Resource Sector Insights and Misconceptions

The video discusses the importance of natural resources in Canada's economy, emphasizing the need to broaden the definition to include industries reliant on these resources. It highlights the significant economic impact, the cyclical nature of resource industries, and the extensive linkages with other sectors. The report by Philip Cross suggests embracing Canada's resource heritage and recognizing the technological advancements in resource industries.

What does the McDonald Lauer Institute report suggest about Canada's natural resources?

• To focus solely on oil and gas

• To ignore natural resources in favor of technology

• To reduce reliance on natural resources

• To embrace and expand the definition of natural resources

How much did natural resources contribute to Canada's GDP in 2010 according to the report?

• $200 billion

• $300 billion

• $100 billion

• $260 billion

What percentage of business investment in plant and equipment was accounted for by natural resources in 2013?

• 45%

• 30%

• 61%

• 75%

What is the threshold percentage of inputs from the primary sector for an industry to be considered resource-based?

• 10%

• 17%

• 25%

• 30%

Why was the 17% input threshold chosen for defining resource-based industries?

• It was a government mandate

• It was the highest percentage found

• It was the lowest percentage found

• It was an arbitrary decision based on data patterns

What is a common misconception about the resource sector according to Philip Cross?

• It is not cyclical

• It is technologically advanced

• It is a technological backwater

• It is not important to the economy

What does Philip Cross suggest about the cyclical nature of the resource sector?

• It is a new phenomenon

• It is unique to the resource sector

• It is similar to other industries like manufacturing

• It is a reason to avoid the sector

What is the main argument against the idea that Canada should focus more on technology than resources?

• Resources are not part of the economy

• Resources are more modern and high-tech than perceived

• Technology is not important

• Resources are not cyclical

What historical example is given to illustrate the importance of embracing resource heritage?

• The gold rush in California

• The oil boom in Texas

• The wood industry in Michigan

• The coal industry in Pennsylvania

What technological advancement is mentioned as part of the resource sector?

• Solar panels

• Wind turbines

• Fracking

• Electric vehicles