X Wants to Buy Potatoes in Bulk from Y and Goes

question 22

Multiple Choice

X wants to buy potatoes in bulk from Y and goes to Y's warehouse to inspect the potatoes.At the warehouse, X likes the look of the potatoes and agrees to buy 500 bags of potatoes at $1 per kilogram.In the absence of agreement to the contrary, when will ownership of the potatoes be transferred to X?

• A)When the contract is formed.
• B)When the potatoes are delivered to X.
• C)When Y weighs the bags of potatoes and informs X of the total price.
• D)When X pays for the potatoes.

---

Definitions:

Price Index

An index number that shows how the weighted-average price of a “market basket” of goods changes over time relative to its price in a specific base year.

Real Wage

The purchasing power of a person's earnings, accounting for inflation, defining what goods and services can actually be bought with wages.

Consumer Price Index

A measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food, and medical care, intended to represent the monthly change in the price level experienced by consumers.

Nominal Wage Rate

The wage rate paid to employees unadjusted for inflation, representing the amount of money received per unit of time.