Explain the factors which influence the level of wages in your country. 
 

(a) Distinguish between fixed and variable costs.

(b) Under which conditions will a firm continue to operate at a loss in the short run? (Use figures or a diagram to explain your answer). 
 

(a) What is a perfectly competitive market?

(b) Explain the conditions necessary for a perfectly competitive market, 
 

(a) What is a market economy?

(b) Highlight the features of a market economy. 
 

(a) Distinguish between direct and indirect taxes.

(b) What are the advantages of direct taxes?