Suppose Poornima earns $850 per week working as a jewelry appraiser for Classy\'

Question

Suppose Poornima earns $850 per week working as a jewelry appraiser for Classy's Jewelry Store. She uses $9 to order a mojito cocktail at Little Havana. Little Havana pays Manuel $500 per week to wait tables. Manuel uses $175 to purchase a necklace from Classy's Jewelry Store occurs in the market for factors of production or the market for goods and services Production Services Store Poornima spends $9 to order a mojito cocktail 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. O The mojito Poornima receives O The $175 Manuel spends to purchase a necklace from Classy's Jewelry Store The $500 per week Manuel earns working for Little Havana True or False: For the economy as a whole, expenditures must equal income True O False

Explanation / Answer

Answer:

A flow from households to firms is the 175 dollars Manuel spends to purchase a necklace from Cassy's jewellery store. It is a flow of money from households to firms.

In a closed economy, income must be equal to expenditure. (true)

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