Global Financial Crisis

When did the global financial crisis begin?

• 2005

• 2007

• 2009

• 2011

Which of the following was a major cause of the global financial crisis?

• Housing bubble

• Subprime mortgages

• Greed and speculation

• All of the above

How did the global financial crisis affect Australia's economy?

• It had no impact on Australia's economy

• It caused a recession in Australia

• It led to a slowdown in Australia's economic growth

• It resulted in an increase in Australia's economic growth

Which industry in Australia was hit the hardest by the global financial crisis?

• Banking and finance

• Mining and resources

• Retail and consumer goods

• Tourism and hospitality

How did the Australian government respond to the global financial crisis?

• It implemented a stimulus package to boost the economy

• It cut spending to reduce the budget deficit

• It increased taxes to fund infrastructure projects

• It did not take any action

Which of the following was NOT a component of the Australian government's stimulus package?

• Cash handouts to households

• Infrastructure spending

• Tax cuts for businesses

• Bailouts for struggling banks

How long did it take for Australia's economy to recover from the global financial crisis?

• 1 year

• 3 years

• 5 years

• 10 years

Which of the following countries was NOT significantly affected by the global financial crisis?

• USA

• Japan

• China

• Australia

What lesson did Australia learn from the global financial crisis?

• The importance of maintaining a strong banking sector

• The need to diversify the economy

• The danger of relying too heavily on one industry

• All of the above

How did the global financial crisis impact the Australian housing market?

• It caused a housing market crash

• It led to a decrease in housing prices

• It had no impact on the housing market

• It led to an increase in housing prices