JAMB Economics Past Questions & Answers - Page 194

Infrastructures are the basic facilities that help a government or community run, including roads, schools, phone lines, sewage treatment plants and power generation. 

Lack of infrastructural facilities is a major setback on the income of farmers, because as rural dwellers who are into farming do not have access to the necessary amenities that aides farming, it will affect the income they are meant to generate from the sales of their commodities.

For instance, if roads leading to the rural areas are in bad shapes, it affects the transportation of farm produce to its desired market, most of which are perishable goods. The farm produce end up getting bad before it can be sold in the market.

Economic growth is an increase in the production of economic goods and services, compared from one period of time to another. Economics growth occurs when there is an increase in the production of goods and services in an economy.

The extent to which a country has developed is majorly indicated by the country's level of per capita income. 

Per capita income is a measure of the amount of income earned per person in a nation or geographic region. The higher the per capita income, the higher the standard of living.

Indirect taxes are those taxes that can be shifted from one individual to another. It is not levied directly on the income of the taxpayer, but is levied on the expenses incurred by them. These include taxes such as sales tax and excise duties. 

Fiscal policy refers to the use of government spending and tax policies to influence economic conditions such as aggregate demand for goods and services, employment, inflation, and economic growth.