Colonists supporting the American Revolution (1775–1781)
(a) were well-prepared and well-organized.
(b) comprised at least two-thirds of the total colonial population.
(c) faced lower transportation and communication costs than the British during the war.
(d) were able to tax the colonists to finance the war.
(c)
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Data for an economy shows that the unemployment rate is 10 percent, the participation rate 80 percent, and 200 million people 16 years or older are not in the labor force. How many people are in the labor force in this economy?
A. 200 million B. 800 million C. 80 million D. 1.0 billion
By summing the dollar value of all market transactions in the economy we would:
a) determine the market value of all resources used in the production process. b) obtain a sum substantially larger than the GDP. c) determine value added for the economy. d) measure GDP.