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20th Century Economics

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Questions and Answers

During which period did the world enter an economic depression?

During World War II

Interwar period (correct)

Post-World War II period

Pre-World War I period

What is the definition of an economic boom?

Decreased economic activity resulting in less profits

Increased economic activity resulting in more profits (correct)

Market restrictions on trade

Government control over buyers and sellers

What is the definition of a free market?

A market with strict government regulations

A market with limited buyer and seller interactions

A market with controlled prices

A market with no government intervention (correct)

What were some benefits of the First World War for certain countries?

New powerful industry and increased factors of production Signup and view all the answers

What were some problems faced by other countries after the First World War?

Shortage of goods and hyperinflation Signup and view all the answers

What was the main reason for the end of the economic depression during World War II?

Wartime stimulation of the global economy Signup and view all the answers

What did economies focus on after the First World War?

Rebuilding and borrowing money Signup and view all the answers

What were some factors that contributed to the disruption of global trade and domestic economies during the First World War?

War, destruction of infrastructure, and trade route restrictions Signup and view all the answers

What is the definition of an economic bust?

Decreased economic activity resulting in less profits Signup and view all the answers

What emerged as a new political and economic landscape after the Second World War?

The new world order Signup and view all the answers