Economic Recessions Quiz

What material did the people of Britain use for tools and jewelry before 800 BCE?

• Iron

• Gold

• Silver

• Bronze

What is a mismatch between how many goods people want to buy and how many products and services producers can offer called?

• Shortage

• Equilibrium

• Deficit

• Surplus

What happens when goods and services get more expensive?

• Recession

• Deflation

• Stagnation

• Inflation

What do low interest rates mean for companies?

• They can afford to borrow more money

• They have to pay higher taxes

• They have to reduce their production

• They can borrow less money

What can cause a recession if it causes people to pull back investing and spending?

• Psychology

• Economic prosperity

• Natural disaster

• War

What can lead to a vicious cycle as cost cuts eventually lower wages, leading to even lower demand?

• Fear of recession

• Policy designed to prevent recession

• Geopolitical factors

• Market expansion

What can cause a recession if people have become too reliant on cheap debt and government stimulus?

• Increasing spending

• Reversing unsustainable policies

• Printing money

• Lowering central bank interest rates

What helped revolutionize farming and food production, ending the Bronze recession in Britain?

• Iron

• Gold

• Copper

• Silver