(a) State the law of diminishing return 
(b) What is (i) marginal product (ii) average product? 
(c) Explain any three factors that determine the size of firms.

(a) Distinguish between labour and labour force.
(b) State four reasons for the differences in earnings among workers.

Explain each of the following: (a) Nationalization, (b) Commercialization, (c) Privatization and (d) Joint ventures.

(a) Outline any three disadvantages of monopoly
(b) In what two ways can monopoly be controlled? 

Explain:
(a) (i) supply of money (ii) Value of money  
(b) highlight the three motives for holding money.