The implicit cost incurred by a firm to use its resources to produce its output is the firm's

The opportunity cost of money is:

A. the price level. B. the nominal interest rate. C. the time spent going to the bank to withdraw funds. D. the fees charged by banks to provide checking services.

Which of the following creates difficulties in making comparisons of real GDP across nations?

A. Each nation has a different population. B. Nations produce different goods and services. C. Relative prices differ sharply across countries. D. Nations often have different languages.