Draw a circular-flow diagram. Identify the partsof the model that correspond to the flow of goodsand services and the flow of dollars for each of thefollowing activities.a. Selena pays a storekeeper $1 for a quart of milk.b. Stuart earns $8 per hour working at a fast-foodrestaurant.c. Shanna spends $40 to get a haircut.d. Salma earns $20,000 from her 10 percentownership of Acme Industrial.
Draw a circular-flow diagram. Identify the partsof the model that correspond to the flow of goodsand services and the flow of dollars for each of thefollowing activities.a. Selena pays a storekeeper $1 for a quart of milk.b. Stuart earns $8 per hour working at a fast-foodrestaurant.c. Shanna spends $40 to get a haircut.d. Salma earns $20,000 from her 10 percentownership of Acme Industrial.
Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter2: Thinking Like An Economist
Section: Chapter Questions
Problem 1PA
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Question
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.
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