Which of the Following Is True of the Crises Experienced

question 53

Multiple Choice

Which of the following is true of the crises experienced in the 1990s?

• A)Most of the economic crises occurred in Mexico.
• B)Each of the countries affected by the crisis in Southeast Asia owed substantial long-term debt to foreigners.
• C)During this time, bank loans were a sizable fraction of GDP in all the crisis countries except Mexico.
• D)Stock prices dropped by an amount ranging from 21 percent in Malaysia to 35 percent in Korea.
• E)Exchange rate against the U.S.dollar dropped substantially in the Philippines.

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Definitions:

Cotton Gin

A machine invented by Eli Whitney in 1793 to separate cotton fibers from their seeds, greatly impacting the cotton industry and increasing the demand for slave labor in the southern United States.

Eli Whitney

An American inventor best known for creating the cotton gin, a machine that revolutionized the cotton industry by greatly speeding up the process of removing seeds from cotton fiber.

Secretary Of The Treasury

A senior official within the U.S. government responsible for managing government revenue, including the issuance of currency and the administration of fiscal policies.

Revenue-Sharing

A fiscal policy wherein a central government shares part of its tax revenue with lower levels of government, such as states or municipalities.