5 8 Market for Factors of Production 7 |0|0 6 O Dale pays for his movie ticket. O Safeway sells groceries. Peter buys gourmet jam. O Spencer receives wages for tutoring. O Target earns big revenue on Black Friday. O Laura offers her labor delivering sandwiches for Jimmy John's. Which of the descriptions below best matches the flow described by #3? Hint: To see the origin of the flow, pay attention to the subject of the sentence, are we talking about a firm or a household? To see the kind of flow, first, think whether it is a monetary flow or a real flow and, if it's a real flow, think whether we are talking about goods & services or about factors of production -- this will help you identify the market involved. Bank of America pays rent for its office rentals. 2 3 Market for Goods & Services 4 O Turner Construction rents trucks for its business. 1

5 8 Market for Factors of Production 7 |0|0 6 O Dale pays for his movie ticket. O Safeway sells groceries. Peter buys gourmet jam. O Spencer receives wages for tutoring. O Target earns big revenue on Black Friday. O Laura offers her labor delivering sandwiches for Jimmy John's. Which of the descriptions below best matches the flow described by #3? Hint: To see the origin of the flow, pay attention to the subject of the sentence, are we talking about a firm or a household? To see the kind of flow, first, think whether it is a monetary flow or a real flow and, if it's a real flow, think whether we are talking about goods & services or about factors of production -- this will help you identify the market involved. Bank of America pays rent for its office rentals. 2 3 Market for Goods & Services 4 O Turner Construction rents trucks for its business. 1

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter2: Thinking Like An Economist

Section: Chapter Questions

Problem 1PA

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5 8 Market for Factors of Production 7 O Dale pays for his movie ticket. 6 Which of the descriptions below best matches the flow described by #2? Hint: To see the origin of the flow, pay attention to the subject of the sentence, are we talking about a firm or a household? To see the kind of flow, first, think whether it is a monetary flow or a real flow and, if it's a real flow, think whether we are talking about goods & services or about factors of production -- this will help you identify the market involved. O Peter buys gourmet jam. O Target earns big revenue on Black Friday. Laura offers her labor delivering sandwiches for Jimmy John's. Spencer receives wages for tutoring. O Bank of America pays rent for its office rentals. Safeway sells groceries. 2 3 Market for Goods & Services 4 Turner Construction rents trucks for its business. 1
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