{"id":824807,"date":"2026-07-25T07:43:41","date_gmt":"2026-07-25T07:43:41","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/824807\/"},"modified":"2026-07-25T07:43:41","modified_gmt":"2026-07-25T07:43:41","slug":"when-was-the-u-s-s-depression-era-tariff-act-last-used-take-our-business-and-investing-news-quiz-for-the-week-ending-july-24","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/824807\/","title":{"rendered":"When was the U.S.\u2019s Depression-era Tariff Act last used? Take our business and investing news quiz for the week ending July 24"},"content":{"rendered":"

Open this photo in gallery:<\/a><\/p>\n

Stainless steel coils wait to be pressed into sheets in Montreal, in 2025.Christopher Katsarov\/The Canadian Press<\/p>\n

Welcome to The Globe and Mail\u2019s business and investing news quiz<\/a>. Join us each week to test your knowledge of the stories making headlines. Our business reporters come up with the questions, and you can show us what you know. <\/p>\n

This week: Only a scant 16 per cent of Americans say that economic conditions are good or excellent, an autonomous agent powered by advanced artificial-intelligence models went rogue and the global tourism industry is facing backlash in many European cities. Take our quiz and find out what happened in business. <\/p>\n

1This was the week when U.S. President Donald Trump reignited his tariff wars. He began by imposing 50-per-cent tariffs on a range of Canadian goods to hit back at Ottawa for having the temerity to retaliate against his previous tariffs. To authorize his latest levies, Mr. Trump signed three proclamations invoking Section 338 of the Depression-era Tariff Act. When was the act last used?<\/p>\n

a. 1939<\/p>\n

b. 1947<\/p>\n

c. 2002<\/p>\n

d. Never<\/p>\n

d. The Tariff Act has never been used until now<\/a>. Do you get the sense that Mr. Trump is thrashing around for justifications after the U.S. Supreme Court ruled against his previous tariff efforts?<\/p>\n

2Mr. Trump\u2019s trade rampage did not stop there. In a separate social media post, he also threatened to impose tariffs of 100 per cent on which type of foreign-made product?<\/p>\n

a. Sugar<\/p>\n

b. Athletic gear<\/p>\n

c. Generic drugs<\/p>\n

d. Software<\/p>\n

c. Mr. Trump vowed to impose tariffs of 100 per cent on generic drugs that are not made in the United States. The tariffs would start on Aug. 1, 2028, and rise to 200 per cent a year later. Such a tariff would hit Canada\u2019s industry particularly hard, as most Canadian production<\/a> is in generics.<\/p>\n

3Despite all of Mr. Trump\u2019s bluster, Main Street, USA, is not a happy place. Only a scant 16 per cent of Americans say that economic conditions are good or excellent. By comparison, how many Canadians rate our economy as good or very good?<\/p>\n

a. About 16 per cent \u2013 much the same as in the U.S.<\/p>\n

b. Over 30 per cent \u2013 about double the rate in the U.S.<\/p>\n

c. Under 8 per cent \u2013 about half the rate in the U.S.<\/p>\n

d. Most have no opinion<\/p>\n

b. So much for U.S. triumphalism. About 33 per cent of Canadians describe the economy as good or very good, according to a recent Leger poll<\/a>. That is double the rate south of the border. Canadians may be feeling more positive than Americans because wage growth for most workers in recent years has been stronger here than in the U.S.<\/p>\n

4Brookfield Asset Management agreed this week to buy Edmonton-based Gregg Distributors for $1.6-billion. What does Gregg do?<\/p>\n

a. It sells power tools, hoses and safety equipment<\/p>\n

b. It sells software<\/p>\n

c. It sells drones<\/p>\n

d. It sells candy and baking goods<\/p>\n

a. Gregg Distributors is a family-owned provider of industrial products to thousands of businesses across Western Canada. Its catalogue spans a diverse array of products<\/a> including power tools, hoses, safety equipment and medical supplies. That makes it a fit for Brookfield\u2019s private-equity business, which has focused recently on buyouts of industrial companies. Brookfield\u2019s bet is that companies with physical assets and steady demand will be able to weather whatever disruptions artificial intelligence may bring. <\/p>\n

5Bombardier just won an order for up to 60 business jets. Which country did the order come from?<\/p>\n

a. The United States<\/p>\n

b. Argentina<\/p>\n

c. Saudi Arabia<\/p>\n

d. Iran<\/p>\n

c. Bombardier of Dorval, Que., won the order from Saudi Arabia\u2019s The Helicopter Company. It was part of a wider haul<\/a> by Canadian manufacturers this week at England\u2019s Farnborough International Airshow. For instance, Horizon Aircraft, a developer of vertical takeoff and landing (VTOL) aircraft based in Lindsay, Ont., said it secured a letter of intent with Australia\u2019s V-Star Powered Lift Aviation for five of its Cavorite X7 hybrid-electric planes with options for 95 more. <\/p>\n

6A new study by researchers at McMaster University looked at hiring patterns in the Canadian fast food industry by submitting fictitious r\u00e9sum\u00e9s to job boards. Which group suffered the worst employment outcomes?<\/p>\n

a. Indigenous workers<\/p>\n

b. White workers<\/p>\n

c. Black workers<\/p>\n

d. There was no evidence of systemic discrimination<\/p>\n

a. The researchers found that even when educational levels and experience were held constant among job applicants of different races and genders, discrimination occurred disproportionately<\/a> toward those who disclosed their Indigenous heritage.<\/p>\n

7A Chinese company called Moonshot rocked stock markets in recent days by doing what?<\/p>\n

a. Unveiling an artificial intelligence model that rivals top U.S. products<\/p>\n

b. Demonstrating rocket technology that surpasses that of SpaceX<\/p>\n

c. Breaking into most major banks\u2019 security systems<\/p>\n

d. Exhibiting humanoid robots capable of complicated housework<\/p>\n

a. Investors who think the U.S. is destined to dominate artificial intelligence may want to think again. The newest Kimi K3 model from Beijing-based startup Moonshot appears to be catching up<\/a> to the best versions of Anthropic\u2019s Claude and OpenAI\u2019s ChatGPT.<\/p>\n

8Maybe all those horror stories about our new robot overlords aren\u2019t so far-fetched after all. OpenAI, the developer of ChatGPT, said this week that an autonomous agent powered by its advanced artificial-intelligence models went rogue during a security test and triggered a hack. Which company was the innocent target?<\/p>\n

a. Shrinking Violet<\/p>\n

b. Hugging Face<\/p>\n

c. Berlin Brands<\/p>\n

d. Anthropic<\/p>\n

b. Hugging Face, a platform used to host open-source large language models, caused a stir<\/a> last week when it said that it had been the target of a hack that \u201cwas different from anything we had handled before\u201d in that \u201cit was driven, end to end, by an autonomous AI agent system.\u201d This week, OpenAI acknowledged it was the source of the hack. It was testing the capabilities of some of its most advanced models in a controlled environment when one agent managed to escape containment and reach the internet.\n <\/p>\n

9Canada’s inflation rate dropped more than expected in June. But not in every area. In which of these sectors is the inflation rate still ripping higher?<\/p>\n

a. Food<\/p>\n

b. Fresh fruit<\/p>\n

c. Gasoline<\/p>\n

d. Air fares<\/p>\n

d. Air transportation costs jumped 9.6 per cent year-over-year in June, marking the biggest increase<\/a> in more than three years. In most areas, the news was much better. Gasoline prices fell, while grocery prices rose at a slower pace. Overall, Canada\u2019s annual inflation rate eased to 2.8 per cent in June, down from 3.2 per cent in May.\n <\/p>\n

10An average worker in Canada\u2019s public sector has assets in their workplace pension plan equal to about $385,000. What is the equivalent figure for a private-sector worker?<\/p>\n

a. More than $500,000<\/p>\n

b. About $250,000<\/p>\n

c. About $100,000<\/p>\n

d. Less than $30,000<\/p>\n

d. An average private-sector worker only has about $26,000 in their workplace pension plan, according to calculations by actuary Fred Vettese<\/a>. The huge disparity in pension wealth between public and private workers reflects the near-total disappearance of defined-benefit pension plans in the private sector. It also suggests that private-sector workers deserve a better deal.<\/p>\n

11As missiles fly in the Middle East and oil prices rise, investors are getting a crash course in global choke points. Which key passage did Houthi rebels partially blockade this week?<\/p>\n

a. The Strait of Hormuz<\/p>\n

b. The Strait of Malacca<\/p>\n

c. The Bab el-Mandeb Strait<\/p>\n

d. The Suez canal<\/p>\n

c. The Houthis announced a blockade of Saudi-linked shipping through the Bab el-Mandeb Strait. Located at the southern tip of the Arabian Peninsula, the strait is a vital shipping chokepoint<\/a> connecting the Red Sea to the Gulf of Aden. Around 12 per cent of the world\u2019s trade, including a fourth of global container traffic, passes through Bab e-Mandeb, moving between Europe and Asia via Egypt\u2019s Suez Canal.<\/p>\n

12The global tourism industry is facing a backlash in many European cities. Consider, for instance, the recent decision of officials in the northern Italian town of Varenna to impose fines of up to \u20ac200 ($320) for doing what?<\/p>\n

a. Putting up signs in English<\/p>\n

b. Dressing inappropriately<\/p>\n

c. Taking selfies in church<\/p>\n

d. Public drunkenness<\/p>\n

b. Visitors now face fines for going bare-chested or wearing swimwear outside of beach areas, piers and boat decks. The new rules are designed to deter tourists<\/a> from entering the town\u2019s streets, bars and restaurants without covering up. \u201cOur residents\u2019 quality of life cannot be sacrificed on the altar of mass tourism,\u201d the town\u2019s mayor said.<\/p>\n

How well did you do?<\/p>\n

Answer all of the questions to see your result<\/p>\n

This wasn\u2019t your week, but that\u2019s okay! We\u2019ll be back next Friday with another business and investing quiz, subscribe to our weekday Business Brief newsletter<\/a> to prepare.<\/p>\n","protected":false},"excerpt":{"rendered":"Open this photo in gallery: Stainless steel coils wait to be pressed into sheets in Montreal, in 2025.Christopher…\n","protected":false},"author":2,"featured_media":824808,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[1397,10456,10457,9335,81687,45,49,48,46,81686,79216,2922,1400,2785],"class_list":["post-824807","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-appwebview","tag-aud-growth","tag-aud-headline","tag-aud-url","tag-bizquiz","tag-business","tag-ca","tag-canada","tag-economy","tag-hidenewsletterblock","tag-noapplenews","tag-noastack","tag-yespop","tag-yessnap"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/824807","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=824807"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/824807\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/824808"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=824807"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=824807"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=824807"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}