Based on this model, households earn income when purchase in markets for factors of production. Suppose Megan earns $575 per week working as a doctor for the Medical Clinic. labor and capital car washed at Spotless Car Wash. Spotless Wash pays Larry $325 per week to wash cars. Larry uses $225 to purchase med goods and services 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. Market for Factors of Production Market for Goods and Services Event Megan earns $575 per week working for the Medical Clinic. Larry spends $225 to purchase medical services from the Medical Clinic. Larry earns $325 per week working for Spotless Car Wash 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. The $325 per week Larry earns working for Spotless Car Washi The car wash Megan receives 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. Ceck all that apply. O The $325 per week Larry earns working for Spotless Car Wash O The car wash Megan receives O The $225 Larry spends to purchase medical services from the Medical Clinic True or False: For the economy as a whole, expenditures must equal income. O True
Based on this model, households earn income when purchase in markets for factors of production. Suppose Megan earns $575 per week working as a doctor for the Medical Clinic. labor and capital car washed at Spotless Car Wash. Spotless Wash pays Larry $325 per week to wash cars. Larry uses $225 to purchase med goods and services 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. Market for Factors of Production Market for Goods and Services Event Megan earns $575 per week working for the Medical Clinic. Larry spends $225 to purchase medical services from the Medical Clinic. Larry earns $325 per week working for Spotless Car Wash 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. The $325 per week Larry earns working for Spotless Car Washi The car wash Megan receives 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. Ceck all that apply. O The $325 per week Larry earns working for Spotless Car Wash O The car wash Megan receives O The $225 Larry spends to purchase medical services from the Medical Clinic True or False: For the economy as a whole, expenditures must equal income. O True
Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter7: Production And Growth
Section: Chapter Questions
Problem 5CQQ
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