Suppose iPhones cost consumers $200 and USB cables cost consumers $25. What contribution does the production of 2,000 iPhones and 1,200 USB cables make to GDP?

A payment for a resource above its opportunity cost is known as: a. an interest payment. b. a sunk cost

c. featherbedding. d. an economic rent.

Which of the following workers would be most likely to work fewer hours as a result of a wage increase?

a. farm worker b. surgeon c. lifeguard d. bartender