Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Garage sales booming as recession grinds on The Commerce Department report showed total retail sales across the country fell 0.1% in July, although garage sales

Garage sales booming as recession grinds on The Commerce Department report showed total retail sales across the country fell 0.1% in July, although garage sales springing up across the country are proving popular with buyers. Cathy, an unemployed nurse said that she uses the money she makes from her garage sales to pay bills. Source: Reuters, August 14, 2009 Where do items in the news clip appear in the U.S. National Income and Product Accounts and the circular flow of expenditure and income? Question content area bottom Part 1 A. Expenditure on goods purchased at garage sales does not appear in the U.S. National Income and Product Accounts and does not appear as a flow in the circular flow of expenditure and income. B. Cathy's income from garage sales appears as wage income in the U.S. National Income and Product Accounts but does not appear as a flow in the circular flow of expenditure and income. C. Expenditure on goods purchased at garage sales appears as consumption expenditure in the U.S. National Income and Product Accounts and as the expenditure flow from households through goods markets to firms. D. Cathy's income from garage sales appears as wage income in the

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial accounting

Authors: Walter T. Harrison, Charles T. Horngren, William Bill Thomas

8th Edition

9780135114933, 136108865, 978-0136108863

More Books

Students also viewed these Accounting questions

Question

How should items such as profit and asset values be measured?

Answered: 1 week ago

Question

Who are the users of financial accounting information?

Answered: 1 week ago