ased on this model, households earn Income when purchase in markets for factors of production. Fuppose Eleanor earns $625 per week working as a flight attendant for Flyaway Airlines. She uses $10 to buy a box of aspirin at Pillmart Pharmacy. illmart Pharmacy pays Darnell $275 per week to work the cash register. Darnell uses $200 to purchase air travel to Hawaii from Flyaway Airlines. dentify whether each of the following events in this scenario occurs in the market for factors of production or the market for goods and services. Market for Factors of Production Market for Goods and Event Services Darnell spends $200 to purchase air travel to Hawaii from Flyaway Airlines. Eleanor earns $625 per week working for Flyaway Airlines. Darnell earns $275 per week working for Pillmart Pharmacy. Which of the elements of this scenario represent a flow from a household to a firm? This could be a flow of dollars, inputs, or outputs. Check all that apply. O Eleanor's labor O The $275 per week Darnell earns working for Pillmart Pharmacy O The $200 Darnell spends to purchase air travel to Hawaii from Flyaway Airlines True or False: Gross domestic product (GDP) cannot be used to measure the economy's income. O True O False

ased on this model, households earn Income when purchase in markets for factors of production. Fuppose Eleanor earns $625 per week working as a flight attendant for Flyaway Airlines. She uses $10 to buy a box of aspirin at Pillmart Pharmacy. illmart Pharmacy pays Darnell $275 per week to work the cash register. Darnell uses $200 to purchase air travel to Hawaii from Flyaway Airlines. dentify whether each of the following events in this scenario occurs in the market for factors of production or the market for goods and services. Market for Factors of Production Market for Goods and Event Services Darnell spends $200 to purchase air travel to Hawaii from Flyaway Airlines. Eleanor earns $625 per week working for Flyaway Airlines. Darnell earns $275 per week working for Pillmart Pharmacy. Which of the elements of this scenario represent a flow from a household to a firm? This could be a flow of dollars, inputs, or outputs. Check all that apply. O Eleanor's labor O The $275 per week Darnell earns working for Pillmart Pharmacy O The $200 Darnell spends to purchase air travel to Hawaii from Flyaway Airlines True or False: Gross domestic product (GDP) cannot be used to measure the economy's income. O True O False

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter2: Thinking Like An Economist

Section: Chapter Questions

Problem 1PA

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