(a) Distinguish between small scale prodution and large scale production

(b) Describe any five internal economies of large scale production.

(a) Explain any four benefits of industrial development in an economy

(b) Outline any four measures that will encourage industrial growth in your country.

(a) Differentiate between direct and indirect taxation

(b) Highlight any five advantages of indirect taxation to developing countries

(a) What is competitive supply?

(b) With the aid of illustrations, differentiate between a supply schedule and a supply curve.

(c) Explain how the supply of a commodity is affected by the following:
(i) an improvement in technology;
(ii) a rise in input prices;
(iii) a rise in the prices of other commodities;
(iv) an increase in government subsidies on production.

(a) State two characteristics of monopolistic competition.

(b) With the aid of diagram(s), explain why a firm in monopolistic competition is unable to earn abnormal profits in the long run.

(c) Differentiate between natural monopoly and legal monopoly.