Use the following figure, which illustrates the circular flow model, to work Problem. 11eb8296_44e6_70df_8eeb_6b6ebde03d46_SM2864_00 During 2008, in an economy: Flow B was $9 trillion. Flow C was $2 trillion. Flow D was $3 trillion. Flow E was -$0.7 trillion. Name the flows and calculate the value of a. Aggregate income. b. GDP.

Macroeconomics 11th Edition by Michael Parkin

Edition 11ISBN: 9780133423884

Macroeconomics 11th Edition by Michael Parkin

Edition 11ISBN: 9780133423884

Exercise 9

Use the following figure, which illustrates the circular flow model, to work Problem.

During 2008, in an economy:
Flow B was $9 trillion.
Flow C was $2 trillion.
Flow D was $3 trillion.
Flow E was -$0.7 trillion.
Name the flows and calculate the value of
a. Aggregate income.
b. GDP.

Explanation

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Given facts are:
During 2008, in an eco...