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.EventMarket for Factors of ProductionMarket for Goods and ServicesJanet 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 Havanab. Janet's laborc. The mojito Janet receives True or False: For the economy as a whole, expenditures must equal income.a. Trueb. 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 Havanapays 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.Market for Factors of Production Market for Goods and ServicesEventJanet 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 thatapply.The $300 per week Felix earns working for Little HavanaJanet's laborThe mojito Janet receivesTrue or False: For the economy as a whole, expenditures must equal income.TrueFalse

A simple circular flow model shows the flow of goods and services, money between mainly Firms and…

Answered: Suppose Janet earns $600 per week…

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter3: Scarcity, Trade-offs, And Production Possibilities

Section: Chapter Questions

Problem 5P

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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

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.
Market for Factors of Production Market for Goods and Services
Event
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.
The $300 per week Felix earns working for Little Havana
Janet's labor
The mojito Janet receives
True or False: For the economy as a whole, expenditures must equal income.
True
False

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