In the circular-flow diagram, O firms are sellers in the resource market and the product market. O firms are buyers in the product market. O spending on goods and services flows from firms to households. O households are sellers in the resource market.
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- The outer flow in the circular flow diagram is measured in O goods and services produced inputs (factors of production) O government revenues O money MacBook Air 吕口 F3 D00 F4 F5 F6 F7 F8 2$ & 4 7 8 Y 6Let's put dollar amounts on the flows in the circular flow diagram below. RESOURCE MARKET Costs Resources BUSINESSES buy resources -sell products and Revenue Households sell -Businesses buy PRODUCT MARKET -Businesses sell -Households buy billion oney Income (wages rents Labor, and capital Deurial abay Interest, profita entrepre HONSEHOLDS -Presources .buy products Goods and ds and services Consumption Instructions: Enter your answers as a whole number. Suppose that businesses buy a total of $190 billion of the four resources (labor, land, capital, and entrepreneurial ability) from households. If households receive $96 billion in wages, $28 billion in rent, and $38 billion in interest, how much are households paid for providing entrepreneurial ability? billion b. If households spend $100 billion on goods and $90 billion on services, how much in revenues do businesses receive in the product market?Markets for Goods and Services Households Firms Markets for Factors of Production in markets for factors of production. purchase Based on this model, households earn income when Suppose Alyssa earns $625 per week working as a flight attendant for Flyaway Airlines. She uses $10 to buy a box of aspirin at Pillmart Pharmacy. Pillmart Pharmacy pays Tim $375 per week to work the cash register. Tim uses $225 to purchase air travel to Hawaii from Flyaway Airlines. 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 Production Services Event Alyssa spends $10 to buy a box of aspirin. Tim spends $225 to purchase air travel to Hawaii from Flyaway Airlines. Tim earns $375 per week working for Pillmart Pharmacy.
- In the circular-flow diagram, firms are sellers in of Select one: tion O a. both markets O b. neither market O c. the goods and services market. O d. the factors of production marketis the only factor of production that needs to be produced. O Human resource ●Capital O Natural resources O LaborIn the simple circular-flow diagram, in which market are households sellers? the factors of production market the goods and services market both the factors of production market and the goods and services market neither the factors of production market nor the goods and services market
- Firm 1 produces an intermediate good, and Firm 2 uses this intermediate good as an input to its production of its final good called “widgets”. Firm 1 produces tires and sells $5,000 of its tires to Firm 2. Firm 1’s costs include $3,000 to its workers, $500 as payments of interest on its outstanding debt, and $1,000 on rent for the property it uses. The owners keep the remaining revenues as profits. Firms 2 buys the tires and turns them into a final good called widgets. Firm 2 buys $5,000 of tires, creates these widgets, and produces $8,000 worth of widgets. 75% of these widgets are sold to domestic consumers, and 10% of the widgets are sold to the local Government. Firm 2 then keeps the last 15% of the widgets. It keeps these 15% of the widgets to be sold in the widget market next year. Firm 2 spends $5,000 on tires as an input to production, pays $400 to its staff, pays $500 in building rent, pays $300 to rent some machines it needs to use and does not own, and pays the rest of its…Again, please work with the following data set. It describes production of the only three goods made by Economy Zeta, along with their prices, for each of three years. Quantity Price of Quantity of Price of Quantity of Price of of Food Food Energy Energy Shelter Shelter 2018 800 $5 1000 $10 200 $100 2019 850 $6 1100 $12 240 $100 2020 850 $7 1200 $14 300 $100 Year Economists estimate that the average person in this economy consumes 12 units of food, 20 units of energy, and 2 units of shelter over the relevant period. 2018 is the base year. Using the GDP deflator, the inflation rate between 2018 and 2019 for this nation is ______________ percent. (Enter your answer "as a percent, but without the percentage sign." If you think the inflation rate is 99.99 percent, enter only 99.99 in the blank.)How to classify goods as consumption goods and capital goods? Is there any specific way to do so?
- The residents of Freedonia currently are consuming seven goods; yogurt, green tea, tofu, bean sprouts, cookie dough ice cream, Tito's Handmade Vodka and housing. The prices and quantities for these goods are given in the following table. Good Yogurt Green Tea Tofu Bean Sprouts Cookie Dough Quantity 3 7 18 Ice Cream Tito's Handmade I Vodka Housing 2018 2 Price 2.40 0.60 1.20 1.00 3.50 22.10 500.00 Quantity 4 9 20 4 7 I 2019 2 Price 2.86 0.72 4.80 1.20 4.00 21.35 505.00 Quantity 6 10 22 6 8 2 2020 2 a. Suppose that 2019 is the base year. Calculate the price index for 2018, 2019 and 2020. b. Determine the rate of inflation for 2019. Determine the rate of inflation for 2020. Price 3.01 0.80 5.10 1.25 4.60 25.50 512.00In the simple circular-flow diagram, markets consist of: Select one: O a. the market for goods and services and the financial market O b. the market for goods and services and the market for factors of production O c. the market for goods and services O d. the market for the factors of productionIn the factors of production market Select one: O a. households and firms are both sellers O b. households are buyers and firms are sellers Oc households are sellers and firms are buyers. O d. households and firms are both buyers
