The basic components of the state include ALL BUT WHICH of the following ?
Correct answer: C. Armed services
- A. Territory
- B. Population
- C. Armed services
- D. Sovereignty
Explanation
A state requires a defined territory, a permanent population and sovereignty, or supreme authority. Armed services may support the state but are not an essential component in the standard definition.
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Government revenue and expenditure are analysed through taxation, public borrowing, budgets, subsidies, transfers and public debt. The topic explains how fiscal policy affects resource allocation, income distribution, economic stability and growth, while distinguishing direct from indirect taxes, progressive from regressive taxation, and public goods from goods supplied by private markets.
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