(42)Which of the following statements is true? With reference to QH41 above, a microeconomist who concludes that: (a)The demand for the labor services of cooks exceeds its supply is incorrect (b)The legal wage for a cook's labor services will be set below the equilibrium wage is incorrect (c)The market for the labor services of cooks will not clear at the equilibrium wage is correct (d)All of the above (43)Given ceteris paribus, if people expect the price of cooking oil to increase next month, the demand for cooking oil now will: (a)Decrease now (b)Stay the same now and increase next month (c)Increase now (d) Stay the same now and decrease next month (44)Suppose you are a market analyst for a company that specializes in the trade for gold in the international market and you are given the above market supply schedule for gold in Table\#1 above, which of the following statements about the market supply curve for gold is true? (a)The supply curve conforms to the law of supply (b)The supply curve is vertically sloped (c)The supply curve is negatively sloped (d)None of the above (45)As a market analyst, if you are told that the international gold market represented by the price-quantity data in Table\#1 above is at equilibrium and you are also told that the demand curve for gold has an inverse relationship to price. Which of the following statements is false? (a)The market clearing price is $1575 (b)The demand curve violates the law of demand (c)The market price for gold on the demand curve may be above or below $1575 (d) Global consumers will buy more gold at a price less than $1575 (46)In a graphical relationship, shifts in demand and supply curves are caused by a change in: (a)The slope of the curve (b)One of the factors measured on either axes of the graph (c) A factor not measured on the axes of the graph (d) Any factor, whether measured on the axes of the graph or not (47)Given ceteris paribus if consumers expect that the price of grapes will increase in the next four months, their demand curve for grapes will: (a)Shift inwardly to the left (b)Rotate outwardly to the right (c)Shift outwardly to the right (d)Remain unchanged (42)Which of the following statements is true? With reference to QH41 above, a microeconomist who concludes that: (a)The demand for the labor services of cooks exceeds its supply is incorrect (b)The legal wage for a cook's labor services will be set below the equilibrium wage is incorrect (c)The market for the labor services of cooks will not clear at the equilibrium wage is correct (d)All of the above (43)Given ceteris paribus, if people expect the price of cooking oil to increase next month, the demand for cooking oil now will: (a)Decrease now (b)Stay the same now and increase next month (c)Increase now (d) Stay the same now and decrease next month (44)Suppose you are a market analyst for a company that specializes in the trade for gold in the international market and you are given the above market supply schedule for gold in Table\#1 above, which of the following statements about the market supply curve for gold is true? (a)The supply curve conforms to the law of supply (b)The supply curve is vertically sloped (c)The supply curve is negatively sloped (d)None of the above (45)As a market analyst, if you are told that the international gold market represented by the price-quantity data in Table\#1 above is at equilibrium and you are also told that the demand curve for gold has an inverse relationship to price. Which of the following statements is false? (a)The market clearing price is $1575 (b)The demand curve violates the law of demand (c)The market price for gold on the demand curve may be above or below $1575 (d) Global consumers will buy more gold at a price less than $1575 (46)In a graphical relationship, shifts in demand and supply curves are caused by a change in: (a)The slope of the curve (b)One of the factors measured on either axes of the graph (c) A factor not measured on the axes of the graph (d) Any factor, whether measured on the axes of the graph or not (47)Given ceteris paribus if consumers expect that the price of grapes will increase in the next four months, their demand curve for grapes will: (a)Shift inwardly to the left (b)Rotate outwardly to the right (c)Shift outwardly to the right (d)Remain unchanged
