Correct Answer: B. private limited companies

Explanation

A private company is a firm that is privately owned by shareholders who have each invested a sum into the business. Private companies can issue shares and have shareholders, but their shares are not issued to the general public for subscription and are not traded on the public stock exchange market like public companies. This means that they can raise capital through the issue of shares privately but not publicly. To do this, they do not need to meet the requirements of the Security and Exchange Commission, but rather, the members of the company (minimum of 2, and maximum of 50), only need to agree on selling the shares to new members.

Correct Answer: B. the supply curve to the right

Correct Answer: C. A shirit and a bag

Explanation

The opportunity cost is simply explained as the foregone alternative. It is what you give up in order to buy something else. In this case, Musa can either buy a shirt, a book, or a bag, but cannot buy all of them at the same time. If he decides to buy a book, the bag and shirt that he did not buy are the opportunity cost.

Correct Answer: C. NDP = GDP - depreciation

Explanation

Net domestic product (NDP) is an annual measure of the economic output of a nation that is adjusted to account for depreciation and is calculated by subtracting depreciation from the gross domestic product (GDP).

Correct Answer: C. (AR x Q) - TC

Correct Answer: D. climate conditions of the different parts of the country

Explanation

(a)i. The size of the working population is;

= population of age group (19 - 40) + population of age group (41 - 60)

= 35% + 25% = 60%

= \(\frac{60}{100} \times \frac{200,000}{1}\) = 120,000

OR

35% of 200,000 = 70,000

25% of 200,000 = 50,000

70,000 + 50,000 = 120,000

(ii) The size of the dependent population = population of age group (0 - 18) + age group (61 and above)

= 30% + 10% = 40%

= \(\frac{40}{100} \times \frac{200,000}{1}\) = 80,000

OR

30% of 200,000 = 60,000

10% of 200, 000 = 20,000

60,000 + 20,000 = 80,000

(b) Percentage of population of age group (0 - 18) = 30%

\(\frac{30}{100} \times \frac{200,000}{1}\) = 60,000

\(\frac{2}{100} \times \frac{60,000}{1}\) = 1,200

Percentage population of age group (61 and above) = 10%

\(\frac{10}{100} \times \frac{200,000}{1}\) = 20,000

\(\frac{0.5}{100} \times \frac{20,000}{1}\) = 100

Natural increase in the population

= Births - Deaths

= 1,200 - 100 = 1,100

(c) The population is growing / a youthful one. This is because the population of the youth is more tha of the aged

Correct Answer: D. backed by law

Explanation

National banknotes are generally legal tender, meaning that medium of payment is allowed by law or recognized by a legal system to be valid for meeting a financial obligation.

Correct Answer: C. members of the union have high qualifications

Explanation

The decline in the contribution of agriculture to the Gross Domestic Product (GDP) of Nigeria can be attributed to:

(i) Land tenure system

(ii) Pests and diseases

(iii) Inadequate storage facilities

(iv) Inadequate capital

(v) Increasing rural - urban movement, which is affecting the agricultural sector adversely

(vi) The use of crude implements like cutlasses and hoes

(vii) Poor application of research findings

(viii) The emergence of oil and oil products, i.e. petroleum etc which has led to the neglect of agriculture

(ix) The wage rate in other sectors has been increasing especially construction and services while the agricultural sector remains stagnant

(x) Poor infrastructural facilities

(xi) High level of illiteracy