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Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050

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BuyFindarrow_forward

Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050
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.

  1. a. Selena pays a storekeeper $1 for a quart of milk.
  2. b. Stuart earns $4.50 per hour working at a fast-food restaurant.
  3. c. Shanna spends $30 to get a haircut.
  4. d. Salma earns $10,000 from her 10percent ownership of Acme Industrial.

To determine
Circular-flow diagram.

Explanation

Figure 1 illustrates the circular flow of money tint he two sector model.

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