Public Debt — Economics STD 10 — Question

Define 'efficiency of labour
'###What do you mean by efficiency of labour?

Explain the term 'demand".

State whether the following statement is true or false. Give reason for your answer.
The capital like printing machines, tools when used in process of production are subject to depreciation

Division of labour is not an unmixed blessing. Give one reason.

State two important functions of an Entrepreneur.

If a buyer buys less of a commodity when his income falls, how his demand curve change. Illustrate your answer with a diagram.

Differentiate between tax revenue and non-tax revenue.

Is a motor car owned by a doctor circulating capital or fixed capital? Give two reasons to support your answer.

How is running or hyper infiation harmful for the economy?

In which form of market is the seller a price taker? Justify your answer.