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 factor markets. Suppose Poornima earns $625 per week working as a driving instructor for Passing Left. She uses $8 to have a drink at Barry's Bar. Barry's Bar pays Manuel $275 per week to work as a bartender. Manuel uses $250 to purchase driving lessons from Passing Left.
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- Early during the COVID-19 pandemic, the government used multiple stimulus packages to increase government spending. 3. Using the Z-Y, NX-Y, IS-LM, UIP combined graph on the next page, what should be happening as a result? Show the shifts on the graph itself. NN Z Z NN Y=Z Z c0- if f UI i pvt L M c1T+I+G+NX i10 y 45° if f if NK N Y Y f 0 Y X Y 0 Y 0 Y 20 NX N X E 0 E Y NX Fiscal stimulusThe 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 factor markets. firms Suppose Lucia earns $900 per week working as an in r for Ourhouse. She uses $8 to go climbing at Wally's Climbing Wall. Wally's Climbing Wall pays Kenji $350 per week to work as households ctor. Kenji uses $400 to purchase furniture from Ourhouse. Event Lucia spends $8 to go climbing. Kenji spends $400 to purchase furniture from Ourhouse. Identify whether each of the following events in this scenario occurs in the factor market or the product market. Factor Market Product MarketO C. Production = ExpenditureF Income O D. Y= C+1+G+X+M Classify the following individuals according to the types of incomes they receive in the following examples, Example Type of income Rebecca enjoys the benefits of living in her apartment in central London. Daryl gets free refreshments and lunch allowances at work. Luke received Amazon gift cards from his office at Christmas. Capital income Kelly earns rent on the 1 hectare of land she inherited from her mother. Labor income Click to select your answer. 出
- please asnwer the question in the image Some economists believe that the U.S. economy as awhole can be modeled with the following productionfunction, called the Cobb–Douglas production function:Y 5 AK1/3L2/3,where Y is the amount of output, K is the amount ofcapital, L is the amount of labor, and A is a parameterthat measures the state of technology. For this productionfunction, the marginal product of labor isMPL 5 (2/3) A(K/L)1/3.Suppose that the price of output P is 2, A is 3, K is1,000,000, and L is 1,000. The labor market is competitive,so labor is paid the value of its marginal product.a. Calculate the amount of output produced Y and thedollar value of output PY.b. Calculate the wage W and the real wage W/P. (Note:The wage is labor compensation measured in dollars,whereas the real wage is labor compensationmeasured in units of output.)c. Calculate the labor share (the fraction of the value ofoutput that is paid to labor), which is (WL)/(PY).d. Calculate what happens to output Y,…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 Event Based on this model, households earn income when firms Households Suppose Becky earns $725 per week working as a programmer for Maction. She uses $8 to have a pint at Breanna's Brewing Company. Breanna's Brewing Company pays Alex $450 per week to serve as head brewer. Alex uses $250 to purchase software from Maction. purchase labor and capital 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. Market for Factors of Production Market for Goods and Services Alex earns $450 per week working for Breanna's Brewing Company. Alex spends $250 to purchase software from Maction. Becky earns…sekect one answer. 1. Which of the following statements about the Affluent Society era is false? a. John Kenneth Galbraith’s, The Affluent Society, criticized the underlying structures of an economy dedicated only to increasing production and the consumption of goods. b. Galbraith’s analysis was so insightful that the title of his book has come to serve as a ready label for postwar American society c. Galbraith warned that an economy where “wants are increasingly created by the process by which they are satisfied” was unsound, unsustainable, and, ultimately, immoral. d. The contradictions of the Affluent Society defined the decade: unrivaled prosperity alongside persistent poverty, expanded opportunity alongside entrenched discrimination, and new liberating lifestyles alongside a stifling conformity. e. None of the above statements are false 2. Which of the following statements concerning the rise of the suburbs is false? a. The seeds of a suburban nation were planted in New…
- The following diagram represents an economy in which total factor productivity z increases. PPF2 PPF, 12 (0,0) in Leisure, I PPF3 What are the income effect, and substitution effect? O A to D: income effect D to B: substitution effect A to B: substitution effect B to D: income effect O A to D: substitution effect D to B: income effect OB to D: substitution effect A to B: income effect Consumption, CThe 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, firms earn revenue when Event Households Suppose Amy earns $675 per week working as an air traffic controller for PlaneRed Airlines. She uses $7 to have dessert at Guilherme's Garden. Guilherme's Garden pays Van $375 per week to curate a wine list. Van uses $150 to purchase a flight from PlaneRed Airlines. purchase 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. Van spends $150 to purchase a flight from PlaneRed Airlines. Amy spends $7 to have dessert. Amy earns $675 per week working for PlaneRed Airlines. The dessert Amy receives in markets for goods and services.…In a microeconomic model, how would you differentiate between an 'exogenous' variable and an 'endogenous' variable? O Endogenous variables are those determined within the model, while exogenous variables are given from outside the model. O Exogenous variables are those which economists do not study, while endogenous variables are heavily studied. O Exogenous variables are variables that economists cannot measure, while endogenous variables are measurable. Exogenous variables cannot influence endogenous variables in any economic model. O More than one of the above.
- AMoving to the next question prevents changes to this answer. Question 3 of Question 3 1 points Save Answ The branch of economics that analyses the market behaviour of individual consumers and firms in an attemp to understand the decision-making process of firms and households. a)Gross Domestic Product O b)Micro Economics c)Macro Economics d)Logistics e)Gross National Product O0000In an election debate, two candidates for governorare debating about whether to raise the generalsales tax from 5 to 7 percent. One argues that thiswould increase tax revenues, enabling the stateto maintain essential services. The other arguesthat the tax would hurt retailers and consumers,and would actually slow down the economy somuch that it would decrease tax revenues too.Restate these candidates’ positions in economicterminology, and explain what assumptions theymust be making in order to justify their differentpositions, in terms of price and quantity effectstulet10r.01.038 The study of microeconomics and macroeconomics differ in that: a. microeconomics examines the individual markets of the economy while macroeconomics studies the whole economy. b. microeconomics examines the whole economý while macroeconomics studies the individual units of the economy. O c. microeconomics is concerned with the domestic economy and macroeconomics is concerned only with the international economy. O d. microeconomics studies the actions of households and macroeconomics studies the actions of business firms. stions Navigation Menu