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Functions of the Budget
The budget fulfils three main functions:
The government of a country provides certain services such as administration, defence, law and order, environmental services and economic services. Also it must meet the public debt. Sufficient revenue must be raised to pay for this.
In many countries, a situation has arisen where a small proportion of the population own a more than proportionate share of the nations wealth, while the majority of the population own only a small proportion of it. One method of redressing such inequalities of wealth is through a progressive system of taxation on income and capital. A progressive system is one whereby the wealthy people do not only pay more tax than the poor, but also pay a greater proportion of their income or wealth.
The government uses the budget to implement fiscal policy, i.e. the regulation of the economy through governments expenditure and taxes.
Factors affecting the size of National Income The size of nation's income depends upon the quantity and quality of the factor endowments at its disposal. A nation will be ri
NATIONAL INCOME ACCOUNTING This refers to the measuring of the total flow of output (goods and services) and of the total flow of inputs (factors of production) that pass thro
principles of time perspectives
arguments in favour of traditional theory of profit maximization
Rationing of Credit As an instrument of credit control credit rationing was first employment by the bank of England toward the end of the eighteenth century when it imposed a c
Price elasticity of demand The price elasticity of demand is defined as the degree of sensitiveness or responsiveness of demand for a commodity to the changes in its price. Mo
When is production profitable according to price-taking firm at profit, break-even or loss? Production profitable at profit, break-even or loss: a. When TR > TC, in that cas
Pricing Methods
What is producer surplus? “The more the competition among the sellers, the less the producer surplus enjoyed by the producers” – do you agree with the statement. Justify your answe
if Q=120-2p is the equation for demand curve, find the compounding total, marginal and average revenue function
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