Which of the following components of AE (AD) accounts for approximately 50% of Ireland's GDP?
(a) Domestic household expenditure.
(b) Exports (X).
(c) Investment (I).
(d) The net expenditure of central and local government
Answer: (a) Domestic household expenditure.
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Vertical integration often aims to
a. Prevent the retailers from defeating upstream price discrimination through arbitrage b. Reward the retailer for undertaking the risk inherent in introducing a new product c. Avoid paying higher taxes d. All of the above
During the late 1990s in the United States, aggregate demand rose sharply but the price level increased much more slowly. This might be because during this period, firms:
A. increased their markups in the face of higher aggregate demand, causing the short-run aggregate supply curve to be steeper. B. were reluctant to increase their markups in the face of higher aggregate demand, causing the short-run aggregate supply curve to be flatter. C. increased their markups in the face of higher aggregate demand, causing the short-run aggregate supply curve to be flatter. D. were reluctant to increase their markups in the face of higher aggregate demand, causing the short-run aggregate supply curve to be steeper.
The two broad fields that make up the subject of economics are:
A. microeconomics and macroeconomics. B. imports and exports. C. personal investments and business investments. D. fiscal policy and monetary policy.
The trading bloc that has eliminated all internal tariffs is
A. the European Union. B. NAFTA. C. Mercosur. D. The World Trade Organization.