Explanation

(a) Limited liability means debt responsibility is limited to capital invested into the business in the event of the collapse or liquidation of the business

(b) The problems of statutory public corporations are

(i) frequent government or political interference

(ii) high embezzlement propensity of officials (iii) delay in policy and decision making

(iv) negative attitude of some of the workers. (v) production inefficiency

(vi) favoritism in appointment of officers.

(vii) mismanagement by officials/wastage of resources

Correct Answer: D. scarcity

Correct Answer: A. 2.00

Correct Answer: D. raw materials

Explanation

A plywood firm would be located near the source of its raw materials to ensure easy access to the materials, before selling to its target.

Correct Answer: A. joint supply

Explanation

Joint supply is a type of supply in which the production of one article in itself leads to the production of other article as well. for example, leather and beef etc. It is also a process that can yield two or more outputs.

Correct Answer: A. the death rate exceeds the birth rate

Explanation

The population of a country will drastically reduce if the number of people who die are more than the number of births.

Correct Answer: C. less as the total utility falls

Correct Answer: B. per capita income

Correct Answer: C. reducing the level of expenditures

Explanation

(a) Labour force can be defined as the total number of persons available to supply the labour for the production of economic goods and services. In other words, it is the total number of people of working age in a country who are able and willing by law to work.

On the other hand, Efficiency of labour is the ability of labour to increase output without increasing the quantity of labour. An increase in efficiency is usually expressed in terms of an increase in the output of labour within a shorter period of time without any fall in the quantity of goods and services produced.

(b) - Age structure of the population: The structure of a country's population is a significant determination of the size of the labour force. The lower the dependent people, the higher the supply of labour and vice versa. In other word, the labour force will increase in a country with a greater number of its people between the ages of 18 and 65 years.

- Role of women in te society: In some societies, women are usually prevented from engaging in gainful employment because of religious belief, social and cultural factors and his affects the size of labour force.

- Number of working hours and days: The number of working hours per day and the number of working days in a week or a year also helps to determine the supply of labour.

- The number of disabled: When the number of disabled persons is high, especially within the working population, the supply of labour will be low.

- The number of people who are willing to work: There are certain number of able bodied people who are also between the age bracket of 18 and 65 years but are unwilling to work. If their population is high, it will affect the size of supply of labour.