Correct Answer: D. The ratio of real GDP to the real money supply

Explanation

Velocity of money is the total amount of money in circulation in an economy. It is calculated as Velocity of money = GDP/Money Supply

Correct Answer: B. 2.0

Correct Answer: C. adopt modern storage methods

Explanation

Most agricultural produce are perishables and do not last past a few days after it has been harvested. The agricultural sector needs to adopt new and modern methods of produce processing and storage to preserve the quality and nutritional value of the foods

Correct Answer: C. OPEC

Correct Answer: B. equilibrium price is attained

Correct Answer: A. 3 months

Correct Answer: D. limited control in management by shareholders

Explanation

The owners of the business ( shareholders) have little or no say in the affairs of the business, while the people at the helm of affairs who are not the owners may not put in their best.

Explanation

(a)(i) Profit-maximizing output level is 900 because at this output level MC = MR

(ii) TR =$10x600 -$6,000

TC = $6 x 600 = $3,600

Profit = TR -TC -S 2, 400

(iii)TC =ATC xQ

$10 x 400 = $4,000

(b)(i) TR =P x Q = $10 x 900 = $9,000

(ii) At 900 units TR -TC

TC = $8 x 900 = $7,200

Profit =$1800

(c) At any time price (AR) is below the average variable cost, TR will be less than TVC and operating profit will be negative, that is, there will be loss on operation. The firm will eventually close down.

Correct Answer: A. 50

Explanation

This is because the average product (AP) is found by dividing total product by the input of labour. For example, a company that produce 100kg of product with 10 workers has an average product of 10. For a detailed explanation, taken a company A for example. If company A employs only one worker and with one worker, total production is 20kg each hour. This gives an average product of 20kg. Now if company A employs two workers and the total production is 50kg, the average product for the two workers give 25kg. Also when company A employs three workers and the total hourly production increase to 90kg, these means 30kg is the average product for the three workers and so on. In this case, 3 workers produce 150kg of output therefore, the Average product of labour for the 3rd unit is 50kg.

Explanation

(a)(i) Provision of employment opportunities;

(ii) diversification of the economy;

(iii) saving and earning of foreign exchange;

(iv)a high standard of living;

(v) increased government revenue;

(vi) it reduces the country's balance of payments problems;

(vii) it aids expansion in infrastructure;

(viii) technological progress;

(iv) increase in Gross Domestic product;

(x) controls inflation;

(xi) encourages the agricultural sector to pro-duce raw materials.

(b)(i) Development of infrastructure;

(ii) establishment of financial institutions to aid private enterprises.

(iii) tax incentives to industries;

(iv) training of manpower relevant to the industrial sector;

(v) sound economic policies;

(vi) direct government participation;

((vii) stable political environment;

(viii) removal of administrative bottlenecks which will hinder industrial growth.