Podcast
Questions and Answers
According to Friedrich Hayek and Milton Friedman, what was the primary cause of stagflation in the 1970s?
According to Friedrich Hayek and Milton Friedman, what was the primary cause of stagflation in the 1970s?
- Government intervention in economies (correct)
- Privatization of services
- Globalization of markets
- Deregulation of industries
How did the US government's decision to stop linking the dollar to gold affect the stock market in 1973-1974?
How did the US government's decision to stop linking the dollar to gold affect the stock market in 1973-1974?
- Resulted in decreased inflation
- Stabilized the Bretton Woods System
- Led to increased demand for goods
- Caused a crash in the stock market (correct)
Which economic concept is characterized by a decline in economic growth, high unemployment, and soaring prices?
Which economic concept is characterized by a decline in economic growth, high unemployment, and soaring prices?
- Recession
- Deflation
- Stagflation (correct)
- Hyperinflation
What is one of the main characteristics of neoliberalism according to the text?
What is one of the main characteristics of neoliberalism according to the text?
Which belief system advocates for reduced government spending, deregulation, and free trade?
Which belief system advocates for reduced government spending, deregulation, and free trade?
What was the codified strategy of the US Treasury Department, the World Bank, the IMF, and the WTO that promoted neoliberal principles?
What was the codified strategy of the US Treasury Department, the World Bank, the IMF, and the WTO that promoted neoliberal principles?
What was the Gold Standard in the global exchange system?
What was the Gold Standard in the global exchange system?
During which period did the Great Depression occur?
During which period did the Great Depression occur?
What is a recession in economic terms?
What is a recession in economic terms?
How did some economists argue that the gold standard contributed to the Great Depression?
How did some economists argue that the gold standard contributed to the Great Depression?
What was a drawback of the Gold Standard system during World War I?
What was a drawback of the Gold Standard system during World War I?
What system emerged after the Gold Standard era towards Fiat Currencies?
What system emerged after the Gold Standard era towards Fiat Currencies?
During which period did the US President Richard Nixon announce the temporary suspension of the dollar's convertibility to gold?
During which period did the US President Richard Nixon announce the temporary suspension of the dollar's convertibility to gold?
What was the main purpose of the General Agreement on Tariffs and Trade (GATT)?
What was the main purpose of the General Agreement on Tariffs and Trade (GATT)?
In the early 1970s, what event led to a sharp rise in oil prices due to an embargo imposed by OAPEC?
In the early 1970s, what event led to a sharp rise in oil prices due to an embargo imposed by OAPEC?
What economic theory led governments to pour money into their economies, causing overspending and inflation?
What economic theory led governments to pour money into their economies, causing overspending and inflation?
What impact did the Organization of Arab Petroleum Exporting Countries (OAPEC) embargo have on Western economies?
What impact did the Organization of Arab Petroleum Exporting Countries (OAPEC) embargo have on Western economies?
What was the consequence of the US moving away from the gold standard in the early 1970s?
What was the consequence of the US moving away from the gold standard in the early 1970s?
Flashcards are hidden until you start studying
