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The Global Financial Crisis of 2007-2009 Not Only Led to a Worldwide

question 13

Multiple Choice

The global financial crisis of 2007-2009 not only led to a worldwide recession,but also a ________ in the European nations that use the euro currency.


Definitions:

Comparative Advantage

The capability of an entity, whether it be a person, company, or nation, to create a good or offer a service more efficiently, in terms of opportunity cost, than competitors.

Opportunity Costs

The value of the best alternative forgone in making any decision.

Production Possibility Frontier

A curve depicting the maximum attainable combinations of two products that may be produced with available resources.

Opportunity Costs

The disclaim of potential advantage from other options when a particular choice is favored.

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