Explanation

(a) Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.

b)(i)Opportunity cost:- This is the alternative forgone or sacrificedany time an individual makes a choice.It is the expression of cost in terms of forgone alternative.

(ii)Scale of preference:-This is the list of the wantsof an individual in order of prioritystarting with the most important to the least important.

(iii)Production possibility curve:- This is a curve that shows the possible combinations of two commodities that can be produced in an economy with the available resources and technology.

(c)(i) It helps to solve the basic economic problems of the society.

(ii) It helps in making rational choices by drawing scales of preference.

(iii) It helps to promote welfare by emphasizing opportunity cost.

(iv) It gives intellectual training on economic problems by training the mind to reason logically.

(v) It helps to predict economic trends in an economy with some level of precision.

(vi) It is useful in the study of other disciplines like engineering, business administration etc.

(vii) It helps the individual to understand the economic policies of government e.g. budget.

(viii) It helps individuals to acquire skills which are useful in various jobs and professions.

Correct Answer: A. 4.0Ω

Correct Answer: B. bad debt account and credit debtor's account

Explanation

(i) Foreign trade involves the exchange of goods and services across international frontiers while internal trade involves the exchange of goods within the borders/boundary of a country.

(ii) In foreign trade, buyers and sellers use different currencies whereas buyers and sellers in home trade use the same type of currency.

(iii). There's possibility of restriction

— tariffs, import duties, export duties, quotas, embargoes

— when goods cross national boundaries while this does not occur in home trade.

(iv) There are differences in systems of weighing and measuring in one country vis-à-vis the other. A country has only one system of such weighing and measuring.

(v) Differences in transport cost due to distance between buyer and seller, documentation requirement, need for insurance all in foreign trade distinguish foreign trade from home trade.

(vi) There are differences in legal systems and culture under international trade but the legal systems are the same in domestic trade.

(vii) Foreign trade requires languages while in domestic trade a common language is used. •

Correct Answer: C. an act of parliament

Correct Answer: D. Agricultural Extension Officer

Correct Answer: B. 28.3cm³

Correct Answer: A. the price elasticity of demand is less than one

Correct Answer: B. optional

Correct Answer: C. frustration