Economics 372 Week 1 worksheet, management homework help

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Answer the Assignment 1 questions.

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Economics 372 Assignment 1 ___ 1. In the circular flow model, the business sector _____ goods and services in _____ markets. a. demands; product c. supplies; product b. demands; resource d. supplies; resource ___ 2. In the circular flow model, the household sector _____ goods and services in _____ markets. a. demands; product c. supplies; product b. demands; resource d. supplies; resource ___ 3. In the circular flow model, the business sector _____ the factors of production (inputs) in _____ markets. a. demands; product c. supplies; product b. demands; resource d. supplies; resource ___ 4. In the circular flow model, the household sector _____ the factors of production (inputs) in _____ markets. a. demands; product c. supplies; product b. demands; resource d. supplies; resource ___ 5. Which of the following would best explain an increase in the demand for jeans? a. A decrease in income, assuming jeans are normal goods b. A decrease in the popularity of jeans c. An increase in the number of schools that allow students to wear jeans d. A decrease in the price of jeans Use the data below to answer questions 6 – 7: Consumption Expenditures (C) Investment Expenditures (I) Government Expenditures (G) Exports (EX) Imports (IM) Depreciation $12,100 billion $2,800 billion $3,200 billion $2,500 billion $2,760 billion $2,200 billion ___ 6. Gross Domestic Product (GDP) is equal to ________. a. $22,800 billion c. $25,560 billion b. $19,760 billion d. $17,840 billion ___ 7. Net exports are equal to __________. a. $5,260 billion b. – $560 billion c. d. –$260 billion $2,500 billion
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Economics 372

Assignment 1

___ 1. In the circular flow model, the business sector _____ goods and services in _____
markets.
a.
demands; product
c.
supplies; product
b.
demands; resource
d.
supplies; resource
___ 2. In the circular flow model, the household sector _____ goods and services in ____...


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