Scenario 21-2 Lawrence Has Recently Graduated from College with a Degree in Degree

question 480

Multiple Choice

Scenario 21-2
Lawrence has recently graduated from college with a degree in journalism and economics. He has decided to pursue a career as a freelance journalist writing for business newspapers and magazines. Lawrence is typically awake for 112 hours each week (he sleeps an average of 8 hours each day) . For each hour Lawrence spends writing, he can earn $75. Lawrence is such a good writer that he can get paid for as many hours of writing as he chooses to work.
-Refer to Scenario 21-2. If Lawrence decides to spend 80 hours a week playing volleyball on the beach and the rest of his time writing, how much income will he have available to spend on consumption goods?

• A)$900
• B)$1,500
• C)$2,400
• D)$3,000

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Definitions:

Greenback-Labor Party

A political party in the United States during the late 19th century that advocated for the use of paper money not backed by gold to help farmers and laborers.

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The total amount of money available in an economy at a specific time, including cash, coins, and balances held in checking and savings accounts.

Government Control

The extent to which a government has authoritative influence or regulation over the activities within its jurisdiction.

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A series of demonstrations, some violent, held nationwide in support of striking railroad workers in Martinsburg, West Virginia, who refused to work due to wage cuts.