SSC
WORLD GEOGRAPHY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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the housing market declined but employment rose.
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Canadian banks were more conservative in extending credit.
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the fishing industry provided steady employment for many Canadians.
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few Canadians spent more than they earned.
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Detailed explanation-1: -No money was available in capital markets and, more devastatingly, credit was not being extended. Business leaders, especially resource companies, were very critical of what they saw as excessive tightening by banks (figure 3). The recession did not affect Canadians as badly as it did the Americans.
Detailed explanation-2: -Canada was one of the last industrialized nations to enter into a downturn. GDP growth was negative in Q1, but positive in Q2 and Q3 of 2008. The recession officially started in Q4. The almost 1-year delay of the start of the recession in Canada relative to the U.S. is largely explained by two factors.
Detailed explanation-3: -The Carnegie Endowment for International Peace reports in its International Economics Bulletin that Ukraine, as well as Argentina and Jamaica, are the countries most deeply affected by the crisis. Other severely affected countries are Ireland, Russia, Mexico, Hungary, the Baltic states.