Correct Answer: C. increase demand and decrease supply

Correct Answer: B. rivalrous and excludable

Correct Answer: C. decrease in standard of living

Explanation

A high population means More problems with the distribution of wealth and resources. Problems with food security as pressure on the land due to larger populationincreases. Increased pressure on the forest covered area which leads to deforestation. This wll affect the living standard of people with many scampering for the limited available resources

Correct Answer: C. fixed cost and variable cost

Explanation

(a) A trade union is an organized body of employees set up to negotiate with their employers for better working conditions for its members.

(b)(i) To negotiate for improvement in the conditions of service of their members.

(ii) They educate their members on civil and political opportunities.

(iii) They organize workers to participate actively in issues/matters that affect them.

(iv) They organize workers into an effective functional group.

(v) They offer social services to their members.

(vi) They encourage firms to increase worker participation in business decision making.

(vii)They engage in training and retraining of members through conduct of seminars and workshops to improve their skills.

(c)(i) Collective bargaining - negotiation of pay and conditions of service e.t.c. between workers' representatives and employers.

(ii) Work to rule/Go-slow-working slowly to reduce production so as to force employers to listen to the demand of workers.

(iii) Threat of strike - this is giving employers notice of intention to embark on a strike action.

(iv) Strike - this is stoppage of work by employees to back their demands.

(v) Picketing - in this case representatives of the union prevents other workers from gaining access to the work place.

(vi) Demonstrations/ protests - this involves workers carrying placards singing and shouting to get the attention of management to address their concerns.

Correct Answer: B. profits

Explanation

The reward for entrepreneurship is profit. Profit is described as the financial benefit gotten when the revenue generated from a business activity exceeds the expenses, costs, and taxes paid. An entrepreneur is an individual who creates or owns a business and combines all the factors of production to make a profit.

Correct Answer: B. in the former, prices act as signals in the allocation of resources, it is central authority that performs this function in the letter

Correct Answer: B. decreasing

Explanation

Reasons why government participates in business enterprises are:

(i) To provide essential services: The government prefers to handle the provision of essential services in order to reduce costs. The services are water, electric-ity, etc.

(ii)To prevent monopoly:Government participates in business to prevent the exploitation of the people.

(iii) Capital involvement:Some enterprises require huge capital which private individuals cannot provide.

(iv)To prevent foreign control of the economy:The management of some corporations must be handled by the government to avoid them falling into the hands of foreigners.

(v) Strategic reasons: Some corporations e.g. airport, seaports, etc are strategically important to the economy, hence private hands cannot be allowed

(vi) Revenue generation:Government participates in order to generate revenue from them.

(vii) Employment opportunities:Government embarks on business in order to create employment opportunities

(viii)To monitor the industry:Government may like to co-operate with private bodies in such ventures like insurance and banking to enable government monitor the activities of such business.

Correct Answer: A. both price and quantity demanded will increase