The Great Recession

In the US, the housing bubble began as a result of banks loaning out mortgages to sub-prime borrowers.

What was the name of the treaty which formally included Greece into the European Economic Zone?

India, China, and Indonesia were examples of countries that did not suffer as much from the spread of the recession.

Which of the following groups were the hardest hit by the Recession?

An interbank credit freeze happened as banks began to question the solvency of other banks.

What does GDP stand for?

One way people tried to make money on the housing market was by buying a home then selling once the value increased.

A sub-prime borrower could normally expect to qualify for the type of loan needed to purchase a house.

According to the law of supply and demand, what happens as demand for housing increases?

What is it called when countries adopt strict economic measures in an attempt to save money?

Which country was the main lender to the Greeks during their economic crisis?

What does "solvency" mean?

What is it called when prices rise irresponsibly due to weak economic factors?

For Greece, Austerity came in the form of lowering taxes and increasing spending on welfare programs

The Great Recession lasted roughly between the years 2007-2009.

What does the term "underwater" mean?

A toxic asset is what happens when that asset becomes intermingled with sub-prime borrowers

General Motors was among the few businesses to not be affected by the 2008 crisis.

Which of the following are examples of a "prime" borrower?

It was easy to track the spread and rate in which a country was affected by the crisis.

During an economic crisis, those who are wealthy can be expected to recover the quickest while suffering the least.

According to the Maastricht treaty, a nations debt to GDP ratio must not exceed 60%

In order to goin entry into the European Community, the Greek government lied about their countries national debt

What caused housing prices to fall in 2005?

What was the name of the worst economic crisis in American History?

The Great Recession began as a result of a series of tech companies going out of business hurting online markets.

What is it called when a bank takes a person's home as payment for mortgage debts?