Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN: 9781337091985
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Chapter 2, Problem 1PA
To determine
Circular-flow diagram.
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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. Stuart earns $4.50 per hour working at a fast-food restaurant.
Draw a circular-flow diagram. Identify the partsof the model that correspond to the flow of goodsand services and the flow of dollars for each of thefollowing activities.a. Selena pays a storekeeper $1 for a quart of milk.b. Stuart earns $8 per hour working at a fast-foodrestaurant.c. Shanna spends $40 to get a haircut.d. Salma earns $20,000 from her 10 percentownership of Acme Industrial.
Discuss the circular flow diagram based on your own understanding and give an example where you participated in each market as member of a household.
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Brief Principles of Macroeconomics (MindTap Course List)
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- Imagine that you just paid $50 for a new pair of jeans. According to the circular flow diagram, what decisions were made concerning the jeans you purchased, and who made decisions about the jeans you bought?arrow_forwardIdentify where the appropriate entries go on the circular flow diagram?arrow_forwardA fast-food company spends millions of dollars to develop and promote a new hamburger on its menu only to find that consumers won't buy it because they dont like the taste. From an economic perspective, the company should keep the hamburger on the menu because they have spent so much money and time developing and promoting the product. spend more money to develop a more efficient way to cook the hamburger so it cooks in a shorter time. pull the hamburger off the menu and treat the development and promotion expenditures as a sunk cost. keep trying to sell the hamburger so that people who developed and promote it have a job with the company.arrow_forward
- A system can be interpreted as a collection of objects such as people, resources, concepts, and procedures that are intended to perform certain functions or fulfill a purpose as shown drawing enclosed. The picture above illustrates how the system and its environment are in a unified whole.Based on this explanation, design 2 types of systems consisting of the components in the image taken in your current field of work.Give an explanation of how the mechanism of action of the system!arrow_forwardIn the circular-flow diagram, which of the following do firms NOT do? a. use factors of production to produce output b. produce goods and services c. hire workers d. produce factors of productionarrow_forwardEach of the following situations requires some trade-offs. You are supposed to analyze and discuss a few trade-offs with respect to each of the given situation. d. A student in Karachi who's recently finished his BS in Computer Science wants to decide whether to start his MS in Computer Science. e. A lower income family wants to decide whether to buy a new car.arrow_forward
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