Instructions: Enter your answers as a whole number. a. Suppose that businesses buy a total of $140 billion of the four resources (labor, land, capital, and entrepreneurial ability) from households. If households receive $76 billion in wages, $18 billion in rent, and $28 billion in interest, how much are households paid for providing entrepreneurial ability? 2$ billion b. If households spend $75 billion on goods and $65 billion on services, how much in revenues do businesses receive in the product market? $ billion

Instructions: Enter your answers as a whole number. a. Suppose that businesses buy a total of $140 billion of the four resources (labor, land, capital, and entrepreneurial ability) from households. If households receive $76 billion in wages, $18 billion in rent, and $28 billion in interest, how much are households paid for providing entrepreneurial ability? 2$ billion b. If households spend $75 billion on goods and $65 billion on services, how much in revenues do businesses receive in the product market? $ billion

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter2: Thinking Like An Economist

Section: Chapter Questions

Problem 1PA

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