Cloze Test – Test 32

In the following passage, there are blanks, each of which has been numbered. Find out the appropriate word/phrase in each case.

The term financial crisis is applied -21- to a variety of situations in which some financial assets suddenly lose a large part of their -22- value. In the 19th and early 20th centuries, many financial crises were associated with banking panics, and many recessions coincided with these panics. Other situations that are often called financial crises -23- stock market crashes and the bursting of other financial bubbles, currency crises, and sovereign defaults. Financial crises directly -24- in a loss of paper wealth but do not necessarily result in significant changes in the real economy. Many economists have offered theories about how financial crises -25- and how they could be prevented. There is no consensus, however, and financial crises continue to occur from time to time.

In the following passage, there are blanks, each of which has been numbered. Find out the appropriate word/phrase in each case.

The term financial crisis is applied -21- to a variety of situations in which some financial assets suddenly lose a large part of their -22- value. In the 19th and early 20th centuries, many financial crises were associated with banking panics, and many recessions coincided with these panics. Other situations that are often called financial crises -23- stock market crashes and the bursting of other financial bubbles, currency crises, and sovereign defaults. Financial crises directly -24- in a loss of paper wealth but do not necessarily result in significant changes in the real economy. Many economists have offered theories about how financial crises -25- and how they could be prevented. There is no consensus, however, and financial crises continue to occur from time to time.

In the following passage, there are blanks, each of which has been numbered. Find out the appropriate word/phrase in each case.

The term financial crisis is applied -21- to a variety of situations in which some financial assets suddenly lose a large part of their -22- value. In the 19th and early 20th centuries, many financial crises were associated with banking panics, and many recessions coincided with these panics. Other situations that are often called financial crises -23- stock market crashes and the bursting of other financial bubbles, currency crises, and sovereign defaults. Financial crises directly -24- in a loss of paper wealth but do not necessarily result in significant changes in the real economy. Many economists have offered theories about how financial crises -25- and how they could be prevented. There is no consensus, however, and financial crises continue to occur from time to time.