Explain what is meant by capital
What will be an ideal response?
Capital is a good produced by the economic system which is used as an input to produce other goods and services in the future.
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The table above shows the situation in the gasoline market in Tulsa, Oklahoma. If the price of a gallon of gasoline is $3.73, then
A) there is a surplus of gasoline in Tulsa. B) there is a shortage of gasoline in Tulsa. C) the gasoline market in Tulsa is in equilibrium. D) without more information we cannot determine if there is a surplus, a shortage, or an equilibrium in the gasoline market in Tulsa. E) there is neither a surplus nor a shortage, but the market is NOT in equilibrium.
An efficient tax system should have
a. horizontal equity b. a broad base c. a small number of rates, or brackets d. few exemptions e. all of the above