the country should import that good.

the country should produce just enough of that good for its own consumption.

the country's opportunity cost of that good is high relative to other countries' opportunity costs of that same good.

None of the above is correct.

$500.

$50,000.

$50.

This cannot be determined from the information given.

people face trade-offs.

trade can make everyone better off.

people respond to incentives.

governments can sometimes improve market outcomes.

goods and services using factors of production.

output using inputs.

factors of production using goods and services.

Both (a) and (b) are correct.

how government affects the economy. 

how money affects the economy.

how the economy as a whole works.

how individual households and firms make decisions.

the number of hours needed to earn money to buy the item.

usually less than the dollar value of the item.

what you give up to get that item.

the dollar value of the item.

limited wants and unlimited resources.

unlimited wants and unlimited resources.

limited wants and limited resources.

unlimited wants and limited resources.

$96,000.

$110,000.

$114,000.

$123,000.

trade can make everyone better off.

people face trade-offs.

rational people think at the margin.

decisions made at the margin are not particularly important.

comparing marginal costs and marginal benefits.

following marginal traditions.

behaving in a random fashion.

thinking in black-and-white terms.