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Problem :
(a) Describe inflation and discuss its origin using Classical and Keynesian theories.
(b) Describe with diagram how can inflation occur in an economy with substantial unemployment of factors of production.
(c) Comment on the effects of inflation in the economy and the measures to control the inflation.
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Functions or Purposes of Taxation The functions of taxation can be discussed from the activities of the government it is meant to achieve. These are: a. Raise reven
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Income and Substitution Effects of Price Change When the price of a commodity falls the consumer's equilibrium changes. The consumer can purchase the same quantity of X and Y
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Firm and industry supply schedules The plan or table of possible quantities that will be offered for sale at different prices by individual firms for a commodity is called su
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