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Questions and Answers
What is the primary characteristic of an effective leader?
Which strategy is most effective for conflict resolution within a team?
What factor significantly impacts team performance?
How can a leader best foster a culture of innovation?
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Which of the following practices is least effective for team engagement?
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Which of the following is NOT considered a source of government revenue?
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How is a tax defined in relation to public authority?
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In what way can indirect taxes be characterized?
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What is one of the primary characteristics of monopoly?
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Which principle best describes pricing in perfect competition?
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Which statement is true regarding normal profits?
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What distinguishes perfect competition from other market structures?
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Which is a common characteristic of indirect taxes?
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What role does fiscal policy primarily play in an economy?
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Which of the following statements best describes the main source of government revenue?
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How does fiscal policy influence economic activity in a country?
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What is a characteristic of a monopoly market?
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What defines perfect competition in a market?
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In a competitive market, what typically determines the price of goods?
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Which of the following best describes normal profits in an economic context?
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What is the primary effect of government taxation on market pricing?
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Which type of debt can be classified as 'marketable and non-marketable'?
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What is a source of internal debt?
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Which instruments are used for procuring domestic debt?
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What is an example of debt that is publicly traded?
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Which of the following is NOT a characteristic of perfectly competitive markets?
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What defines a monopoly in an economic context?
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Which principle governs pricing in a perfectly competitive market?
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What are normal profits in a competitive market?
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Study Notes
Debt Types
- Produced and Unproduced Debt refers to the categorization of debt based on its origins, where produced debt is linked to tangible outputs and unproduced debt is not.
- Loans for Socio-Economic Needs highlight the purpose of these financial instruments, aiming to address social and economic concerns.
- Marketable and Non-Marketable Debts differentiate between debts that can be traded in financial markets versus those that cannot.
- Non-Options Debt indicates a specific category within debt types that may lack certain flexible features commonly found in options.
- Funded and Unfunded Debts illustrate the distinction between debts supported by cash or assets and those that are not.
Sources of Internal Debt
- Merchant Banks provide financing primarily through loans and financial services, often focusing on larger businesses and corporate clients.
- Commercial Banks engage in lending activities, taking deposits from individuals and businesses to extend credit.
- Central Bank of Nigeria serves as the country's main financial institution, managing currency, monetary policy, and acting as a government's banker.
- Non-Bank Public Sources include various entities that provide funding outside the formal banking sector, such as private investors.
- No Entity from Above refers to any financing source that does not fall under the listed categories.
Instruments for Securing Domestic Debt
- Treasury Bills are short-term securities issued by the government that help manage cash flow and finance national expenditure.
- Treasury Certificates are similar to Treasury bills but typically have longer maturities and are used as investment tools.
- Government Development Stock refers to long-term government debt instruments aimed at funding developmental projects.
- Revenue Bonds are specialized bonds issued to finance specific projects and are repaid from the revenue generated by those projects.
- Instruments A, B, C, D refers to the collective usage and combination of these financial vehicles.
Government Revenue Sources
- Grants represent funds provided by government or private organizations without the obligation of repayment, often used for project financing.
- Profits earned from state-owned enterprises contribute to the overall revenue, impacting budget allocations.
- Rent, Royalties, and Additional Profits illustrate diversified streams that enhance government income, often associated with natural resources.
Tax Definition
- Tax is a compulsory financial contribution to the public authority intended to fund government expenditures and provide public services.
Direct vs Indirect Taxes
- Direct Taxes are levied directly on an individual’s income or wealth.
- Indirect Taxes are imposed on goods and services, influencing costs indirectly.
Types of Indirect Taxes
- Progressive Taxes impose a higher percentage rate on higher income levels, aiming for equitable revenue generation.
- Regressive Taxes disproportionately affect lower income groups, as the tax rate decreases as income rises.
Fiscal Policy Overview
- Fiscal Policy is fundamental to public finance, governing the use of government spending and taxation to influence the economy.
- Main Source of Government Revenue fundamentally revolves around taxation, which plays a critical role in resource allocation and economic stability.
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