Based on this model, firms earn revenue when purchase in markets for goods and services. Suppose Beth earns $550 per week working as an analyst for A-Plus Accountants. She uses $10 to order a mojito cocktail at Little Havana. Little Havana pays Andrew $325 per week to wait tables. Andrew uses $275 to purchase tax services from A-Plus Accountants. 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. Market for Factors of Market for Goods and Services Event Production Beth earns $550 per week working for A-Plus Accountants. Andrew spends $275 to purchase tax services from A-Plus Accountants. Beth spends $10 to order a mojito cocktail. 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. O The $325 per week Andrew earns working for Little Havana O The $275 Andrew spends to purchase tax services from A-Plus Accountants O The mojito Beth receives True or False: Gross domestic product (GDP) measures total expenditures on final goods and services during a given period of time. O True O False

Based on this model, firms earn revenue when purchase in markets for goods and services. Suppose Beth earns $550 per week working as an analyst for A-Plus Accountants. She uses $10 to order a mojito cocktail at Little Havana. Little Havana pays Andrew $325 per week to wait tables. Andrew uses $275 to purchase tax services from A-Plus Accountants. 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. Market for Factors of Market for Goods and Services Event Production Beth earns $550 per week working for A-Plus Accountants. Andrew spends $275 to purchase tax services from A-Plus Accountants. Beth spends $10 to order a mojito cocktail. 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. O The $325 per week Andrew earns working for Little Havana O The $275 Andrew spends to purchase tax services from A-Plus Accountants O The mojito Beth receives True or False: Gross domestic product (GDP) measures total expenditures on final goods and services during a given period of time. O True O False

MACROECONOMICS

14th Edition

ISBN:9781337794985

Author:Baumol

Publisher:Baumol

Chapter9: Demand-side Equilibrium: Unemployment Or Inflation?

Section: Chapter Questions

Problem 2DQ

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