MINDTAP Homework (Ch 10) Goods and Sevices Harkets for Based on this model, hous
ID: 1138020 • Letter: M
Question
MINDTAP Homework (Ch 10) Goods and Sevices Harkets for Based on this model, households earn income when markets for factors of production purchase in Suppose Ana earns $525 per week working as an analyst for A-Plus Accountants. She uses $10 to buy a box of aspirin at Pillimart Pharmacy. Pillmart Pharmacy pays Yakov $200 per week to work the cash register Yakov uses $175 to purchase tax services from A-Plus Accountants Identify whether each of the follawing events in this scenario occurs in the market for factors of production or the market for goods and services. Market for Factors of Market for Goods Event Production and Services Ana earns s525 per week working for A-Plus Accountants Yakov earns $200 per week working for Pillmart Pharmacy Yakov spends $175 to purchase tax services from A-Plus Accountants. Which of the elements of this scenario represent a flow from a firm to a household? This could be a flow of dollars, inputs, or outputs. Check all that apply The $175 Yakov spends to purchase tax services from A-Plus Accountants The aspirin Ana receives The $200 per week Yakov earns working for Pillmart Pharmacy True or False: Gross domestic product (GDP) cannot be used to measure the economy's income True FalseExplanation / Answer
Fill-ups
Because in the market for factors of production firm demand for labor and households supply labor.
Event 1 occurs in market for factor of productions
Event 2) occurs in market for factor of production.
Event 3) occurs in market for goods and services
Option C i.e. The $200 per week Yakov earns working for Pillmart pharmacy.
False , because national Income = GDP –depreciation + Net factor income – Net indirect tax
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