(a) Define the term limited liability
(b) Describe four differences between a public joint-stock company and a private joint-stock company
(c) Outline three sources of finance available to sole proprietorship

(a) Distinguish between labour force and efficiency of labour
(b) Describe five factors which determine the size of the labour force in a country

(a) What is a demand schedule?
(b)Explain each of the following terms:
    →effective demand
    →composite demand
    →derived demand
(ci) Using appropriate diagrams, explain how a change in the price of a commodity would influence the demand of its:
       substitute
(ii) Using appropriate diagrams, explain how a change in the price of a commodity would influence the demand of its:
       complement

(a) Explain the following types of taxes:
     →specific tax
     →value-added tax
(bi) With the aid of diagrams, describe the effects of an indirect tax on a commodity when demand is:
      perfectly inelastic
(ii) With the aid of diagrams, describe the effects of an indirect tax on a commodity when demand is:
      perfectly elastic

(a) Distinguish between a:
 →mortgage bank and a merchant bank
 →commercial bank and a development bank
(b) Explain any four functions of commercial banks