Correct Answer: D. income inelastic

Explanation

Income inelastic means that consumer demand would not change in response to a change in income

Explanation

Money is anything that is generally acceptable as a medium of exchange ( for instance, as a means of settling debts) and at the same time acts as a measure and a store of value. e.g naira and kobo in Nigeria.

The characteristics of Money are:

(i)Divisibility: It should be divisible into convenient units without losing its value, e.g. N50, N20 etc.

(ii)General acceptability:It should be acceptable in the society in which it is used.

(iii)Relatively scarce: It must be relatively scarce but not too scarce.

(iv)Portability: It should be easy to carry about.

(v)Durability: It should be able to last for a long period of time.

(vi)Homogeneity: The money material must be the same size and quality. Twenty naira note held by Mr. B must be the same twenty naira held by Mr. A in any part of the country.

(vii)Stability: The value of money must be stable.

Correct Answer: C. how to produce

Explanation

The problem of how to produce refers to selection of techniques to be used for production of goods and services. By technique we mean labour or capital intensive techniques. That is knowing the input combination to be used.

Correct Answer: D. the use of crude implements in farming process

Explanation

Farming implements used by farmers especially at the rural level has been known to lower productivity due to the amount of labour needed to increase production. These farmers still use outdated farm tools. This is one of the major reason for low productivity in the agricultural.

Correct Answer: A. led o rapid rural-urban migration

Correct Answer: B. inflation

Correct Answer: D. inadequate storage facilities

Correct Answer: C) allowing price to fall towards equilibrium

Explanation

This Economics question is asking about how to get rid of a surplus in a commodity market. A surplus is when there is too much of a commodity available in the market. To eliminate it means to reduce the excess supply of the commodity.

There are different ways to eliminate a surplus in a commodity market, but the correct option is option C, which is allowing the price to fall towards equilibrium. Equilibrium is the point where the quantity supplied is equal to the quantity demanded. If there is a surplus, it means that the quantity supplied is more than the quantity demanded, so the price needs to fall to encourage buyers to purchase more and sellers to reduce their supply. This would eventually bring the market back to equilibrium.

Option A, which is increasing the quantity supplied, would only make the surplus worse. Option B, which is decreasing quantity demanded, would also not be effective as it would only reduce the demand for the commodity and may not necessarily solve the problem of excess supply. Option D, which is allowing the price to rise towards equilibrium, would be effective in eliminating a shortage, but not a surplus.

It is important to note that the elimination of a surplus may take some time and adjustments in the market. Allowing the price to fall towards equilibrium may not happen immediately, but over time, it would encourage buyers to purchase more and sellers to reduce their supply, thus reducing the surplus.

Understanding the concept of market equilibrium and the forces of supply and demand is key in solving problems related to surpluses and shortages in the market.

Correct Answer: C) adoption of a common tariff policy for trade and development

Explanation

The question is asking us to identify which of the options is not a function or objective of the African Development Bank (ADB). The options are A, B, C, and D. Option A is the provision of technical assistance for development projects, Option B is the provision of funds for the supply and demand of infrastructural facilities, Option C is the adoption of a common tariff policy for trade and development, and Option D is the provision of funds for agricultural development.

To answer the question, we need to know what the African Development Bank (ADB) is and what its functions and objectives are. The ADB is a regional development bank established in 1964 to promote economic and social development in Africa. Its main objective is to contribute to the sustainable economic development and social progress of its regional member countries (RMCs) by mobilizing financial resources for investment in sustainable development projects and providing policy advice and technical assistance to support development efforts.

Option A, the provision of technical assistance for development projects, is one of the functions of the ADB. This means that the ADB provides technical assistance to help RMCs design, implement, and monitor their development projects.

Option B, the provision of funds for the supply and demand of infrastructural facilities, is also a function of the ADB. This means that the ADB provides financial support to RMCs to help them build and improve their infrastructural facilities such as roads, bridges, power plants, and water supply systems.

Option C, the adoption of a common tariff policy for trade and development, is NOT part of the objectives or functions of the ADB. A common tariff policy refers to a policy where countries in a region agree to apply the same tariffs to imported goods. While the ADB supports regional integration and promotes trade and investment among RMCs, it does not adopt a common tariff policy for trade and development.

Option D, the provision of funds for agricultural development, is also a function of the ADB. This means that the ADB provides financial support to RMCs to help them develop their agricultural sector, increase agricultural productivity, and improve food security.

Therefore, the correct answer to the question is Option C, the adoption of a common tariff policy for trade and development.

Correct Answer: A. efficiency