6. If someone drops the plan of buying a car for the sake of buying a house, there is A. A trade-off B. A sunk cost for the car only. C. A marginal cost for the car only. D. Inefficiency. 7. Gross Domestic Product is best defined as A. The values of products produced in Alberta B. The values of products produced by firms alone. C. The values of services provided by financial sector. D. Value of all final goods and services produced in a country in a given year. 8. The opportunity cost of going to a university typically includes A. Paying tuition. B. Paying for room, board, and other living expenses. C. Giving up employment possibilities while in university. D. Purchasing textbooks. 9. 10% penalty for late homework submission is an example of: A. Negative incentive. B. Opportunistic benefit. C. Unusual incentive. D. Positive incentive. 10. An economic model shows: A. Framework of water management. B. Framework of water supply. C. Simplified representation of a complicated situation. D. The representation of humanity. 11. "We should not allow the price to go up" is an example of: A. Normative statement. B. Negative statement. C. Positive statement. D. Supportive statement