The circular flow of income diagram shows: a) how households sell goods to firms b) how firms sell goods to banks c) how households produce services for their own use d) output equals income equals expenditure

Robots at Kroger, Walmart, and Whole Foods The grocery industry is stepping up its investment in robot technology. Retailers are spending an estimated $3.6 billion in robot technology globally, and are expected to invest $12 billion by 2023. Source: Forbes, July 29, 2019 Explain how the widespread use of farm robots will change the rental rate of farm land. www. Q Search Most likely, the widespread use of retailers' robots will OA. decrease the value of marginal product of mall land will decrease OB. not change, the prices of the retail goods will not change OC. increase, the quantity of land used for malls will decrease OD. not change; the quantity of land used for malls will increase the rental rate of mall land because Next

Suppose the information in the following table is for a simple economy that produces only the following four goods: shoes, hamburgers, shirts, and cotton. Further, assume that all of the cotton is used to produce shirts. 2020 Statistics 2021 Statistics Quantity 2012 Statistics Product Quantity Price Quantity Price Price $50.00 $65.00 Shoes Hamburgers Shirts Cotton $60.00 2.00 90 100 100 100 75 2.00 30.00 0.09 120 2.25 50 50 25.00 65 25.00 11,000 10,000 0.08 11,000 0.07 a. If the base year is the year 2012, then real GDP for 2020 equals $ 6700 (round your answer to the nearest penny) and the real GDP for 2021 equals $ (round your answer to the nearest penny).

Suppose you have the following information about production levels of Ibs. of caviar and bottles of wine, and the market-clearing prices for each of the nine allocations: 5. Caviar Wine Pricecaviar Pricewine GDP Allocation $50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 $166.67 187.50 $350.00 175.00 A 90 100 B 80 200 214.29 250.00 300.00 116.67 87.50 70 300 60 400 E 50 500 70.00 375.00 500.00 58.33 50.00 F 40 600 G 30 700 H 20 800 750.00 43.75 I 10 900 1500.00 38.89 A. How much wine must be sacrificed to produce 1 more lb. of caviar? B. Is allocation point A efficient? (As in class, prove your conclusion with math) C. Which allocation point is efficient? (As in class, prove your conclusion with math) D. Suppose government assesses a tax of $40 per bottle of wine, but no tax on caviar. i) what will be the new equilibrium? Why? ii) how much of the tax is forward shifted? Explain iii) how much of the tax is backward shifted? Explain

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