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21) Which of the following statements is correct? A) assets plus liabilities equal net worth. B) liabilities plus net worth equal assets. C) assets plus net worth equal liabilities. D) liabilities minus net worth equal assets. 22) The most severe financial crisis in U.S history occurred in the years ________. A) 2006-2008. B) 1997-98. C) 1929-33. D) 1873-93. 23) A prominent aspect of the Great Depression of the 1930s, but not of the recent Great Recession, is ________. A) bank panics B) mortgage defaults C) an increase in the credit spread D) nonconventional monetary policy 24) A prominent aspect of the recent Great Recession, but not of the Great Depression of the 1930s, is ________. A) bank panics B) mortgage defaults C) an increase in the credit spread D) nonconventional monetary policy 25) An increase in the general level of prices will tend to cause, other things the same ________. A) an increase in the real value of assets B) an increase in the real value of liabilities. C) no change in the real value of liabilities. D) a decrease in the real value of liabilities. 26) The Great Crash on the New York Stock Exchange occurred in ________. A) October 1929. B) July 1776. C) September 2001. D) March 1933 27) President Franklin Delano Roosevelt declared a bank holiday, closing all U.S. banks in ________. A) July 1776. B) October 1929. C) March 1933 D) September 2001. 28) The difference between the interest rate on loans to households and firms and the rate on completely safe assets is known as ________. A) the discount rate. B) the FICO score C) the credit spread. D) the prime rate. 29) The credit spread refers to ________. A) the extent to which financial instruments are distributed among households at different income levels in a given society. B) the difference between the London Inter-Bank Offered Rate (LIBOR) and the fed funds rate. C) the price elasticity of household debt. D) the interest-rate differential between risky bonds and U.S. Treasury bonds 30) Most likely, the stock market crash in 1929 was triggered by ________. A) an autonomous tightening of monetary policy B) an unexpected increase in tax rates C) the rise of fascist political parties in Europe D) a decline in consumer spending

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