Bundle: Essentials Of Economics, Loose-leaf Version, 8th + Lms Integrated Mindtap Economics, 1 Term (6 Months) Printed Access Card
8th Edition
ISBN: 9781337368087
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Chapter 2, Problem 1PA
To determine
Circular-flow diagram.
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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.
Discuss the circular flow diagram based on your own understanding and give an example where you participated in each market as member of a household.
1. Draw a circular flow diagram. Identify the parts of the model that correspond to the flow of goods and services and the follow of money for each of the following activities. Alain pays a storekeeper P100 for a liter of milk. John earns P90 per hour working at a fast-food restaurant Hanna spends P120 to get a haircut Anton earns P100,000 from his retailing business.
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Bundle: Essentials Of Economics, Loose-leaf Version, 8th + Lms Integrated Mindtap Economics, 1 Term (6 Months) Printed Access Card
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- A fast-food company spends millions of dollars to develop and promote a new hamburger on its menu only to find that consumers won't buy it because they dont like the taste. From an economic perspective, the company should keep the hamburger on the menu because they have spent so much money and time developing and promoting the product. spend more money to develop a more efficient way to cook the hamburger so it cooks in a shorter time. pull the hamburger off the menu and treat the development and promotion expenditures as a sunk cost. keep trying to sell the hamburger so that people who developed and promote it have a job with the company.arrow_forwardI don’t understand where the flow is supposed to begin? If it’s circular technically it doesn’t have a beginning right? Can you explain this I find this question super confusing. arrow_forwardA fast-food company spends millions of dollars to develop and promote a new hamburger on its menu only to find that consumers won't buy it because they don& like the taste. From an economic perspective, the company should keep the hamburger on the menu because they spent so much money and time developing and promoting the product. spend more money to develop a more efficient way to cook the hamburger so it cooks in a shorter time. pull the hamburger off the menu and treat the development and promotion expenditures as a sunk cost. keep trying to sell the hamburger so that people who developed and promote it have a job with the company.arrow_forward
- Which of the following best describe what we mean byresources in economics? A. The natural resources, like water and trees. B. The factors of production used to produce goods and services. C. The human resources, like workers. D. The capital resources, like tools and buildings.arrow_forward0000 Samsung Quad Camera Shot with my Galaxy A21s GRADE 9 TIME: 1 HOUR MID-YEAR-EXAMINATION TERM 2 PAPER 2 TOTAL: 50 MARKS SECTION B QUESTION 1 [10 marks; 12 minutes] Answer the following questions. 1.1 Choose the correct answer and write down the correct letter e.g. 1.1.4 C 1.1.1 The Command economy is also called: A) Planned economy B) Market economy C) Mixed economy 1.1.2 The partlicipants in the circular flow of a closed economy are: Households Businessesarrow_forwardImagine that you just paid $50 for a new pair of jeans. According to the circular flow diagram, what decisions were made concerning the jeans you purchased, and who made decisions about the jeans you bought?arrow_forward
- 96 1L1 X Joh Desmos | Graphing Calculator X Course Modules: ALG/ADV-Fal X + e DeltaMath f → e a deltamath.com/app/student/solve/14949200/solveContextInequalitySystemGraphically Jan T0, 8:47:32 PM Watch help video Jack and his children went into a restaurant where they sell hamburgers for $6 each and tacos for $2 each. Jack has $30 to spend and must buy at least 8 hamburgers and tacos altogether. If x represents the number of hamburgers purchased and y represents the number of tacos purchased, write and solve a system of inequalities graphically and determine one possible solution. Inequality 1: y 2 5x + 8 plot switch shade Inequality 2: y sv plot switch shade fi 20. 18 15 14 13 12 1. 8. MacBook 000 F4 000 F3 DD %23 %24arrow_forwardIn the simple circular-flow diagram, a. households own the factors of production. b. households buy all the goods and services that firms produce. c. land, labor, and capital flow from households to firms. d. All of the above are correct.arrow_forwardWhich of the following statements does NOT describe opportunity costs? A. The interest income on uninvested funds that you could have earned, but didn't. B. The income a person could have earned at their job instead of waiting in line to purchase the newest electronic device. C. The rent a landlord did NOT earn on an apartment that was empty for the month. D. The value or satisfaction a consumer gets from a product or service.arrow_forward
- Q. 1arrow_forwardTyson and Ella work at the Ruby Red Movie Theater in town. After work, they decide to watch a movie. After purchasing their tickets, they stop by the concession stand and purchase popcorn, drinks, and candy. Use the circular flow diagram to describe the purchases that Tyson and Ella made and the services and goods that were provided to them.arrow_forwardCan you please help me answer these 4 questions pleasearrow_forward
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