The Following Data Are Estimates Describing Ireland's Economy in 2006

question 109

Multiple Choice

The following data are estimates describing Ireland's economy in 2006 and 2007 (in millions of euros,in constant prices) : 2006 2007
Consumption 84,000 89,000
Government expenditure 24,000 26,000
Investment 48,000 48,000
Exports 142,000 151,000
Imports 123,000 128,000
Subsidies 1,800 1,900
Taxes 500 500
Which of the following is true regarding Ireland's economy?

• A) The change in GDP from 2006 to 2007 represented a peak in the business cycle.
• B) GDP decreased from 2006 to 2007.
• C) Net exports decreased from 2006 to 2007.
• D) Consumption was 48 percent of Ireland's GDP in 2007.

---

Definitions:

Acceptance

The agreement to the terms of an offer, contract, or proposal, thereby creating a binding legal obligation.

Roof

The structure covering the top of a building, designed to protect against weather, animals, and other external factors.

Invitation

An offer to deal or negotiate that indicates a willingness to enter into a contract under specified terms.

Firm Offer

An offer made in writing by a merchant guaranteeing to hold the offer open for a specified period of time without revocation.