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Homework Help - Q&A from Online Tutor... a ng.cengage.com Georgia State University Login Kobe v MindTap - Cengage Learning CENGAGE I MINDTAP Calendar Month View - Georgia State coursw at DuckDuckGo Q Search this course x g' MY Home Courses Catalog and Study T Rental Options College Success Tips Career Success Tips Homework(Ch 15) Neep me rugnest 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. A-Z RECOMMENDED FOR ... Preparing for a Test O Help CQ Give Feedback firms Markets for Goods and Services Households Markets for Factors of Production Based on this model, households earn income when in markets for factors of production. purchase Suppose Simone earns $650 per week working as an analyst for A-Plus Accountants. She uses $10 to have breakfast at Dinah's Diner. Dinah's Diner pays Rajiv $350 per week to work as a short- order cook. Rajiv uses $250 to purchase tax services from A-Plus Accountants. 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 Event Rajiv spends $250 to purchase tax services from A-Plus Accountants. Rajiv earns $350 per week working for Dinah's Diner. Simone earns $650 per week working for A- Plus Accountants. Which of the elements of this scenario represent a flow from a household to a firm? This could be a flow of dollars, inputs, or outputs. Check all that apply. Simone's labor The $250 Rajiv spends to purchase tax services from A-Plus Accountants The $350 per week Rajiv earns working for Dinah's Diner True or False: For the economy as a whole, expenditures must equal income. True False Grade It Now Save & Continue