Correct Answer: C. tertiary production

Explanation

(a)Weapons that can be used by a trade union during a trade dispute are:

(i) Collective bargaining: Representatives of the union and employers will meet to deliberate on issues affecting the workers.

(ii) Work to rule: The rate of work will be slowed down by the workers.

(iii) Picket lines: The workers will stay at the entrance of the factory and will not work.

(iv) Strike: The workers will stay away completely from work. This is the ultimate weapon.

(v) Threat to strike: The workers union gives ultimatum to the employer that they will embark on strike if their demands are not met on time.

(b) Weapons that can be employed by an Employers' Association include:

(i) Collective bargaining: Both parties will meet to discuss the workers' demand.

(ii) Strike breakers: The employer will use some workers to operate the plant during the period of strike.

(iii) Black list: All workers that participate in strike action will be dismissed.

(iv) Lock-out: This is the closing down of the factory until the dispute is resolved.

Correct Answer: C. 12.5%

Explanation

(a) Infant industries are newly established industries that at the developing stage and need protection so that their products can effectively compete with the products of long established international businesses.

(b) It is necessary to protect infant industries for the following reasons:

(i) In order that the economy can become self-reliant.

(ii) To encourage domestic production.

(iii) To encourage consumption of locally produced goods.

(iv) To conserve scarce foreign exchange.

(v) To create employment for the citizens.

(vi) To develop the local market.

(vii) To develop indigenous technology and expertise.

(viii) To attract more foreign investments.

(ix) To prevent dumping.

(x) To increase the level of domestic income.

(xi) To improve the balance of payments position.

(xii) Protection of infant industries encourages industrialization leading to diversification of the economy.

(xiii) If infant industries are protected, with time they will a source of revenue to government through tax payments.

(c)(i) Bank loans

(ii) Issuing of shares

(iii) Sales of debentures

(iv) Ploughed back profit

(v) Trade credit

(vi) Personal savings

(vii) Borrowing from other sources

(viii) Assistance from government

(ix) Sale of properties/assets.

Explanation

(a)(i) Tax rate =Tax payment x100 for A

tax base 1

For Jawara = 1,500 x 100 = 10%

15,000 1

(ii) Audu= \(\frac{6000*100} {60,000 *1}\) = 10% for A

\(\frac{3000*100} {60,000*1}\) = 5% for B

(iii) Ade = \(\frac{200*100} {25,000*1}\) = 8%

(iv) Eke \(\frac{2240*100} {32,000*1}\) = 7%

(b) (i) Column A- Proportional system of taxation

Column B - Regressive system of taxation.

(ii) Audu

(c) (i) Jawara= \(\frac{15 x 15000} {100 *1}\) = 2,250.00

Ade = \(\frac{15 x 25,000} {100*1}\) .= 3,750.00

Eke = \(\frac{15 x 32000} {100 *1}\) = 4,800.00

Audu \(\frac{15 x 60,000} {100*1}\) = 9,000.00

Total Revenue = 19,800.00 or 15% of total Income =

15 x 132,000

100

= 19,800.00

Disposal income = income - taxationor Tax base - tax paid

Jawara = 15,000 - 2,250 = 12,750.00

Ade = 25,000 - 3, 750.00 = 21,250.00

Eke = 32,000 - 4,800.00 = 27,200.00

Audu = 60,000 - 9,000 = 51,000.00

Correct Answer: B. means of exchange authorized by the state

Explanation

A legal tender is a form of money or means of exchange that is recognized by courts of law as satisfactory payment for any monetary debt.

Correct Answer: A. a fall in price and an increase in quantity bought and sold

Correct Answer: C. people are discouraged from additional work

Correct Answer: A. false declaration of assets

Correct Answer: D. P = AR = MR