MICROECONOMICS-MIDTERM1 Version A . What is the d ) There is no di There is no d
ID: 1160389 • Letter: M
Question
MICROECONOMICS-MIDTERM1 Version A . What is the d ) There is no di There is no di mand curve. An "increase crease in quai An "increase antity deman Print Name A movemen achange in t change in change in t change in Factor Markets n a competi ases. Whic ice will de ce will del e change i e change i Firms e law ofs and inc e price o e price o ople's i price o 1. Refer to Figure 1. Which arrow represents the flow of goods and services? A) A B) B C) C D) D finers el (The rease ase ir ease i ase il 2. Refer to Figure 1. Which arrow represents the flow of income to households? A) A B) B C) C D) D 3. Refer to Figure 1. Which arrow shows the flow of land, labor, and capital? A) A ?) ? C) C ce el librExplanation / Answer
1) Here in the referred figure, the arrow labelled C shows, the flow of goods and services from the firms to the households which are being used by the factors of production provided by the households.
c) C.
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2) In the referred figure the arrow labelled B shows the flow of income to the household from the firms in return of the factor of production the households provide.
b) B.
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3) In the referred figure, the arrow labelled D shows the flow of capital, labour and land which are being provided by the household to the firms for the production of the goods.
d) D.
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