Flashcards on Global Economic Recession of 2008

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What caused the global economic recession of 2008?

The global economic recession of 2008 was caused by a combination of factors including the burst of the housing bubble, excessive risk-taking by financial institutions, and the failure of regulatory authorities to effectively monitor and oversee the financial markets.

Which country was hit the hardest by the global economic recession of 2008?

The United States was hit the hardest by the global economic recession of 2008 due to its role as a major financial hub and the collapse of its housing market.

What were the effects of the global economic recession of 2008?

The global economic recession of 2008 led to a significant increase in unemployment rates, decline in GDP growth, bankruptcy of numerous financial institutions, and a decrease in consumer and investor confidence.

How did governments respond to the global economic recession of 2008?

Governments implemented various measures such as bailout programs, fiscal stimulus packages, and regulatory reforms to stabilize financial markets and stimulate economic growth.

What is the role of the Federal Reserve in managing the global economic recession of 2008?

The Federal Reserve implemented monetary policies such as lowering interest rates and implementing quantitative easing to stimulate economic activity and stabilize financial markets.

How did the global economic recession of 2008 impact the employment market?

The global economic recession of 2008 resulted in a significant increase in unemployment rates as many companies downsized or went bankrupt due to the economic downturn.

What is a subprime mortgage and how did it contribute to the global economic recession of 2008?

A subprime mortgage is a type of mortgage loan given to borrowers with poor credit history. These risky loans were packaged into mortgage-backed securities and sold to investors, resulting in a housing bubble that eventually burst, leading to the global economic recession of 2008.

What is the Dodd-Frank Wall Street Reform and Consumer Protection Act?

The Dodd-Frank Wall Street Reform and Consumer Protection Act is a U.S. federal law enacted in response to the global economic recession of 2008. It aimed to prevent future financial crises by implementing regulations and oversight measures for financial institutions.

How long did the global economic recession of 2008 last?

The global economic recession of 2008 lasted approximately 18 months, from December 2007 to June 2009.

What lessons were learned from the global economic recession of 2008?

The global economic recession of 2008 highlighted the importance of financial regulation, risk management, and the need for proactive measures to prevent future economic crises.

What are some similarities and differences between the global economic recession of 2008 and the Great Depression?

Both the global economic recession of 2008 and the Great Depression involved severe economic downturns and financial crises. However, the causes, duration, and government responses were different.

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Test Your Knowledge


What caused the global economic recession of 2008?



Which country was hit the hardest by the global economic recession of 2008?



What were the effects of the global economic recession of 2008?



How did governments respond to the global economic recession of 2008?



What is the role of the Federal Reserve in managing the global economic recession of 2008?



How did the global economic recession of 2008 impact the employment market?



What is a subprime mortgage and how did it contribute to the global economic recession of 2008?



What is the Dodd-Frank Wall Street Reform and Consumer Protection Act?



How long did the global economic recession of 2008 last?



What lessons were learned from the global economic recession of 2008?




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