3) Another term for implicit cost is

A. out-of-pocket costs.

B. explicit costs.

C. opportunity cost.

D. total cost.

E. marginal cost.

4) Costs incurred by the producer for the use of self-owned resources are called

A. implicit costs.

B. explicit costs.

C. accounting costs.

D. total costs.

E. marginal costs.

9) A country can shift out its production possibilities curve by

A. improving its technology.

B. shifting its production from one good to another.

C. experiencing a population drop.

D. using its farmland more productively.

E. all of the above.

10)The fundamental economic problem is

A. inflation

B. that resources are scarce relative to wants.

C. supply and demand.

D. how to make more money.

E. Unemployment

11)The opportunity cost borne by society when an additional unit of a good is produced is

A. marginal social cost.

B. marginal social benefit.

C. cost/benefit analysis.

D. scarcity rent.

E. GDP.