(a) What is price elasticity of demand?
(b) With carefully labeled diagrams, illustrate each of the following:
(i) perfectly inelastic demand
(ii) unitary elastic demand
(iii) fairly elastic demand
(iv) perfectly elastic demand.
Explain any four of the following terms:
(a) Nationalization
(b) Commercialization
(c) Privatization
(d) Indigenization
(e) Joint Ventures.
(a) Distinguish between cost-push inflation and demand pull inflation.
(b) Explain any four ways of controlling inflation.
(a) Define the term unemployment.
(b) Highlight the effects of unemployment on an economy.
