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Brief Principles of Macroeconomics...

8th Edition
N. Gregory Mankiw
ISBN: 9781337091985

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BuyFindarrow_forward

Brief Principles of Macroeconomics...

8th Edition
N. Gregory Mankiw
ISBN: 9781337091985
Textbook Problem

Draw a circular-flow diagram. Identify the parts of the model that correspond to the flow of goods and services and the flow of dollars for each of the following activities.

a. Selena pays a storekeeper $1 for a quart of milk.

b. Stuart earns $8 per hour working at a fast-food restaurant.

c. Shanna spends $40 to get a haircut.

d. Salma earns $20,000 from her 10 percent ownership of Acme Industrial.

To determine

Circular-flow diagram.

Explanation

Figure 1 illustrates the flow of money in the two sector economy.

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