Circular flow of income in a two sector modelimplies-(A) Payments from households to firms and backagain(B) Payments from firms to firms arit 11(C) Payments from households to households(D) Payments from households to firms (Latinss

In economics, the relevancy of any theory or model depends upon their assumption and specfiic…

Answered: Circular flow of income in a two sector…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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quarter and years Quarter1 2015 Quarter2 Quarter3|Quarter4 Quarter1 Quarter2 Quarter3 Quarter4 Quarter1 Quarter2 Quarter3 Quarter4 2015 Unit 2015 2015 2016 2016 2016 2016 2017 2017 2017 Description $ million Data Category and Component 2017 27.748 27.938 31.873 30.435 26.157 25.806 29.337 27.748 27.938 31.873 30.435 Agriculture $ milion 32.141 29.598 28.073 31.514 33.489 33.727 32.686 32.141 29.598 28.073 31.514 Mining and Quarrying Manufacturing $ milion 70.892 74.946 76.020 77.940 73.899 77.680 79.324 70.892 74.946 76.020 77.940 $ milion 7.522 7.977 8.095 8.116 7.903 8.318 8.621 8.641 8.315 8.738 9.115 9.208 Blectricity, Gas and Water $ million 16.659 16.041 17.179 16.673 17.655 16.971 18.166 16.659 16.041 17.179 16.673 Construction Wholesale and Retal Trade, Accommodation and Restaurants $ mion 51.264 51.984 56.305 60.687 55.180 56.232 60.976 65.920 60.720 62.578 67.437 72.322 Transport, Storage and Communication $ milion 25.163 25.772 26.539 26.887 27.287 28.059 28.593 29.026…
The four categories of income in the economy are: wages, rent, interest, profit O consumption, investment, government spending, net cxports O consumption, saving, taxcs, government spending O labor, land, capital. tcchnology
Output and Consumption (in millions of dollars) Real GDP (Y) 32 Consumption (C) 25 Gross Investment (I) 9 Government Purchases (G) 6 Net Exports (NX) -8 What is the equilibrium level of ouput? Multiple Choice $25 million $7 million $32 million $64 million

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Circular flow of income in a two sector model implies- (A) Payments from households to firms and back again (B) Payments from firms to firms rt 1 (A) (C) Payments from households to households (D) Payments from households to firms () Latinso