Correct Answer: D. growth of conurbation

Correct Answer: A. The population increased by 2.25million

Correct Answer: D. 30

Explanation

(a) A specific tax is a tax that is levied at a fixed rate per unit of output.

(b)(i) A specific tax is a post of production, the effect is a reduction in supply from S\(_{1}\)S\(_{1}\) to S\(_{2}\)S\(_{2}\) by the amount of tax as the diagram below. A reduction in supply cannot ad to an increase in price because the demand for the commodity is perfectly price elastic. The entire burden of a specific tax falls on the producer who is unable to increase his price. Equilibrium quantity falls from q\(_{2}\) to q\(_{1}\) while price remains the same.

(ii) A specific tax will make the market price of a commodity that has a perfectly inelastic demand to rise by the full amount of the tax. Since the demand is perfectly inelastic, quantity demanded will remain the same i.e. Q\(_{1}\). while the price of the commodity will increase by the full amount of the tax e.g. from P\(_{1}\) to P\(_{2}\).

(c)(i) A direct tax is levied on an individual's income or property while an indirect tax is paid indirectly when an individual purchases goods and services.

(ii)A direct tax can be evaded while indirect tax cannot be evaded.

(iii) A direct tax can serve as a disincentive to work while indirect tax may not.

(iv) A direct tax can be progressive while indirect tax is usually regressive.

(v) Generally, indirect tax is more convenient to collect than direct tax.

Correct Answer: C. money market

Correct Answer: C. their operational inefficiency

Correct Answer: D. Production function

Explanation

production function shows the technical information about the combination of inputs necessary for the production of outputs. In equation we write the production function as q = f (L, K) where L and K represents the inputs of labour and capital respectively.

Correct Answer: D. privatization

Explanation

The transfer of ownership, property or business from the government to the private sector is termed privatization. This is done in sectors that are inefficient in providing essential services.

Correct Answer: D. ?tendency to become joint-stock companies

Correct Answer: D. partnership

Explanation

A partnership may be defined as a type of business organization in which two to twenty persons agree legally to setup and manage a business outfit with the sole aim of making profit. The people involved in partnership agreement are called partners and they share the profit, losses and risk of the business. A family owned business is any business in which two or more family members are involved and the majority of ownership or control lies within a family.