The potential adult work force includes:
A) non-institutional population 13 years and over plus people on active duty in the military.
B) non-institutional population 16 years and over plus people on active duty in the military.
C) non-institutional population 18 years and over.
D) civilian non-institutional population 16 years and over.
D
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A command system is a method of organizing production that
A) uses a market-like mechanism inside the firm. B) relies on competitive markets. C) uses a managerial hierarchy. D) uses incentives most extensively.
Jim's Nursery produces and sells $1100 worth of flowers. Jim uses no intermediate inputs. He pays his workers $700 in wages, pays $100 in taxes and pays $200 in interest on a loan. Jim's contribution to GDP is
A) $900. B) $1000. C) $1100. D) $1800.