The Economy of Greece

The video explores Greece's economic challenges post-2008 crisis, highlighting its reliance on tourism and shipping. It discusses Greece's fiscal mismanagement, leading to austerity measures and eurozone challenges. Despite setbacks, Greece is on a path to recovery, with lessons learned from past mistakes.

Which event significantly impacted Greece's economy in 2008?

• The Olympic Games in Athens

• The Brexit vote

• The subprime mortgage crisis

• The introduction of the euro

What is one of Greece's major industries that contributes to its economy?

• Shipping

• Agriculture

• Technology

• Automobile manufacturing

What economic strategy did Greece fail to implement during prosperous times?

• Counter-cyclical fiscal policy

• Expansionary monetary policy

• Supply-side economics

• Protectionist trade policy

What was a major issue with Greece's tax system during its economic boom?

• High tax rates

• Ineffective tax collection

• Over-reliance on corporate taxes

• Excessive tax incentives

What measure did Greece have to adopt due to its financial crisis?

• Currency devaluation

• Austerity measures

• Increased government spending

• Lowering interest rates

How did the euro affect Greece's ability to recover from the financial crisis?

• It increased Greece's export competitiveness

• It allowed Greece to devalue its currency

• It limited Greece's economic flexibility

• It stabilized Greece's economy

What is 'brain drain' in the context of Greece's economic situation?

• A rise in educational opportunities

• A loss of skilled workers to other countries

• An increase in foreign investments

• An influx of international students

What has been a significant challenge for Greece's tourism industry post-crisis?

• High travel costs

• Negative perceptions due to social unrest

• Increased competition from neighboring countries

• Lack of investment in infrastructure

What is a positive sign for Greece's economic future?

• A rise in tax rates

• An increase in GDP growth

• A decrease in government debt

• A decline in tourism

What lesson has the Greek government learned from its past economic mistakes?

• To increase public sector employment

• To adopt better fiscal policies

• To implement stricter austerity measures

• To rely more on foreign aid