Great Recession

Description: Test your knowledge about the Great Recession, a severe economic downturn that began in 2008 and lasted until 2009.
Number of Questions: 15
Created by:
Tags: economics history finance
Attempted 0/15 Correct 0 Score 0

When did the Great Recession begin?

  1. 2007

  2. 2008

  3. 2009

  4. 2010


Correct Option: B
Explanation:

The Great Recession officially began in December 2007 and lasted until June 2009.

What was the main cause of the Great Recession?

  1. The collapse of the housing market

  2. The subprime mortgage crisis

  3. The failure of Lehman Brothers

  4. All of the above


Correct Option: D
Explanation:

The Great Recession was caused by a combination of factors, including the collapse of the housing market, the subprime mortgage crisis, and the failure of Lehman Brothers.

How many jobs were lost during the Great Recession?

  1. 8 million

  2. 10 million

  3. 12 million

  4. 14 million


Correct Option: A
Explanation:

The Great Recession resulted in the loss of approximately 8 million jobs in the United States.

What was the unemployment rate at the peak of the Great Recession?

  1. 10%

  2. 12%

  3. 14%

  4. 16%


Correct Option: A
Explanation:

The unemployment rate reached a peak of 10% in October 2009.

How long did it take for the economy to recover from the Great Recession?

  1. 2 years

  2. 4 years

  3. 6 years

  4. 8 years


Correct Option: C
Explanation:

It took approximately 6 years for the economy to recover from the Great Recession.

What was the total cost of the Great Recession to the U.S. economy?

  1. $1 trillion

  2. $2 trillion

  3. $3 trillion

  4. $4 trillion


Correct Option: D
Explanation:

The total cost of the Great Recession to the U.S. economy is estimated to be around $4 trillion.

Which country was the first to experience a recession in 2008?

  1. United States

  2. United Kingdom

  3. Germany

  4. Japan


Correct Option: A
Explanation:

The United States was the first country to experience a recession in 2008.

Which country was the last to recover from the Great Recession?

  1. United States

  2. United Kingdom

  3. Germany

  4. Japan


Correct Option: D
Explanation:

Japan was the last country to recover from the Great Recession.

What was the name of the U.S. government program that provided financial assistance to banks and other financial institutions during the Great Recession?

  1. Troubled Asset Relief Program (TARP)

  2. American Recovery and Reinvestment Act (ARRA)

  3. Federal Deposit Insurance Corporation (FDIC)

  4. Securities and Exchange Commission (SEC)


Correct Option: A
Explanation:

The Troubled Asset Relief Program (TARP) was a U.S. government program that provided financial assistance to banks and other financial institutions during the Great Recession.

What was the name of the U.S. government program that provided tax cuts and other economic stimulus measures during the Great Recession?

  1. Troubled Asset Relief Program (TARP)

  2. American Recovery and Reinvestment Act (ARRA)

  3. Federal Deposit Insurance Corporation (FDIC)

  4. Securities and Exchange Commission (SEC)


Correct Option: B
Explanation:

The American Recovery and Reinvestment Act (ARRA) was a U.S. government program that provided tax cuts and other economic stimulus measures during the Great Recession.

Which U.S. President was in office during the Great Recession?

  1. George W. Bush

  2. Barack Obama

  3. Bill Clinton

  4. George H.W. Bush


Correct Option: B
Explanation:

Barack Obama was the U.S. President during the Great Recession.

Which U.S. Federal Reserve Chairman was in office during the Great Recession?

  1. Ben Bernanke

  2. Janet Yellen

  3. Alan Greenspan

  4. Paul Volcker


Correct Option: A
Explanation:

Ben Bernanke was the U.S. Federal Reserve Chairman during the Great Recession.

What was the name of the U.S. government agency that was created to oversee the financial industry after the Great Recession?

  1. Consumer Financial Protection Bureau (CFPB)

  2. Financial Stability Oversight Council (FSOC)

  3. Volcker Rule

  4. Dodd-Frank Wall Street Reform and Consumer Protection Act


Correct Option: A
Explanation:

The Consumer Financial Protection Bureau (CFPB) was created to oversee the financial industry after the Great Recession.

What was the name of the U.S. government agency that was created to oversee the financial industry after the Great Recession?

  1. Consumer Financial Protection Bureau (CFPB)

  2. Financial Stability Oversight Council (FSOC)

  3. Volcker Rule

  4. Dodd-Frank Wall Street Reform and Consumer Protection Act


Correct Option: B
Explanation:

The Financial Stability Oversight Council (FSOC) was created to oversee the financial industry after the Great Recession.

What was the name of the U.S. government agency that was created to oversee the financial industry after the Great Recession?

  1. Consumer Financial Protection Bureau (CFPB)

  2. Financial Stability Oversight Council (FSOC)

  3. Volcker Rule

  4. Dodd-Frank Wall Street Reform and Consumer Protection Act


Correct Option: C
Explanation:

The Volcker Rule was created to oversee the financial industry after the Great Recession.

- Hide questions