Assume that you overheard a student make the following statement in your macroeconomics​ class:
​"The so-called European debt crisis may be important to people who live in Greece or Italy but it has little impact on the economy of Canada. Our economy does not depend on foreign trade as much as the economies of these countries do. And if we​ can't sell our exports in Europe we can always sell them in the United​ States, South​ America, or​ Asia."
Which of the following arguments would you make to explain how the debt crises in Europe can affect the Canadian​ economy? ​(Check all that apply​.)
a. There can be an indirect effect on Canada as far as the U.S.​ banks, as holders of significant euro area​ debt, could be exposed to significant risk by the crisis.
b. The supply chains of many Canadian producers who rely on European companies for components could be threatened.
c. Confidence among business leaders in Canada might be shaken by the crisis.
d. While exports may be a small share of Canadian​ GDP, they can still be a meaningful driver of economic growth.
e. Consumer spending could fall sharply since Canadian households depend significantly on income transfers from Europe.