Division of labor allows people to do tasks for which they have greater natural ability

Economic growth is defined as equal to the increase in

A) real GDP. B) population. C) the price level. D) the inflation rate. E) employment.

Which of the following is an implicit cost of production?

A) interest paid on a loan to a bank B) wages paid to labor plus the cost of carrying benefits for workers C) rent that could have been earned on a building owned and used by the firm D) the utility bill paid to water, electricity, and natural gas companies