Suppose Janet earns $600 per week working as a doctor for the Medical Clinic. She uses $9 to order a mojito cocktail at Little Havana. Little Havana pays Felix $300 per week to wait tables. Felix uses $175 to purchase medical services from the Medical Clinic. Identify whether each of the following events in this scenario occurs in the market for factors of production or the market for goods and services. Event Market for Factors of Production Market for Goods and Services Janet spends $9 to order a mojito cocktail. Janet earns $600 per week working for the Medical Clinic. Felix earns $300 per week working for Little Havana. Which of the elements of this scenario represent a flow from a firm to a household? This could be a flow of dollars, inputs, or outputs. Check all that apply. a. The $300 per week Felix earns working for Little Havana b. Janet's labor c. The mojito Janet receives True or False: For the economy as a whole, expenditures must equal income. a. True b. False
Suppose Janet earns $600 per week working as a doctor for the Medical Clinic. She uses $9 to order a mojito cocktail at Little Havana. Little Havana pays Felix $300 per week to wait tables. Felix uses $175 to purchase medical services from the Medical Clinic. Identify whether each of the following events in this scenario occurs in the market for factors of production or the market for goods and services. Event Market for Factors of Production Market for Goods and Services Janet spends $9 to order a mojito cocktail. Janet earns $600 per week working for the Medical Clinic. Felix earns $300 per week working for Little Havana. Which of the elements of this scenario represent a flow from a firm to a household? This could be a flow of dollars, inputs, or outputs. Check all that apply. a. The $300 per week Felix earns working for Little Havana b. Janet's labor c. The mojito Janet receives True or False: For the economy as a whole, expenditures must equal income. a. True b. False
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter3: Demand And Supply
Section: Chapter Questions
Problem 3SCQ: In an analysis of the market for paint, an economist discovers the facts listed below. State whether...
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Suppose Janet earns $600 per week working as a doctor for the Medical Clinic. She uses $9 to order a mojito cocktail at Little Havana. Little Havana pays Felix $300 per week to wait tables. Felix uses $175 to purchase medical services from the Medical Clinic.
Identify whether each of the following events in this scenario occurs in the market for factors of production or the market for goods and services.
Event
|
Market for Factors of Production
|
Market for Goods and Services
|
|
---|---|---|---|
Janet spends $9 to order a mojito cocktail. |
|
|
|
Janet earns $600 per week working for the Medical Clinic. |
|
|
|
Felix earns $300 per week working for Little Havana. |
|
|
Which of the elements of this scenario represent a flow from a firm to a household? This could be a flow of dollars, inputs, or outputs. Check all that apply.
a. The $300 per week Felix earns working for Little Havana
b. Janet's labor
c. The mojito Janet receives
True or False: For the economy as a whole, expenditures must equal income.
a. True
b. False
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