(Solved) At the beginning of 2017, Albert planned to buy a new home theater system, laptop computer, and ...

Question 1.

Sammy won the Quartermania jackpot in Las Vegas and decided to work less. This is an example of the impact of

▸ labor income on Sammy's decision.

▸ nonlabor income on Sammy's decision.

▸ labor and nonlabor income on Sammy's decision.

▸ All of these

Question 2.

At the beginning of 2017, Albert planned to buy a new home theater system, laptop computer, and hybrid car by borrowing money. Albert already owes $9,000 on other loans. He also planned to buy a new iPod and humidor out of current income. A decrease in interest rates during 2017 will most likely

▸ cause Albert to decide to borrow less money, but not change what he planned to spend on goods purchased with current income.

▸ cause Albert to decide to borrow more money and to spend more on goods purchased with current income.

▸ cause Albert to decide to borrow more money, but not change what he planned to spend on goods purchased with current income.

▸ cause Albert to decide to borrow less money and to spend less on goods purchased with current income.

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At the beginning of 2017, Albert planned to buy a new home theater system, laptop computer, and ...

Principles of Economics

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