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Multiple Choice Quiz
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1
Which of the following is true about the Great Depression?
A)the unemployment rate was 24.9% in 1933
B)GDP grew almost 8% in 1934
C)money stock fell by over 25% from 1929 to 1933
D)all of the above
2
According to John Maynard Keynes, the Great Depression
A)was caused by the collapse of the stock market
B)can be explained by the failure of the Fed to stop the huge decrease in money supply
C)started due to a collapse in private investment
D)was the result of high budget deficits that could not be brought under control
3
The monetarist view of the Great Depression focused on the fact that
A)the Fed tried but failed to stimulate the economy through monetary policy
B)monetary policy is totally ineffective when interest rates are extremely low
C)the large number of bank failures caused a decline in money supply, which negatively affected economic activity
D)the stock market collapse destroyed too much wealth
4
Which type of policy was weak during the Great Depression?
A)fiscal
B)monetary
C)both fiscal and monetary
D)neither
5
Which of the following was a cause of the Great Moderation?
A)mild economic shocks
B)strong international relations
C)effective economic policy
D)both A and C
6
The Keynesian revolution emphasized the importance of what kind of countercyclical policy?
A)fiscal
B)monetary
C)both fiscal and monetary
D)neither
7
During the Great Moderation which of the following was low?
A)inflation
B)interest rates
C)both A and B
D)neither
8
During the Great Recession, which of the following reached an unprecedented high?
A)interest rates
B)long-term unemployment
C)unemployment
D)inflation
9
What event precipitated the start of the Great Recession?
A)stock market crash
B)dot-com bubble
C)presidential election
D)housing price bubble
10
Which of the following characterized the beggar-thy-neighbor policies of the Great Depression?
A)increased trade volume
B)low import prices
C)high tariffs
D)low tariffs





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