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a) The most well-organized combination of resources which can be used to make a given level of output is that which:
b) The enactment of a guaranteed yearly income for all families would be a figure of which of the following governmental functions?
Demerits of direct taxes a. Heavy direct taxation, especially when closely linked to current earnings, can act as a serious check to productivity by encouraging absenteeism
Cost of Unemployment Unemployment is a problem because it imposes costs on society and the individual. The cost of unemployment to a nation can be categorized under three hea
REALISM OF PERFECT COMPETITION The assumptions of perfect competition are obviously at variance with the conditions which actually exist in real world markets. Some market
Practical Importance of the knowledge of Price Elasticity of demand The practical importance of the measures of elasticity of demand is to be appreciated in various ways:
PROBLEMS OF USING PER CAPITA INCOME TO COMPARE STANDARD OF LIVING OVER TIME 1) The composition of output may change. e.g. more defence-related goods may be produced and
Describe the Managerial decisions Managerial decisions are an important component in the working wheel of an organisation. The failure or success of a business depends upon the
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
Supplementary Reserve, Requirements/Special Deposit If the Central Bank feels that there is too much money in circulation, it can in addition require commercial banks to mainta
LONG RUN OUTPUT In the LR whether or not the firm makes profit will depend on the conditions of entry. For example, when surplus profits exist, there will be new entrants bec
Balance of Payments Perhaps the most immediate reason for bringing in protection is a balance of payment deficit. If a country had a persistent deficit in its balance of paym
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