Explanation

(a)(i) Peasant farming: A system of agriculture in which the farms are small and owned by individual families. The farms are often run below an economically efficient size. (ii) Commercial farming: This is a system of agriculture characterized by large expanse of land holdings with production solely for the market. It involves the usage of huge capital, mechanization and processing of raw materials.

(iii) State farming: This is a system of agriculture in which the state, through its agencies, engages in large scale farming for both local and foreign markets.

(b)Commercial farming contributes to development in the following ways:

(i) It will make available more raw materials for agro-based industries.

(ii) With increases in the production of export crops, the country's foreign exchange earnings will increase.

(iii) Commercial farming tends to be capital intensive. It will therefore increase the capital stock of the country.

(iv) If the increase in output covers food crops hitherto imported, foreign exchange will be conserved.

(v) There will be an increase in the GDP and the standard of living will rise. (vi) Commercial farming will employ a large number of people thereby reducing unemployment.

Correct Answer: B. 36 π cubic units

Correct Answer: D. is inversely related to the price level

Explanation

Value of money is what one unit of money can buy and the price level is the average of prices of all the goods and services within an economy. So when the price level increases the value of money goes down and vise versa. Hence the relationship between price level in an economy and the value of money is inverse.

Correct Answer: A. Ports and Harbours Authority

Correct Answer: D. ₦ 20,000

Correct Answer: D. perpendicular line to PQ

Explanation

(a) A tax is a compulsory levy imposed by the government or its agency on incomes and properties of individuals and firms, and on goods and services.

(b) Difference between tax evasion and tax avoidance

- Tax evasion refers to any illegal means adopted by a tax payer not to pay tax at all or to pay less tax through false declaration of income or completely dodging tax payments. Tax evasion is illegal and is a criminal offense.

- Tax avoidance on the other hand is a method a taxpayer adopts by exploiting the loopholes or weaknesses in the tax laws in order not to pay tax or pay less tax.

Tax avoidance is legal.

(c) Benefits of tariff;

(i) Tariffs provide government with revenue through the imposition of import and export duties.

(ii) Tariffs can be used to reduce the importation and consumption of harmful, non-essential or luxurious goods.

(iii) Tariffs can be used to correct a deficit in the balance of payments account. Imposition of duties on imports may reduce payments on imports thereby, reducing the balance of payments deficit.

(iv) Tariffs are used to protect infant industries from competition from foreign companies.

(v) Tariffs are used to prevent dumping of goods in a local market. This will raise prices of goods sold cheaply below their cost of production in the local market by foreigners.

(vi) Tariffs are used to protect jobs or prevent unemployment which may arise from unrestricted importation.

(vii) Tariffs are also used to stimulate investment in the local economy. Protection of local firms will encourage foreigners to invest in the local economy.

(viii) Tariffs can be used as a retaliatory measure against unfriendly acts of other countries.

Correct Answer: B. indivisibilities

Correct Answer: C. teacher

Correct Answer: C. yams