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Economics of Money, Banking, and Financial Markets, 12e (Mishkin)
Chapter 12 Financial Crises
12.1 What is a Financial Crisis?
1) A major disruption in financial markets characterized by sharp declines in asset prices and
firm failures is called a
A) financial crisis.
B) fiscal imbalance.
C) free-rider problem.
D) "lemons" problem.
Answer: A
Ques Status: Previous Edition
AACSB: Application of Knowledge
2) A financial crisis occurs when an increase in asymmetric information from a disruption in the
financial system
A) causes severe adverse selection and moral hazard problems that make financial markets
incapable of channeling funds efficiently.
B) allows for a more efficient use of funds.
C) increases economic activity.
D) reduces uncertainty in the economy and increases market efficiency.
Answer: A
Ques Status: Previous Edition
AACSB: Reflective Thinking
3) A serious consequence of a financial crisis is
A) a contraction in economic activity.
B) an increase in asset prices.
C) financial engineering.
D) financial globalization.
Answer: A
Ques Status: Previous Edition
AACSB: Reflective Thinking
4) ________ are asymmetric information problems that act as a barrier to efficient allocation of
capital.
A) Asset prices
B) Credit imbalances
C) Financial frictions
D) Financial derivatives
Answer: C
Ques Status: Previous Edition
AACSB: Application of Knowledge
1
Copyright © 2019 Pearson Education, Inc.
12.2 Dynamics of Financial Crises
1) Financial crises in advanced economies might start from a
A) debt deflation.
B) currency crisis.
C) mismanagement of financial innovations.
D) currency mismatch.
Answer: C
Ques Status: Previous Edition
AACSB: Reflective Thinking
2) When financial institutions go on a lending spree and expand their lending at a rapid pace they
are participating in a
A) credit boom.
B) c
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