CCSS3 Unit 9 Economic History of Spain Questions (corrected)

This link has the questions as they appeared in the powerpoint handout we did in class: https://www.dropbox.com/s/vt2hotrlpxp2r84/CCSS3%20Unit%209%20Spanish%20Economic%20History%20with%20questions.pptx?dl=0

1.When did Spain become a democracy? 1978

2.Who gained power in 1982? Felipe Gonzalez (PSOE)

3.What two international organizations did Spain join during his term? NATO and the EEC (later renamed the EU)

1.What was the unemployment rate of Spain when it joined the EU in 1986? 18%

2.What years were considered the “miracle years”? 1959-1974

3.How was the economy in 1974? stagnant

4.What did most people think about Spain joining the EU?
Joining the European Economic Community was perceived by most of the population as a way to restart the process of modernization and improvement of the population's average purchasing power.

1.How did the first 20 years of Spain’s EU membership go? excellently

2.What funds helped Spain during those years?The Structural and Cohesion Funds
 3.What happened in the 1990’s? Spain was hit by the global recession.

1.How were property prices in 2006 compared to ten years earlier? By 2006 property prices had doubled from a decade earlier.

2.How did the American housing bubble compare to the Spanish housing bubble? Much less severe

1.What “punctured” the Spanish property bubble? the global financial crisis

2.How did the banks react? They stopped lending so much money.

3.What did this cause? a recession

4.What happened to the unemployment rate between 2008 and 2009? It went from 11.3 to 18%.

1.What is a bailout? economic help to avoid a collapse (a "rescate")

2.What happened to the eurozone’s average GDP in the first quarter of 2013? It grew by 0,4%.

3.What happened to Spain’s GDP in the first quarter of 2013?  It grew by 0,3%.