Economics (Irwin Economics)
21st Edition
ISBN: 9781259723223
Author: Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn Dr.
Publisher: McGraw-Hill Education
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Question
Chapter 2.2, Problem 3QQ
To determine
Circular flow in the two sector model.
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Students have asked these similar questions
I don’t understand where the flow is supposed to begin? If it’s circular technically it doesn’t have a beginning right? Can you explain this I find this question super confusing. 
2. Draw a Circular-Flow diagram. Identify the parts of the model that correspond to
the flow of goods and services and the flow of money for each of the following activities.
(a) Pervin pays a shopkeeper 1 manat for a litre of milk.
(b) Nermin earns 3 manats per hour working at a fast food restraunt
(c) Azer spends 7 euros to see a film.
(d) Anar earns 10000 euros from his 10 percent ownership in a travel company.
ASAPPP! I need the 2 nd question
Chapter 2 Solutions
Economics (Irwin Economics)
Ch. 2.2 - Prob. 1QQCh. 2.2 - Prob. 2QQCh. 2.2 - Prob. 3QQCh. 2.2 - Prob. 4QQCh. 2 - Prob. 1DQCh. 2 - Prob. 2DQCh. 2 - Prob. 3DQCh. 2 - Prob. 4DQCh. 2 - Prob. 5DQCh. 2 - Prob. 6DQ
Ch. 2 - Prob. 7DQCh. 2 - Prob. 8DQCh. 2 - Prob. 9DQCh. 2 - Prob. 10DQCh. 2 - Prob. 11DQCh. 2 - Prob. 12DQCh. 2 - Prob. 13DQCh. 2 - Prob. 1RQCh. 2 - Prob. 2RQCh. 2 - Prob. 3RQCh. 2 - Prob. 4RQCh. 2 - Prob. 5RQCh. 2 - Prob. 6RQCh. 2 - Prob. 7RQCh. 2 - Prob. 8RQCh. 2 - Prob. 1PCh. 2 - Prob. 2PCh. 2 - Prob. 3PCh. 2 - Prob. 4P
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Similar questions
- 2. Explain the economic activities between consumers and producers using a circular flow image.arrow_forwardTyson and Ella work at the Ruby Red Movie Theater in town. After work, they decide to watch a movie. After purchasing their tickets, they stop by the concession stand and purchase popcorn, drinks, and candy. Use the circular flow diagram to describe the purchases that Tyson and Ella made and the services and goods that were provided to them.arrow_forwarda. Draw a circular-flow diagram. Identify the parts of the model that correspondto the flow of goods and services and the flow of dollars for each of thefollowing activities. i. Paul purchases a pair of shoes for $30. ii. Shannon receives a salary of $1,500 per week at the supermarket whichshe works. iii. Honda Limited receives $20,000 for the sale of a sports utility vehicle. iv. Mark earns $2,000 from his 15 percent ownership of Apple stock.arrow_forward
- Main Content Firms B D arrow A arrow B arrow C Markets for Goods and Services arrow D Markets for Factors of Production Refer to the figure. You spend $2 to buy a cup of coffee. Which arrow shows the flow of $2? B Households Darrow_forwardIn the circular-flow diagram households receive money for ______ in the ______ market?arrow_forwardO. point B. point E. point C. point A.arrow_forward
- Select the number of the question and the letter to indicate the answer you consider correctfor each question. Answers to all questions are to be recorded on the answer sheet. (Pleasenote - Do not submit the full question with a circle answer. ONLY the number and theletter).1. The Law of demanda. applies to final consumer goods but not to the productive resources purchased bybusiness firms.b. tells us how much of a good people want, but not necessarily how much of that good theyare willing to pay for.c. tells us that when the price of a good falls, quantity demanded will increase.d. applies only to goods that are not absolute necessities. 2. The law of supply states that all other things remaining the same:a. as the price of a good increases, supply of the good will increase.b. as the price of a good increases, the quantity of the good supplied willincrease.c. as the price of a good increases, demand for the good will increase.d. as the price of a good increases, the quantity of the…arrow_forwardGive typing answer with explanation and conclusion Which of the following illustrates goods markets? A. Maggie took an educational loan of $10,000. Safeway sells milk at $4.35 a gallon. B. Anna got a job with a public firm. Smith wants to take a vacation in December. C. Walmart sells potatoes at $2.14 a pound. Ann bought a new condo for $200,000. D. Banks have raised interest rates to 2.5 percent. Ryan enjoys playing chess.arrow_forwardWhich of the following is true in the markets for factors of production in the circular-flow diagram, a. households provide firms with labor, land, and capital. b. households provide firms with savings for investment. c. firms provide households with goods and services. d. firms provide households with revenue.arrow_forward
- Part A: Give a specific example of something a household would buy or sell in the product market. Part B: In the circular flow diagram, what is a specific example of what you would buy or sell in the factor market.arrow_forwardPlease provide steps by step answer with proper explanation with final answerarrow_forwardAccording to a simple circular-flow diagram, how many markets do households and firms interact in? A. four types of markets B. one type of market C. two types of markets D. three types of marketsarrow_forward
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