QUES: During April 2009, U.S. Federal Reserve vice-chair Janet Yellen discussed these paradoxes: "Once this massive credit crunch hit, it didn’t take long before we were in a recession. The recession, in turn, deepened the credit crunch as demand and employment fell, and credit losses of financial institutions surged. Indeed, we have been in the grips of precisely this adverse feedback loop for more than a year. A process of balance sheet deleveraging has spread to nearly every corner of the economy. Consumers are pulling back on purchases, especially on durable goods, to build their savings. Businesses are cancelling planned investments and laying off workers to preserve cash. And, financial institutions are shrinking assets to bolster capital and improve their chances of weathering the current storm. Once again, Minsky understood this dynamic. He spoke of the paradox of deleveraging, in which precautions that may be smart for individuals and firms—and indeed essential to return the economy to a normal state—nevertheless magnify the distress of the economy as a whole."
What occurred in nearly every corner of the economy after the financial crisis of 2007?

ANS: balance sheet deleveraging

QUES: The law of civil procedure governs process in all judicial proceedings involving lawsuits between private parties. Traditional common law pleading was replaced by code pleading in 24 states after New York enacted the Field Code in 1850 and code pleading in turn was subsequently replaced again in most states by modern notice pleading during the 20th century. The old English division between common law and equity courts was abolished in the federal courts by the adoption of the Federal Rules of Civil Procedure in 1938; it has also been independently abolished by legislative acts in nearly all states. The Delaware Court of Chancery is the most prominent of the small number of remaining equity courts.
How many states enacted Field Code?

ANS: unanswerable

QUES: The Axis states which assisted Japan included the authoritarian government of Thailand in World War II, which quickly formed a temporary alliance with the Japanese in 1941, as the Japanese forces were already invading the peninsula of southern Thailand. The Phayap Army sent troops to invade and occupy northeastern Burma, which was former Thai territory that had been annexed by Britain much earlier. Also involved were the Japanese puppet states of Manchukuo and Mengjiang (consisting of most of Manchuria and parts of Inner Mongolia respectively), and the collaborationist Wang Jingwei regime (which controlled the coastal regions of China).
What role did Thailand play in the war?

ANS: temporary alliance

QUES: ASCII developed from telegraphic codes. Its first commercial use was as a seven-bit teleprinter code promoted by Bell data services. Work on the ASCII standard began on October 6, 1960, with the first meeting of the American Standards Association's (ASA) X3.2 subcommittee. The first edition of the standard was published during 1963, underwent a major revision during 1967, and experienced its most recent update during 1986. Compared to earlier telegraph codes, the proposed Bell code and ASCII were both ordered for more convenient sorting (i.e., alphabetization) of lists, and added features for devices other than teleprinters.
What did ASCII form a subcommittee from?

ANS:
unanswerable