1.1. What does the term "Recession" mean? (5 points)

1.2. What does the term "Inflation" (5 points)

1.3. When does a country go into a recession - explain the factors and how they can be identified? (10 points)

1.5. Is the whole world in a recession? Or can some countries be in recession and others not? (5 points)

1.6. What is your opinion on whether Canada is currently in a recession, or currently heading to one, or recovering from one? State your opinion, then substantiate strongly with an extensive list of facts and original arguments. (15 points)

1.7. If you are hired by the Prime Minister to improve the Canadian Economy and to avoid a recession or get out of it, what are specific steps that you would recommend to do it? Substantiate with solid arguments and facts. (15 points)