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Suppose we extend the circular flow model to add imports and exports. Copy the circular flow diagram onto a sheet of paper and then add a foreign country as a third agent. Draw a rough sketch of the flows of imports, exports, and the payments for each on your diagram. | Numerade
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Draw a circular-flow diagram. Identify the parts of the model that correspond to the flow of goods and services and the flow of dollars for each of the following activities. a. Selena pays a storekeeper 1 for a litre of milk. b. Stuart earns 7 per hour working at a fast-food restaurant. c. Shanna spends 30 to get a haircut. d. Salma earns 10000 from her 10 percent ownership of Acme Industrial. | Numerade
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