Question
 Consider the following statement: I. Taxes and
duties levied by the government form the biggest source of its income or receipts. II. The government spends this money on both operational and developmental needs. III. Usually, there are two main sources of the government’s income – revenue receipts and capital receipts. Which of the above statement is/are correct?Solution
Taxes and duties levied by the government form the biggest source of its income or receipts. The government spends this money on both operational and developmental needs. Usually, there are two main sources of the government’s income – revenue receipts and capital receipts.
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