Answered step by step
Verified Expert Solution
Question
1 Approved Answer
a. Suppose that a business buys a total of $130 billion of the four resources (labor, land, capital, and entrepreneurial ability) from households. If households
a. Suppose that a business buys a total of $130 billion of the four resources (labor, land, capital, and entrepreneurial ability) from households. If households receive $72 billion is wages, 16 billion in rent, and $26 billion in interest how much are households paid for providing entrepreneurial ability?
$_____ billion
b. If the households spend $70 billion on goods and $60 billion on services, how much in revenues do businesses receive in the product market?
$_____billion
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started