Page 151 - READING COMPANION TO ENGLISH EXAMS

Answer the questions 27–29 according to the
passage below.

Maintaining economic stability on a global scale 28. According to the passage, one of the indirect
is essential for sustainable growth, poverty consequences of the Great Recession was a
reduction, and the overall well-being of people ----.
worldwide. One of the key elements contributing A) sudden growth in international trade and
to global economic instability is financial crises. cooperation, contributing to economic
For instance, the Great Recession in 2008 stability
exemplifies how such crises can quickly spread
across borders through interconnected global B) substantial increase in investments in
financial systems. It was a severe worldwide interconnected global financial systems
economic downturn that began with the collapse C) failure in global tourism and travel, affecting
of one of the largest investment banks in the economic well-being and poverty reduction
United States in September 2008. This collapse
resulted in a domino effect, causing widespread D) sharp boost in economic growth, leading to
bank failures, stock market crashes, and a credit widespread job losses and property seizures
freeze. The crisis had far-reaching repercussions, E) significant decline in trust and confidence in
causing massive job losses, property seizures, financial institutions and regulatory policies
and a sharp decline in economic growth across
the globe. Governments and central banks
around the world intervened with massive
financial rescues, stimulus packages, and
monetary policy adjustments to stabilise their
economies. Furthermore, the crisis exposed
weaknesses in the global financial system,
leading to increased regulation and reforms
aimed at preventing a similar catastrophe in the
future. It also had profound social and political
consequences such as a loss of trust in financial
institutions, which prompted a reevaluation of
economic and regulatory policies.

27. What was the key strategy employed by 29. One can understand from the passage that the
governments and central banks to address the global financial crisis in 2008 ----.
Great Recession?
A) strengthened the global financial system by
A) Focusing on increasing regulatory measures, increasing trust and stability
leading to long-term economic stability and B) interconnected global financial systems
job creation
through widespread bank failures
B) Enhancing the interconnectedness of global C) revealed weaknesses in the system and led
economies, which resulted in widespread to an increase in reforms
financial instability
D) caused global financial institutions to flourish
C) Relying primarily on financial institutions, without any regulation
which led to a reevaluation of economic
policies E) resulted in a complete collapse of the global
financial system
D) Enacting comprehensive and massive
financial rescues, packages, and financial
policy adjustments
E) Stabilising their economies by boosting trust
in global financial systems and implementing
reforms.

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