1. Draw a circular-flow diagram. Identify the parts of the model that correspond to the flow of...
Question:
1. 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 litre of milk.
b. Stuart earns $7 per hour working at a fast-food restaurant.
c. Shanna spends $30 to get a haircut.
d. Salma earns $10 000 from her 10 percent ownership of Acme Industrial.
Step by Step Answer:
Related Book For
Principles Of Macroeconomics
ISBN: 9780176591977
7th Canadian Edition
Authors: N. Mankiw, Ronald Kneebone, Kenneth McKenzie
Question Posted: