What Is the Largest Component of GDP in Australia, as Measured

question 117

Multiple Choice

What is the largest component of GDP in Australia, as measured by the 'expenditure method'?

• A)net exports
• B)government expenditure
• C)consumption expenditure
• D)investment expenditure

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Definitions:

Entry Barriers

Entry Barriers are obstacles that make it difficult for new entrants to enter an industry, protecting existing firms from competition.

Oligopoly

An oligopoly is a market structure dominated by a few large firms, leading to limited competition and possibly collaborative behavior to control prices and market share.

Increasing Returns To Scale

Long-run average total cost declines as output increases (also referred to as economies of scale).

Barriers To Entry

Obstacles that make it difficult for new competitors to enter a market, such as high start-up costs or strict regulations.