х Aplia: Student Question - Google Chrome © https://courses.aplia.com/af/servlet/quiz?quiz_action=takeQuiz&.quiz_probGuid=Q4PLCOA8010100000042dbd2d00400008 ctx=sbagchi-00418ck=m_1539654476985_OAAA6B040165BFOC5C5403430000 Graded Assignment Read Chapter 5 Back to Assignment Due Tuesday 10.16.18 at 11:00 PM Attempts: Do No Harm: /4 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. Markets for Goods and Services Firms Households Households Markets for Factors of Production Based on this model, households earn income when purchase in markets for factors of production. Suppose Yvette earns $725 per week working as a corporate attorney for Rowan and Martin Associates. She uses $8 to buy a box of aspirin at Pillmart Pharmacy. Pillmart Pharmacy pays Sean $250 per week to work the cash register. Sean uses $275 to purchase legal service from Rowan and Martin Associates. Session Timeout 59:40 х Aplia: Student Question - Google Chrome © https://courses.aplia.com/af/servlet/quiz?quiz_action=takeQuiz&.quiz_probGuid=Q4PLCOA8010100000042dbd2d00400008 ctx=sbagchi-00418ck=m_1539654476985_OAAA6B040165BFOC5C5403430000 Graded Assignment Read Chapter 5 Back to Assignment Due Tuesday 10.16.18 at 11:00 PM Attempts: Do No Harm: /4 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. Markets for Goods and Services Firms Households Households Markets for Factors of Production Based on this model, households earn income when purchase in markets for factors of production. labor and capital Suppose Yvette earns $725 per week working as a corporate attorney for Rowan She uses $8 to buy a box of aspirin at Pillmart Pharmacy. Pillmart Pharmacy pays Sean $250 per week to work the cash registe goods and services purchase legal service from Rowan and Martin Associates. Session Timeout 59:31 х Aplia: Student Question - Google Chrome © https://courses.aplia.com/af/servlet/quiz?quiz_action=takeQuiz&quiz_probGuid=Q4PLCOA8010100000042dbd2d0040000&ctx=sbagchi-0041&ck=m_1539654476985_OAAA6B040165BFOC5C5403430000 - Based on this model, households earn income when purchase in markets for factors of production. Suppose Yvette earns $725 per week working as a corporate attorney for Rowan and Martin Associates. She uses $8 to buy box of aspirin at Pillmart Pharmacy. Pillmart Pharmacy pays Sean $250 per week to work the cash register. Sean uses $275 to purchase legal service from Rowan and Martin Associates. 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 Yvette earns $725 per week working for Rowan and Martin Associates. Sean earns $250 per week working for Pillmart Pharmacy. Sean spends $275 to purchase legal service from Rowan and Martin O Associates. 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. The $250 per week Sean earns working for Pillmart Pharmacy O Yvette's labor The $275 Sean spends to purchase legal service from Rowan and Martin Associates True or False: Gross domestic product (GDP) measures total expenditures on final goods and services during a given period of time. O True O False Session Timeout 59:21 х Aplia: Student Question - Google Chrome © https://courses.aplia.com/af/servlet/quiz?quiz_action=takeQuiz&.quiz_probGuid=Q4PLCOA8010100000042dbd2d00400008 ctx=sbagchi-00418ck=m_1539654476985_OAAA6B040165BFOC5C5403430000 Graded Assignment Read Chapter 5 Back to Assignment Due Tuesday 10.16.18 at 11:00 PM Attempts: Do No Harm: /4 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. Markets for Goods and Services Firms Households Households Markets for Factors of Production Based on this model, households earn income when purchase in markets for factors of production. Suppose Yvette earns $725 per week working as a c Pharmacy. Pillmart Pharmacy pays Sean $250 per w Associates. households ney for Rowan and Martin Associates. She uses $8 to buy a box of aspirin at Pillmart firms e cash register. Sean uses $275 to purchase legal service from Rowan and Martin Session Timeout 59:35 х Aplia: Student Question - Google Chrome © https://courses.aplia.com/af/servlet/quiz?quiz_action=takeQuiz&quiz_probGuid=Q4PLCOA8010100000042dbd2d0080000&ctx=sbagchi-0041&ck=m_1539654517987_0AAA6B040165BF0C5C5403430000 - Graded Assignment Read Chapter 5 | Back to Assignment Due Tuesday 10.16.18 at 11:00 PM Attempts: Do Harm: /4 5. Real versus nominal GDP Consider a simple economy that produces two goods: apples and oranges. The following table shows the prices and quantities of the goods over a three-year period. Apples Price Quantity (Dollars per apple) (Number of apples) 1 150 Oranges Price Quantity (Dollars per orange) (Number of oranges) 2 160 Year 2014 2015 2 135 4 230 2016 3 110 4 165 Use the information from the preceding table to fill in the following table. Nominal GDP (Dollars) Real GDP (Base year 2014, dollars) Year GDP Deflator 2014 2015 2016 From 2015 to 2016, nominal GDP , and real GDP Session Timeout 59:33
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