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TYPES OF BUDGETS
1. Deficit budget
If the proposed expenditure is greater than the planned revenue from taxation and miscellaneous receipts, this is a budget deficit. The excess of expenditure over revenue will be met through borrowing both internally through the sale of Treasury Bills and externally from other organisations.
2. Balanced budget
If the proposed expenditure is equal to the planned revenue from taxation and other miscellaneous receipts, this is a balanced budget. Usually, balanced budgets are not presented, unless the expenditure is very limited. It would mean the government would have to over-tax the population which can create disincentives. It is to avoid this that the tax revenue is supplemented by borrowing.
3. Surplus budgets
If the proposed expenditure is less than the planned revenue from taxation and other miscellaneous receipts, this is a surplus budget. Usually, surplus budgets are not presented for they are deflationary and can create unemployment as the government takes out of the economy more than it puts back.
Convertible National Currencies Currencies are convertible when holders can freely exchange them for other currencies. There are several advantages in using a particular natio
The production function of a small shop that frames pictures is Q = 5 √ LK where Q is the number of pictures framed per day, L is labor hours and K is the machine hours.
Objectives of ICAs Most schemes have as their main objective to stabilize and/or increase the world price of commodity, producers' incomes, foreign exchange earnings of export
Q. Illustrate about Sales maximisation? The concept that business firms (specifically those operating in the real world) are principally goaded by the aspiration to achieve the
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how to solve problems using derivatives ?
Define Williamson''s Model of Managerial Discretion practice?
THE LAW OF DIMINISHING RETURNS (LAW OF VARIABLE PROPORTIONS) One of the most important and fundamental principles involved in economics called the law of diminishing return
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