by
    Econ4
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