Answer: the power consumption of the lamp is 60 watts.
Explanation: The power consumption of the lamp can be calculated using the formula:
P = V * I
where P is the power in watts, V is the voltage in volts, and I is the current in amperes.
We are given that the lamp draws a current of 0.50 A when connected to a 120 V source. Therefore, we can substitute these values into the formula to find the power consumption:
P = 120 V * 0.50 A
P = 60 watts
Therefore, the power consumption of the lamp is 60 watts.