Correct Answer: A. use of simple implements

Explanation

The use of simple implements is an advantage of subsistent system of farming and not large scale farming. Large scale farming requires the use of sophisticated and advanced farm tools and machineries such as tractors, trucks etc.

Correct Answer: D. total polulation

Correct Answer: A. gentle and persistent increase in the general price level

Correct Answer: C. Demand for commodity X will decrease

Correct Answer: C. early marriage

Explanation

(a) Devaluation means a fall in the exchange value of a country's currency in relation to the currencies of other countries. It is the reduction of the value of a country's currency in relations to the currencies of other nations.

(b) Devaluation will improve the balance of payment of a country under the following conditions:

(i) The elasticity of demand for imports must be elastic. Increase in prices of imports, as a result of devaluation will reduce the demand for import.

(ii) The country's export must have elastic demand in other countries.

(iii) Other nations should not devalue their own currencies

(iv) For devaluation to be effective, there must be no increase in wages and other incomes.

Explanation

(a) A perfectly competitive market is a market in which the forces of demand and supply operate unimpeded.

(b) The conditions necessary for a perfectly competitive market are:

(i) Buyers and sellers must be price takers. A price taker is a firm or individual who takes the market price as given.

(ii) The number of firms must be sufficiently large so that any firm's output, compared to the market output, is marginal

(iii) There must be free entry and free exit. There should be no barriers like technological or efficient scale operation which allows only one firm to produce at the lowest average total cost.

(iv) There must be homogenous product i.e the goods sold must be perfect substitutes.

(v) There must be no preferential treatment to either buyers or sellers in the market.

(vi) Complete information on the market conditions must be made available to all the operators in the market.

(vii) All the firms must have opportunity to maximize profit.

(viii) Goods must be portable i.e there should be no transport cost 1 incurred by the firms.

Correct Answer: A. eliminating trade restrictions among states

Explanation

The Economic Commission for Africa was established to encourage economic cooperation among its member states (the nations of the African continent). They have achieved this by eliminating barriers to trade among member states

Correct Answer: B) derived demand

Explanation

The question is asking about the type of demand that applies to money. In economics, demand refers to the quantity of a good or service that consumers are willing and able to purchase at a given price. Demand for money, on the other hand, refers to the amount of cash or funds that individuals and businesses hold in order to make transactions.

The options given are composite demand, derived demand, joint demand, and C and B. Composite demand refers to a situation where a product or service is demanded for multiple uses. Derived demand, which is the correct answer, refers to a situation where the demand for a good or service is based on the demand for another good or service. Joint demand refers to a situation where two goods are demanded together. Option D is a combination of options B and C.

In the context of money, the demand for money is derived demand because it is not demanded for its own sake, but rather as a means of acquiring goods and services. For example, if a person needs to buy groceries, they need money to make the purchase. Therefore, the demand for money is derived from the demand for groceries.

Understanding the type of demand for money is important in economics because it helps to explain how changes in the economy can affect the demand for money. For more information, please see the relevant sections of the recommended textbooks.

Correct Answer: D. epileptic power supply