If Fred's annual real income rises by 8 percent each year, his annual real income will double in about:
A. 8-9 years.
B. 10-11 years.
C. 5-6 years.
D. 19-20 years.
A. 8-9 years.
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One of the best defenses we have against malaria these days comes from a fern-like weed called wormwood. Fluctuating supply and demand have pushed the plant's price from $155 per kilo one year, to over $1000 the next
There is a push to set a price ceiling for the plant. Which of the following would NOT occur if there was a price ceiling set below the equilibrium price on wormwood? A) The wormwood market would be allocatively efficient because its price would not fluctuate. B) A wormwood shortage might occur. C) A black market for wormwood may be created. D) There would be an increase in inefficiency in the wormwood market.
Money
a. is more efficient than barter. b. makes trades easier. c. allows greater specialization. d. All of the above are correct.