(a) What are state-owned enterprises?

(b) State any three reasons for the establishment of state-owned enterprises.

(c) Highlight any four problems associated with state-owned enterprises.

(a) Differentiate between unemployment and underemployment.

(b) With one example each, explain the following 
(i) Seasonal unemployment
(ii) Structural unemployment
(iii) Frictional unemployment
(iv) Cyclical unemployment

(a) What is commodity money?

(b) Identify any three problems associated with trade by barter.

(c) Explain any three ways by which the advent of money has solved the problems of the barter system. 

(a) What is a demand schedule?

(b) State the law of demand.

(c) Using appropriate examples, explain the following types of demand:
(i) Competitive demand
(ii) Derived demand
(iii) Joint demand
(iv) Composite demand

(a) What is a tax?

(b) Describe the following rates of taxation.
(i) Progressive tax
(ii) Proportional tax
(iii) Regressive tax

(c) Explain the following principles of a good tax system:
(i) Equity
(ii) Convenience
(iii) Economy