The inflation experienced in the United States during the 1970s as a result of OPEC oil price increases is an example of:
a. demand-pull inflation.
b. hyperinflation

Economic profit is equal to the difference between:

A) total revenue and the full opportunity cost of all the resources used in production. B) total revenue and implicit costs. C) accounting profit and explicit costs. D) implicit and explicit costs.

Which of the following is a capital resource?

a. a new car bought by the Jones family b. a truck used in transporting school children to a soccer practice c. a truck used in transporting steel to an automobile factory d. hamburger meat used to produce a juicy hamburger on a home grill e. a sapling used to create a forest in a new national park