The Great Recession: Causes and Impact
15 Questions
0 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

When did the Great Recession begin?

  • 2010
  • 2009
  • 2007 (correct)
  • 2005

    • What was a major criticism against President George W. Bush, his administration, and Congress?

  • They established strong policies against the economy
  • They failed to establish a firm policy of oversight within the economy (correct)
  • They raised taxes too high
  • They decreased access to credit lines

    • What was the result of consumers having increased access to credit lines and sub-prime loans?

  • They eliminated household debt
  • They reduced their household debt
  • They maintained a stable level of household debt
  • They increased their share of household debt (correct)

    • How did the Great Recession compare to other economic declines in US history?

    <p>It rivaled only the Great Depression in terms of severity</p> Signup and view all the answers

    What were some of the effects of the Great Recession?

    <p>Severe bankruptcy, widespread foreclosures, and significant unemployment</p> Signup and view all the answers

    Why is understanding the Great Recession important?

    <p>Because it rivaled the Great Depression in severity</p> Signup and view all the answers

    When did the Great Recession roughly end?

    <p>2009</p> Signup and view all the answers

    What was the approximate worth of the housing market that collapsed in December 2007?

    <p>$8 trillion</p> Signup and view all the answers

    What happened to Bear Stearns investment in March 2008?

    <p>It received financial support from the United States</p> Signup and view all the answers

    What was the result of Lehman Brothers Financial declaring bankruptcy in September 2008?

    <p>A chain reaction leading to dozens of financial closures</p> Signup and view all the answers

    What happened to the national unemployment rate between 2007 and 2009?

    <p>It rose to 10%</p> Signup and view all the answers

    What was the approximate percentage of wealth lost by Hispanic and African Americans during the recession?

    <p>75%</p> Signup and view all the answers

    What did President Bush attempt to do to stimulate investment and consumer spending?

    <p>Provide tax breaks and rebate checks</p> Signup and view all the answers

    What was the name of the economic recovery package approved by President Bush in 2008?

    <p>Emergency Economic Stabilization Act of 2008</p> Signup and view all the answers

    What was the estimated number of jobs lost in the United States between 2008 and 2009?

    <p>8 million</p> Signup and view all the answers

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser