Correct Answer: D. Seasonal unemployment

Explanation

Seasonal unemployment occurs when people are unemployed at particular times of the year when demand for labour is lower than usual.

Correct Answer: B) marginal benefit

Explanation

This question is about the demand curve and what it shows. The demand curve is a graphical representation of the relationship between the price of a good or service and the quantity demanded by consumers. It is based on the principle that the higher the price of a good or service, the lower the quantity demanded, and vice versa.

The question asks what the demand curve shows in terms of the benefit that consumers receive from purchasing a good or service. The answer is that the demand curve shows the marginal benefit that consumers receive from purchasing an additional unit of the good or service. Marginal benefit is the additional benefit that a consumer receives from consuming one more unit of a good or service.

Option A, average benefit, refers to the total benefit divided by the quantity purchased. Option C, total benefit, refers to the sum of all of the benefits received from consuming all units of the good or service. Option D, optimal satisfaction, is not a commonly used economic term and is not directly related to the demand curve.

Understanding the demand curve and the concept of marginal benefit is important in economics because it helps us to understand how consumers make choices about what to buy and how much to buy at different prices. To learn more about this, please read the relevant sections of the recommended textbooks.

Explanation

(a) Wants refer to the desire for goods and services. Wants are expressed but without the ability to pay the prices while effective demand is a want backed by the ability to pay the price. It is the quantity that is bought at a price.

(b) Demand schedule is a table that shows the quantities of a commodity buyers are willing to buy at different prices at a time while a demand curve is a graphical presentation of the information contained in the demand schedule. It is the locus of points showing the combination of prices and quantities demanded.

(c) Individual demand is the different quantities of a commodity which a consumer would buy at different prices at a particular time, while market demand is the total quantity of a commodity which all consumers are willing and able to pay for at a particular time.

(d) Change in demand occurs when at the same price different quantities of a good are bought. This is shown by a shift of the demand curve, while a change in the quantity demanded occurs when at different prices different quantities are bought. This is shown by a movement along the same demand curve.

Correct Answer: B. Inadequate supply of labour

Explanation

Inadequate supply of labour is not a problem facing the Economic Community of West African States (ECOWAS). ECOWAS is a regional economic community of 15 countries in West Africa. The countries in ECOWAS share a common goal of economic integration, and they have made significant progress in this area. However, there are still some challenges that the community faces, including language barriers, production of the same commodities, and poor transportation and communication. Inadequate supply of labour is not one of the challenges facing ECOWAS. In fact, the region has a large and growing labor force. This is due to the high population growth rates in many of the ECOWAS countries. The labour force is also relatively young, which means that there is a large pool of potential workers.

Correct Answer: B. Scarcity

Explanation

Scarcity refers to the basic economic problem, the gap between limited – that is, scarce – resources and theoretically limitless wants. This situation requires people to make decisions about how to allocate resources efficiently, in order to satisfy basic needs and as many additional wants as possible

Correct Answer: A. 7

Explanation

The median mark is the middle mark when the marks are arranged in ascending order. First, let's arrange the marks in ascending order: 5, 6, 7, 7, 7, 8, 8, 9, 9

Since there are 9 students, the median mark is the average of the 4th and 5th marks. The 4th mark is 7 and the 5th mark is also 7, so the median mark is 7.

Therefore, the answer is 7.

Correct Answer: B. agriculture

Correct Answer: C. above the marginal revenue curve

Correct Answer: B. the cultivation of one major crop

Correct Answer: D. below its cost of production in a foreign market

Explanation

Dumping is a term used in the context of international trade. It's when a country or company exports a product at a price that is lower in the foreign importing market than the price in the exporter's domestic market. it means exported goods are sold cheaper in the foreign market than the the exporter's domestic. that means the goods are sold below its cost of production