In 2007 and 2008,Canada Was Affected by the Global Financial

question 48

Multiple Choice

In 2007 and 2008,Canada was affected by the global financial crisis that had begun with the U.S.housing collapse.What actions did the Bank of Canada take between the fall of 2007 and the end of 2008 in an attempt to maintain the level of economic activity in Canada? The Bank of Canada

• A)maintained its target for the overnight rate and made short-term loans to financial institutions more accessible.
• B)implemented a large fiscal stimulus program to counteract the sharp rise in interest rates that had occurred.
• C)reduced its target for the overnight rate by over 3.5 percentage points and made short-term loans to financial institutions more accessible.
• D)reduced its target for the overnight rate by over 5 percentage points and purchased "toxic" assets from Canadian commercial banks.
• E)purchased "toxic" assets from Canadian commercial banks and implemented a large fiscal stimulus program.

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