(Solved): Let's put dollar amounts on the flows in the circular flow diagram below. Instructions: Enter your ...

Let's put dollar amounts on the flows in the circular flow diagram below. Instructions: Enter your answers as a whole number. a. Suppose that businesses buy a total of \( \$ 100 \) billion of the four resources (labor, land, capital, and entrepreneurial ability) from households. If households receive \( \$ 60 \) billion in wages, \( \$ 10 \) billion in rent, and \( \$ 20 \) billion in interest, how much are households paid for providing entrepreneurial ability? \( \$ \quad \) billion b. If households spend \( \$ 55 \) billion on goods and \( \$ 45 \) billion on services, how much in revenues do businesses receive in the product market? \( \$ \) billion