Clay Buys an MP3 Player for $200 and a Pair

question 28

Multiple Choice

Clay buys an MP3 player for $200 and a pair of stereo speakers for $600 from a Discount City store, and downloads $300 worth of digital music from e-music.com. To be enforceable, the contract that must be in writing is the purchase of

• A) the digital music, the MP3 player, and the speakers.
• B) the digital music and the speakers only.
• C) the speakers only.
• D) none of these items.

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Definitions:

Unemployment Rate

The percentage of people in the labor force who are unemployed and are actively trying to find a job.

Expected Price Level

The anticipated average price of goods and services in an economy at a future point in time, affecting consumer and business planning.

Structural Unemployment

Unemployment arising from fundamental changes in the economy that displace workers, such as technological advancements or shifts in demand.

Stagflation

A situation where an economy experiences stagnant growth, high unemployment, and high inflation simultaneously, presenting a challenge to economic policy.