Correct Answer: C. sleep deeply

Explanation

(a)(i) Import substitution strategy is a deliberate government effort which entails the local manufacture of goods which otherwise would have been imported.

(ii) Export promotion strategy is a deliberate government effort geared towards the establishment and deliberate promotion of industries that engage in the manufacture of goods for exports.

(b)The objectives of industrial development programmes are:

(i) To add value to products which were formerly exported in the crude state.

(ii) To create jobs for the unemployed.

(iii) To restructure the economy from an agricultural to an industrial one.

(iv) To conserve foreign exchange through import substitution industrialization.

(v) To provide the environment for the adoption of advanced technology to speed up the development process.

(vi) To take advantage of the ability of an industrial economy to provide high incomes and high standard of living.

(vii) To generate additional foreign exchange through export promotion.

(viii) To promote the development of skilled man power.

(ix) To generate more govemment revenue.

Correct Answer: B. \(\sqrt{2 }-1\)

Correct Answer: D. Doctor's salary

Explanation

Transfer payment is any payment made by a government in which no goods or services are being paid for. They include welfare, financial aid, social security, and government subsidies for certain businesses. From the options above, doctors' salaries are a service paid for.

Correct Answer: C. bonded warehouse

Correct Answer: C. serves as the fountain head of authority for the exercise of power

Correct Answer: A. monitor

Explanation

(a) Economies of scale refer to the cost-saving advantages which a firm enjoys as it grows

larger in size.

(b)(i)Managerial economies: Large firms make possible division of labour in management which increases experience and efficiency of labour. i.e. Large firms are able to employ and retain specialists which leads to increased output.

(ii)Technical economies: In large firms, the intensive use of machinery leads to a reduction in average cost of production. Also, a large firm maynot have to increase the size of its machinery as the existing one may have a higher installed capacity.

(c) (i)Slow response to changes: As a result of its organizational and technical set-up, large scale firms take time to react and implement changes.

(ii) Since ownership is usually separated from control, workers do not always put in their best.

(iii) A large number of employees usually leads to lack of interpersonal relationship between the management, employees and customers.

(iv) The bureaucratic set-up of large scale firms usually leads to delay in decision- making.

(v) Large scale production may lead to the creation of monopoly. A large firm may use various methods to ward off competitors.

(vi) A large scale firm may fail to adequately forecast demand for its products, thereby engaging in overproduction, leading to a waste of resources.

(vii) A large firm can make great losses when mistakes are made which can be very costly.

(viii) As a firm expands, control and proper supervision of workers becomes more difficult.

Correct Answer: B. low farm productivity

Correct Answer: D. centurion's servant