Based on this model, households earn income when purchase in markets for factors of production. Suppose Alyssa earns $700 per week working as a programmer for Maction. She uses $8 to have dessert at Guilherme's Garden. Guilherme's Garden pays Tim $275 per week to curate a wine list. Tim uses $100 to purchase software from Maction. 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 Tim earns $275 per week working for Guilherme's Garden. Tim spends $100 to purchase software from Maction. Alyssa spends $8 to have dessert. Market for Factors of Production Market for Goods and Services 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. Alyssa's labor The $100 Tim spends to purchase software from Maction The $275 per week Tim earns working for Guilherme's Garden True or False: Gross domestic product (GDP) measures total expenditures on final goods and services during a given period of time. True False D2L Quiz Submissions - Reading Qu Mind Tap Cengage Learning C ng.cengage.com/static/nb/ui/evo/index.html?deploymentId=6100421809647807831298865991&elSBN=9780357723104&id=1772769394... Update: G Google A Portals D2L Homepage - Augu... Planned To Do CH Graw Education Class PSYC1101 W... < Galaxy S22 5G 12... macro The Leading Provi... a intern book Justice CENGAGE | MINDTAP Q Search this course ? My Home Chapter 05 Homework Courses Back to Assignment Catalog and Study Tools Attempts 1.8 2 Rental Options College Success Tips Career Success Tips RECOMMENDED FOR YOU Coming Up with Innovative Solutions ? Help Give Feedback Average 1.9/4 1. The economy's income and expenditure 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, households earn income when Households purchase in markets for factors of production. Suppose Alyssa earns $700 per week working as a programmer for Maction. She uses $8 to have dessert at Guilherme's Garden. Guilherme's Garden pays Tim $275 per week to curate a wine list. Tim uses $100 to purchase software from Maction. A-Z A+ D2L Quiz Submissions - Reading Qu Mind Tap Cengage Learning Dashboard GDP Calculator + C ng.cengage.com/static/nb/ui/evo/index.html?deploymentId=6100421809647807831298865991&elSBN=9780357723104&id=1772769394... Update: G Google A Portals D2L Homepage - Augu... Planned To Do CH Graw Class PSYC1101 W... < Galaxy S22 5G 12... Education * macro The Leading Provi... a intern book Justice CENGAGE | MINDTAP Q Search this course ? My Home Chapter 05 Homework Courses Catalog and Study Tools Back to Assignment Attempts Rental Options 4. Measuring GDP College Success Tips Average / 1 Career Success Tips The following table shows data on consumption, investments, exports, imports, and government expenditures for the United States in 2021, as published by the Bureau of Economic Analysis. All figures are in billions of dollars. RECOMMENDED FOR YOU Fill in the missing cells in the table to calculate GDP using the expenditure approach. Data Coming Up with Innovative Solutions (Billions of dollars) Consumption (C) Investment (I) 15,746.9 4,113.4 Exports (X) 2,479.9 ? Help Imports (M) 3,395.8 Give Feedback Net Exports of Goods and Services Government Purchases (G) 4,053.0 Gross Domestic Product (GDP) Grade It Now Save & Continue Continue without saving A-Z A+ C D2L Quiz Submissions - Reading Qu Mind Tap Cengage Learning Dashboard GDP Calculator + ng.cengage.com/static/nb/ui/evo/index.html?deploymentId=6100421809647807831298865991&elSBN=9780357723104&id=1772769394... Update: G Google A Portals D2L Homepage - Augu... Planned To Do CH Graw Education Class PSYC1101 W... < Galaxy S22 5G 12... * macro The Leading Provi... a intern book Justice CENGAGE | MINDTAP Q Search this course ? My Home Chapter 05 Homework Beers Enamel pins Courses Catalog and Study Tools Year Price (Dollars per beer) Quantity Price Quantity (Number of beers) (Dollars per enamel pin) (Number of enamel pins) 2019 3 260 2 160 Rental Options 2020 4 120 2 220 2021 3 155 2 140 College Success Tips Career Success Tips RECOMMENDED FOR YOU Use the information from the preceding table to fill in the following table. Nominal GDP Year (Dollars) Coming Up with Innovative Solutions 2019 2020 2021 ? Help Real GDP (Base year 2019, dollars) GDP Deflator From 2020 to 2021, nominal GDP decreased and real GDP decreased Give Feedback The inflation rate in 2021 was Why is real GDP a more accurate measure of an economy's production than nominal GDP? Real GDP includes the value of exports, but nominal GDP does not. Real GDP is not influenced by price changes, but nominal GDP is. Real GDP does not include the value of intermediate goods and services, but nominal GDP does. A-Z A+