The following diagram presents a circular-flow model of a simple economy. The outer set of arrows (shown in green) shows the flow of dollars, and the inner set of arrows (shown in red) shows the corresponding flow of inputs and outputs. Firms Markets for Goods and Services Markets for Factors of Production Based on this model, firms earn revenue when Households purchase in markets for goods and services. households Suppose Deborah earns $700 per week working Breanna's Brewing Company pays Carlos $400 firms er for Josiah's Jewelry. She uses $8 to have a pint at Breanna's Brewing Company. erve as head brewer. Carlos uses $250 to purchase precious stones from Josiah's Jewelry. 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. Event Deborah spends $8 to have a pint. Carlos spends $250 to purchase precious stones from Josiah's Jewelry. Market for Factors of Production Market for Goods and Services Deborah earns $700 per week working for Josiah's Jewelry. Which of the elements of this scenario represent a flow from a firm to a household? This could be a flow of dollars, inputs, or outputs. Check all that apply. The beer Deborah receives Deborah's labor The $250 Carlos spends to purchase precious stones from Josiah's Jewelry True or False: For the economy as a whole, expenditures must equal income. 00 True False The following diagram presents a circular-flow model of a simple economy. The outer set of arrows (shown in green) shows the flow of dollars, and the inner set of arrows (shown in red) shows the corresponding flow of inputs and outputs. Firms Markets for Goods and Services Markets for Factors of Production Based on this model, firms earn revenue when Households purchase in markets for goods and services. Suppose Deborah earns $700 per week working as a gemcutter for Josiah's labor and capital to have a pint at Breanna's Brewing Company. Breanna's Brewing Company pays Carlos $400 per week to serve as head b goods and services 50 to purchase precious stones from Josiah's Jewelry. 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 Goods and Services Event Deborah spends $8 to have a pint. Carlos spends $250 to purchase precious stones from Josiah's Jewelry. Market for Factors of Production Deborah earns $700 per week working for Josiah's Jewelry. Which of the elements of this scenario represent a flow from a firm to a household? This could be a flow of dollars, inputs, or outputs. Check all that apply. The beer Deborah receives Deborah's labor The $250 Carlos spends to purchase precious stones from Josiah's Jewelry True or False: For the economy as a whole, expenditures must equal income. True False

The following diagram presents a circular-flow model of a simple economy. The outer set of arrows (shown in green) shows the flow of dollars, and the inner set of arrows (shown in red) shows the corresponding flow of inputs and outputs. Firms Markets for Goods and Services Markets for Factors of Production Based on this model, firms earn revenue when Households purchase in markets for goods and services. households Suppose Deborah earns $700 per week working Breanna's Brewing Company pays Carlos $400 firms er for Josiah's Jewelry. She uses $8 to have a pint at Breanna's Brewing Company. erve as head brewer. Carlos uses $250 to purchase precious stones from Josiah's Jewelry. 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. Event Deborah spends $8 to have a pint. Carlos spends $250 to purchase precious stones from Josiah's Jewelry. Market for Factors of Production Market for Goods and Services Deborah earns $700 per week working for Josiah's Jewelry. Which of the elements of this scenario represent a flow from a firm to a household? This could be a flow of dollars, inputs, or outputs. Check all that apply. The beer Deborah receives Deborah's labor The $250 Carlos spends to purchase precious stones from Josiah's Jewelry True or False: For the economy as a whole, expenditures must equal income. 00 True False The following diagram presents a circular-flow model of a simple economy. The outer set of arrows (shown in green) shows the flow of dollars, and the inner set of arrows (shown in red) shows the corresponding flow of inputs and outputs. Firms Markets for Goods and Services Markets for Factors of Production Based on this model, firms earn revenue when Households purchase in markets for goods and services. Suppose Deborah earns $700 per week working as a gemcutter for Josiah's labor and capital to have a pint at Breanna's Brewing Company. Breanna's Brewing Company pays Carlos $400 per week to serve as head b goods and services 50 to purchase precious stones from Josiah's Jewelry. 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 Goods and Services Event Deborah spends $8 to have a pint. Carlos spends $250 to purchase precious stones from Josiah's Jewelry. Market for Factors of Production Deborah earns $700 per week working for Josiah's Jewelry. Which of the elements of this scenario represent a flow from a firm to a household? This could be a flow of dollars, inputs, or outputs. Check all that apply. The beer Deborah receives Deborah's labor The $250 Carlos spends to purchase precious stones from Josiah's Jewelry True or False: For the economy as a whole, expenditures must equal income. True False

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter13: General Equilibrium And Welfare

Section: Chapter Questions

Problem 13.1P

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