Let's put dollar amounts on the flows in the circular flow diagram below. Money Income RESOURCE MARKET Costs · Households sell • Businesses buy neurial abilit Resources BUSINESSES HOUSEHOLDS • buy...

Extracted text: Let's put dollar amounts on the flows in the circular flow diagram below. Money Income RESOURCE MARKET Costs · Households sell • Businesses buy neurial abilit Resources BUSINESSES HOUSEHOLDS • buy resources • sell products • sell resources • buy products PRODUCT MARKET services Revenue Goods and sevic · Businesses sell · Households buy Consumption Instructions: Enter your answers as a whole number. a. Suppose that businesses buy a total of $140 billion of the four resources (labor, land, capital, and entrepreneurial ability) from households. If households receive $76 billion in wages, $18 billion in rent, and $28 billion in interest, how much are households paid for providing entrepreneurial ability? $ billion b. If households spend $75 billion on goods and $65 billion on services, how much in revenues do businesses receive in the product market? 2$ billion (wages, rents, nterest, profits) entrepre- jand, capital, otion expenditures Goods and