A Closed Model for an Economy Identifies Government, the Profit

question 112

Multiple Choice

A closed model for an economy identifies government, the profit sector, the nonprofit sector, and households as its industries. Each unit of government output requires 0.3 unit of government input, 0.2 unit of profit sector input, 0.2 unit of nonprofit sector input, and 0.4 unit of households input. Each unit of profit sector output requires 0.2 unit of government input, 0.3 unit of profit sector input, 0.2 unit of nonprofit sector input, and 0.4 unit of households input. Each unit of nonprofit sector output requires 0.2 unit of government input, 0.2 unit of profit sector input, 0.2 unit of nonprofit sector input, and 0.6 unit of households input. Each unit of households output requires 0.05 unit of government input, 0.2 unit of profit sector input, 0.2 unit of nonprofit sector input, and 0.25 unit of households input. Write the augmented matrix for this closed model of the economy. ​

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Definitions:

Exert Effort

The act of applying physical or mental energy towards accomplishing a task, demonstrating dedication or hard work.

Public-Policy Exception

A legal doctrine that prevents employers from terminating employees if the dismissal contravenes public policy or law.

Realistic Job Previews

An employment tool used to provide potential employees with a realistic view of what a job entails, including both positive and negative aspects.

Documentation

The act of creating, maintaining, and safeguarding records and documents relevant to an organization’s operations, transactions, or procedures.