Scenario 24-4 Quinn Has Job Offers in Wrexington and Across the Country

question 29

Multiple Choice

Scenario 24-4
Quinn has job offers in Wrexington and across the country in Charlieville.The Wrexington job would pay a salary of $50,000 per year,and the Charlieville job would pay a salary of $40,000 per year.The CPI in Wrexington is 150,and the CPI in Charlieville is 90.
-Refer to Scenario 24-4.The Wrexington salary in Charlieville dollars is

• A)$30,000.00.
• B)$33,333.33.
• C)$45,000.00
• D)$83,333.33.

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Definitions:

Consumer Sovereignty

The theory that consumer preferences determine the production of goods and services, making consumers the driving force of the economy.

Fundamental Economic Question

The basic inquiries regarding how a society decides on the allocation of scarce resources to satisfy unlimited wants.

Market System

An economic system where decisions regarding investment, production, and distribution are based on supply and demand.

Dollar Votes

A concept in economics where consumers show preference for goods and services by how they spend their money, influencing production and market trends.