Economic Ups & Downs in Canada Quiz

What is the Gross Domestic Product (GDP) a measure of?

• Total value of goods and services produced in a country in a given year

• Total population of a country

• Total area of a country

• Total number of industries in a country

What is the GDP per capita used to measure?

• A country's total production

• A country's standard of living

• A country's unemployment rate

• A country's inflation rate

What is productivity a measure of?

• How much money is spent on goods and services

• How many goods and services are produced

• How many people are involved in the production of goods and services

• How efficiently goods and services are produced

During the post-war period, from 1945 to 1970, which countries experienced good productivity growth?

• Canada, Western Europe, Japan, and the U.S.

• Canada and the U.S. only

• Canada and Western Europe only

• Western Europe and Japan only

What caused the economic state known as 'stagflation' in the mid-1970s?

• Weak growth and rising inflation

• Strong growth and low inflation

• Weak growth and low inflation

• Strong growth and rising inflation

What caused the decline in the Canadian economy in the early 1980s?

• Low production of goods and services

• Deep recession, high interest rates, unemployment, and inflation

• Low investment in technology

• Low demand for goods and services

What led to the bursting of the 'dot com bubble' in the late 1990s?

• Rapid decrease in the demand for technology goods

• Rapid increase in the production of technology goods

• Rapid rise in stock prices of technology companies

• Rapid drop in stock prices of technology companies

What industry did Canada's economic growth begin to rely on in the period of stability from 2000 to 2008?

• Oil and gas, real estate, and income trust industries

• Technology and communications industries

• Mining and manufacturing industries

• Agriculture and forestry industries

Why was the start of the recession delayed in Canada during the 2008-2009 financial crisis?

• Strong, more regulated banking system and less debt per person than the U.S.

• Weak, less regulated banking system and more debt per person than the U.S.

• High unemployment rate and inflation in Canada

• Low production of goods and services in Canada

What has slowed economic recovery in Canada after the financial crisis of 2008-2009?

• Decrease in the demand for technology goods

• Rise in the price of oil in 2014

• Fall in the price of oil in 2014

• Increase in the production of technology goods