a. Differentiate between a sole proprietorship and a partnership

b. List four characteristics of a sole proprietorship

c. Outline four advantages of a public limited liability company.

a. Define location of industry

b. Explain how the following factors influence where a firm is sited:

i. raw materials

ii. market

iii. government policy

c. Outline three advantages of localization of industry

a. Define Gross Domestic Product (GDP)

b. Describe the output approach as a method of computing national income

c. Identify any three problems associated with the expenditure approach of calculating national income

a. What is an embargo?

b. Outline any **three* reasons for imposing tariffs on imports

c. Explain any three reasons against the use of tariffs

There is scarcity when