Correct Answer: B. many buyers and few sellers

Correct Answer: D. Median

Explanation

(a) Under-population is a situation where the population is too small relative to the available resources. The standard of living of the area can be increased if the population is increased.

(b) The conditions under which it will be advantageous for a country to promote population growth will include:

(i) Small labour force: A small labour force relative to the available resources hinders specialization and economies of scale.

(ii) Small domestic market:The size of the market relative to national output also hinders large scale production and specialization.

(iii) Declining or aging population: This will stimulate a country to pro- 10. mote population growth.

(iv) High labour cost:The high cost of labour as a result of small labour force calls for the need to promote population growth in a country.

(v) Labour intensive technology:When technology is basically labour intensive, the need to promote population growth arises.

(vi) Population reduction:When a country with optimum population has experienced considerable reduction in population due to war or epidemics population growth has to be promoted.

Correct Answer: A. progressive

Explanation

A progressive tax is a tax in which the average tax rate increases as the taxable amount increases. The term progressive refers to the way the tax rate progresses from low to high, with the result that a taxpayer's average tax rate is less than the person's marginal tax rate. The term can be applied to individual taxes or to a tax system as a whole; a year, multi-year, or lifetime. Progressive taxes are imposed in an attempt to reduce the tax incidence of people with a lower ability to pay, as such taxes shift the incidence increasingly to those with a higher ability-to-pay. The opposite of a progressive tax is a regressive tax, where the average tax rate or burden decreases as an individual's ability to pay increases.

Correct Answer: A. surplus in the market

Explanation

When a price floor is set above the equilibrium price, quantity supplied will exceed quantity demanded, and excess supply or surpluses will result.

Correct Answer: D. is zero

Correct Answer: D. the value of exports is greater than the value of imports

Correct Answer: B. 4 Naira

Correct Answer: B. needs in order of importance

Correct Answer: B. exportation of more primary products

Explanation

Developing economies mainly trade in primary exports. These primary products are transformed into finished goods by the developed economies and sold to underdeveloped countries. The money raised from the sale of the primary products is then used to pay for manufactured imports, this has been a serious impediment in its developmental strides.