Correct Answer: B. total demand for and supply of crude oil

Correct Answer: D. in a box lined with lead

Correct Answer: (b) Modest

Explanation

(a)P(Bad Quality) = \(\frac{30}{10}\) = 0.3 and P(Good Quality) = 1 - 0.3 = 0.7

(a)(i) P(exactly 6) = \(^{12}C_6\) x (0.3)\(^6\) x (0.7)\(^6\) = 0.0792

(a)(ii) P(at least 4) = 1 - [P(x = 0) + P(x = 1) + P(x = 2) + P(x = 3)]

Where P(x = 0) + P(x = 1) + P(x = 2) + P(x = 3) = \(^{12}C_0\)(0.3)\(^6\)(0.7)\(^{12}\) + \(^{12}C_1\)(0.3)\(^1\)(0.7)\(^{11}\) + \(^{12}C_2\)(0.3)\(^2\)(0.7)\(^{10}\) + \(^{12}C_3\)(0.3)\(^3\)(0.7)\(^{9}\)

= 0.01384 + 0.071184 + 0.16779 + 0.2397

Therefore; P(at least 4) = 1 - 0.4925 = 0.5075

(a)(iii) P(no bad one) = \(^{12}C_0\)(0.3)\(^o\)(0.7)\(^{12}\) = 0.0138

(b) To find P(4 boys and 3 girls) = \(\frac{^8C_4 \times ^5C_3}{^{13}C_7}\)

= \(\frac{70 \times 10}{1716}\)

= \(\frac{175}{429}\)

= 0.4079

Correct Answer: C. package

Explanation

The part labelled Z is package. In marketing, a package refers to the physical container or wrapping that holds a product. It includes the design, materials, and functionality of the container, as well as any labeling or branding elements. The package plays a crucial role in attracting consumers, communicating the product's value proposition, and protecting the product during storage and transportation.

Correct Answer: B. prophetic tradition

Correct Answer: C. the executive is elected for a fixed term

Explanation

(a) The granting of permission to pay at a future date for something of value received now is called credit. It is defined as the granting of the use of possession of goods and services without immediately paying for them.

(b) Three ways by which banks grant credit to customers are:

(i) Loan: Banks can give loans to their customers for a short period which includes interest charges. It is usual for banks to require collateral security before they can give loans. Collateral securities are assets which can be converted to cash upon default by customers.

(ii) Overdraft: An overdraft is a facility granted to a customer who operates a current account. This enables him to draw cheques to an agreed maximum over the amount outstanding to his credit in his current account. For example, if he has #600 in his account, he may withdraw #1000. Banks charge interest on overdraft.

(iii) Discounting bills of exchange: Commercial banks discount bills of exchange, that is, they pay cash for bills of exchange before the bills mature.

(c) Advantages of Credit Sales are:

(i) Credit sales enables many firms to meet temporary needs for cash.

(ii) Credit sales brings higher profit.

(iii) There is increase in sales or turnover.

(iv) It reduces the risk of holding stock.

(v) Credit sales makes it possible for consumers to have immediate possession of the goods and services they need even though they do not pay at once.

Disadvantages of Credit Sales are:

(i) Credit customers pay higher than cash customers.

(ii) There is risk of non -payment by the customers.

(iii) The credit customer may be tempted to buy more than what he can afford.

(iv) Credit sales involve a lot of book keeping processes

Correct Answer: D. sovereignty

Correct Answer: A. politicization of the appointment of judges