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THE BUDGET
The budget is a summary statement indicating the estimated amount of revenue that the government requires and hopes to raise. It also indicates the various sources from which the revenue will be raised and the projects on which the government intends to spend the revenue in a particular financial year. The budget in Kenya is presented to parliament by the Minister of Finance around mid June. In the budget the Minister reviews government revenue and expenditure in the previous financial year. The minister presents tax proposals i.e. how he intends to raise the proposed revenue from taxation for parliament to approve.
Q. Relation between average cost and marginal cost? Relationship between MC and AC are the following: If MC is below AC then AC should be falling. This is because, if MC
What is Oligopoly? Oligopoly is a general market structure. This arises from similar forces that lead to monopoly, except within weaker form. This is an industry along with onl
a. A major freeze destroys a large number of orange trees in Florida Ans- Since the freeze destroyed a large number of orange trees in Florida the number of oranges the selle
Q. What is Technical Economies? The significant technical economies result from the use of specialised capital equipment that comes into effect only when output is produced on
AGGREGATE DEMAND This refers to the total planned or desired spending in the economy as a whole in a given period. It is made up of consumption demand by individuals, planned
ChoppinAxe is a little Swedish firm that produces wood planks and operates in a perfectly competitive market. Each firm in the market has the following total cost function:
Bank of Central Clearance ,Settlement and Transfer This function was first developed by the bank of England toward the middle of the nineteenth century. In 1954, a scheme was
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Discuss the determinants of price elasticity of demand
The Social Cost of Unemployment i. For the individual, there is the demoralizing effect which can be devastating particularly when they are old. This is because as some
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