Answer the following 30 Questions.
1. What is meant by Price Elasticity of Supply?
2. How is PES calculated?
3. When can supply be elastic?
4. When can supply be inelastic?
5. Illustrate perfectly elastic supply?
6. Illustrate elastic supply?
7. Illustrate unitary elastic supply?
8. Illustrate inelastic supply?
9. Illustrate perfectly inelastic supply?
10. Explain the relationship between the price and the quantity of a product supplied?
11. What is meant by private sector?
12. What is a business organization?
13. Name some business organizations found in private sector?
14. What is a firm?
15. What is an industry?
16. Give an example for industry?
17. Define sole trader?
18. Identify the advantages of sole trader business?
19. Identify the disadvantages of sole trader business?
20. What is a partnership?
21. Identify the advantages of partnership?
22. Identify the disadvantages of partnership?
23. Compare sole trader and partnerships?
24. What is a joint stock company?
25. Define shares?
26. Who is a shareholder?
27. What is dividend?
28. What is meant by limited liability?
29. Identify the features of Joint Stock Company?
30. Name the two types of Joint Stock Company?