Economic History: Checkpoint 2

Covers the COVID economy, hyperinflation, and the Industrial Revolution.

Five questions on a modern shock, an extreme case of inflation, and the transformation that built the modern economy.

Question 1 of 5 The COVID economy was unusual because it delivered:

Only a demand shock Only a supply shock A supply shock and a demand shock at the same time No effect on inflation at all

Question 2 of 5 Hyperinflation is most commonly caused by:

A government printing money far faster than the economy's output grows Too much foreign trade A sudden increase in the gold supply Low interest rates alone

Question 3 of 5 Once people expect hyperinflation to continue, they tend to:

Hold onto cash longer Spend money immediately rather than hold it, accelerating the spiral Stop using money entirely overnight Demand the government stop all spending

Question 4 of 5 'Mechanization' during the Industrial Revolution refers to:

Replacing manual labor with machines powered by water, steam, or electricity A new banking regulation The founding of the World Bank A form of international trade agreement

Question 5 of 5 Much of modern labor law, like minimum working ages, developed largely in response to:

The 2008 financial crisis Conditions during the Industrial Revolution The COVID-19 pandemic Bretton Woods

← Back to The Industrial Revolution Next lesson → The Rise of China

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