Draw a circular-flow diagram. Identify the parts of the model that correspond to the flow of goods

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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 quart of milk.

b. Stuart earns $4.50 per hour working at a fast-food restaurant.

c. Shanna spends $30 to get a haircut.

d. Sally earns $10,000 from her 10 percent ownership of Acme Industrial.

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Principles of economics

ISBN: 978-0538453042

6th Edition

Authors: N. Gregory Mankiw

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Question Posted: Dec 14, 2012 06:45 AM

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Draw a circular-flow diagram. Identify the parts of the model that correspond to the flow of goods

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See Figure the four transactions are shown Figure c 30 a 1 a ...View the full answer

Principles of economics

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