Recessions and Business Cycles quiz

More questions about Recessions and Business Cycles

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1. 1 Easy

   Whose 2008 bankruptcy was six times the previous US record?

   Answer: Lehman Brothers

   Why: Bear Stearns came close to collapse too, but in March 2008 it was sold to JPMorgan Chase with Fed backing instead of going bankrupt.

2. 2 Medium

   Which letter names a recovery where some bounce back and others sink?

   Answer: K

   Why: A K is two recoveries in one: some groups get a quick V-shaped rebound while others suffer a slow, L-shaped slump.

3. 3 Hard

   How long after June 2009 was the US recession declared over?

   Answer: 15 months

   Why: The same panel only announced in December 2008 that the recession had begun a year earlier, in December 2007.

4. 4 Easy

   Which euro country's economy shrank about 25% after 2008?

   Answer: Greece

   Why: That rivals the US Great Depression, when output fell about 27% between 1929 and 1933.

5. 5 Medium

   Which EU country's economy kept growing through 2009?

   Answer: Poland

   Why: Poland's own floating currency, the zloty, helped keep its exports going through the downturn.

6. 6 Hard

   About how long does one Kondratiev wave last?

   Answer: About 50 years

   Why: Shorter cycles have their own names: Kitchin cycles run about 3 to 5 years, Juglar cycles 7 to 11 and Kuznets swings 15 to 25.