The income elasticity of demand is ________ for a normal good and ________ for an inferior good

Suppose a country is producing $20 million of real GDP. If the economy grows at 10 percent per year, approximately how many years will to take for real GDP to grow to $80 million?

A) 14 B) 7 C) 4 D) 30

Labor specialization can increase production primarily because workers

a. are now supervised more and so have to work harder b. become proficient when they specialize in what they do best c. have to work more hours to buy the things they want d. engage in competitive, rather than cooperative, production e. have to learn how to do every production-related task well