Homework Answers
The correct answer is D) land, labour and capital.
Because arrow IV represents that factor market needs land, labour and capital in the production process. And firm all things from household.
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14) Money Resource (Factor) Market production income Factors of v Businesses Households Product Market expenditures Consumption...
Money inco RESOURCE MARKET - Households sell Businesses buy Labor, land, euro aby Resources FIGURE 2.2...
Money inco RESOURCE MARKET - Households sell Businesses buy Labor, land, euro aby Resources FIGURE 2.2 The circular flow diagram. Resources flow from households to businesses through the resource market, and products flow from businesses to households through the product market. Opposite these real flows are monetary flows Households receive income from businesses their costs) through the resource market, and businesses receive revenue from households their expenditures) through the product market. orest proses sual, entrepre wages, rents BUSINESSES . buy...
Let's put dollar amounts on the flows in the circular flow diagram below. Money incom RESOURCE...
Let's put dollar amounts on the flows in the circular flow diagram below. Money incom RESOURCE MARKET • Households sell • Businesses buy borand, crew profiel Resource FIGURE 2.2 The circular flow diagram. Resources flow from households to businesses through the resource market, and products flow from businesses to households through the product market. Opposite these real flows are monetary flows. Households receive income from businesses their costs) through the resource market, and businesses receive revenue from households their expenditures)...
Э Refer to the provided figure. If box A represents households, B the product market, and...
Э Refer to the provided figure. If box A represents households, B the product market, and C businesses, and if flow (P) represents revenues, then flow () would represent в (3) (2) (4) A. (7) (5) (8) (6) D Select one a. consumption expenditures .b. costs .c. money income .d. resources Price 99 $30 25 20 15 10 50 150 250 Quantity In a competitive market illustrated by the diagram above, a price ceiling of $1. per unit will result...
E connect ECONOMICS Test 1 Non-Proctored Test < Question 13 (of 50) 13. 2.00 points Flow...
E connect ECONOMICS Test 1 Non-Proctored Test < Question 13 (of 50) 13. 2.00 points Flow 1 Resource Market Flow 2 Businesses Households Flow 3 Product Market Flow 4 Refer to the diagram. Flow 4 represents: O consumer expenditures. O wage, rent, interest, and profit income. O goods and services land, labor, capital, and entrepreneurial ability.
3. The circular flow model The following diagram presents a circular flow model of a simple...
3. The circular flow model 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. Markets for Outputs Sales receipts Goods and services Expenditures Goods and services Households Businesses Labor, capital, etc. Incomes Labor, capital, etc. Markets for Inputs Wages, interest, etc. Based on this model, households earn...
#1 based on this model, households earn income when *blank purchase *blank in factor markets #2 identify whether each of...
#1 based on this model, households earn income when
*blank purchase *blank in factor markets#2 identify whether each of the following events in
this scenario occurs in the factor market or the product market#3 which of the elements of this scenario represents a
flow from a firm to a household? This could be a flow of dollars
input or output check all that apply2. The circular-flow model The following diagram presents a circular-flow model of a simple economy. The outer set...
1.There are two approaches to measuring gross domestic product (GDP), expenditures approach and income approach. Expen...
1.There are two approaches to measuring gross domestic product (GDP), expenditures approach and income approach. Expenditures approach is comprised of consumption expenditures, investment expenditures, government expenditures plus net exports (exports minus imports). Households create income by supplying their labor to the firms. What items is the incomes approach comprised of? Hint: one item is compensation of employees. 2.Factor incomes are comprised of wages, interest, rent and capital. GDP does not measure certain items, what are they and why? What constitutes...
Homework (Ch 04) 1. The link between resource and product markets The following graph represents ...
1. The link between resource and product markets The following graph represents the labor market in the insurance industry in a hypothetical economy. Suppose the insurance board raises the qualification requirements for insurance brokers in this economy. As a result, many entry-level insurance brokers decide to switch to another industry. Assuming all other things are constant, show the effect of this tighter requirements on the labor market for the insurance industry by shifting one or both of the curves in the following...
Economic efficiency is the primary guide in answering which of the fundamental questions in a market...
Economic efficiency is the primary guide in answering which of the fundamental questions in a market economy? Multiple Choice O How can the system accommodate change? 0 What will be produced? Who is to receive the output? 0 0 How is the output to be produced? < Prev 15 of 50 !!! Next > Firms are motivated to minimize production costs because Multiple Choice the government provides tax credits and subsidies to low-cost producers. o least-cost production techniques use the...
Question 1 Not yet answered Marked out of 1.00 P Flag question Price Quantity Refer to the diagram. A decr...
Question 1 Not yet answered Marked out of 1.00 P Flag question Price Quantity Refer to the diagram. A decrease in supply is depicted by a Select one a move from point x to point y b. shift from S2 to S1. c. move from point y to point x. d. Shift from S1 to S2. 9w0 NEX e When economists describe "a market," they mean Select one: a. a system that allows buyers and sellers to interact with one...
Money inco RESOURCE MARKET - Households sell Businesses buy Labor, land, euro aby Resources FIGURE 2.2 The circular flow diagram. Resources flow from households to businesses through the resource market, and products flow from businesses to households through the product market. Opposite these real flows are monetary flows Households receive income from businesses their costs) through the resource market, and businesses receive revenue from households their expenditures) through the product market. orest proses sual, entrepre wages, rents BUSINESSES . buy...
Let's put dollar amounts on the flows in the circular flow diagram below. Money incom RESOURCE MARKET • Households sell • Businesses buy borand, crew profiel Resource FIGURE 2.2 The circular flow diagram. Resources flow from households to businesses through the resource market, and products flow from businesses to households through the product market. Opposite these real flows are monetary flows. Households receive income from businesses their costs) through the resource market, and businesses receive revenue from households their expenditures)...
Э Refer to the provided figure. If box A represents households, B the product market, and C businesses, and if flow (P) represents revenues, then flow () would represent в (3) (2) (4) A. (7) (5) (8) (6) D Select one a. consumption expenditures .b. costs .c. money income .d. resources Price 99 $30 25 20 15 10 50 150 250 Quantity In a competitive market illustrated by the diagram above, a price ceiling of $1. per unit will result...
E connect ECONOMICS Test 1 Non-Proctored Test < Question 13 (of 50) 13. 2.00 points Flow 1 Resource Market Flow 2 Businesses Households Flow 3 Product Market Flow 4 Refer to the diagram. Flow 4 represents: O consumer expenditures. O wage, rent, interest, and profit income. O goods and services land, labor, capital, and entrepreneurial ability.
3. The circular flow model 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. Markets for Outputs Sales receipts Goods and services Expenditures Goods and services Households Businesses Labor, capital, etc. Incomes Labor, capital, etc. Markets for Inputs Wages, interest, etc. Based on this model, households earn...
Economic efficiency is the primary guide in answering which of the fundamental questions in a market economy? Multiple Choice O How can the system accommodate change? 0 What will be produced? Who is to receive the output? 0 0 How is the output to be produced? < Prev 15 of 50 !!! Next > Firms are motivated to minimize production costs because Multiple Choice the government provides tax credits and subsidies to low-cost producers. o least-cost production techniques use the...
Question 1 Not yet answered Marked out of 1.00 P Flag question Price Quantity Refer to the diagram. A decrease in supply is depicted by a Select one a move from point x to point y b. shift from S2 to S1. c. move from point y to point x. d. Shift from S1 to S2. 9w0 NEX e When economists describe "a market," they mean Select one: a. a system that allows buyers and sellers to interact with one...
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