Correct Answer: B. revenue and expenditure of government

Correct Answer: A. overpopulated

Explanation

Increasing returns occur when the output increases in a greater proportion than the increase in input. Now, when a country population is experiencing increasing returns, it means its population is rising and may get to a point where it becomes over populated.

Correct Answer: A. derived demand

Correct Answer: B. no recognition of preferred goods for countries

Explanation

(a)The objectives of the price control policy (mini-mum and maximum) are:

(i) The prevention of exploitation of consumers by producers.

(ii) And the avoidance or control of inflation.

(iii) To help low income earner e.g. minimum wage earn-ers.

(iv) To control the profits of companies (especially monopolists).

(v) Prevent fluctuation of prices of some products e.g. agricultural produce.

(vi) And to stabilize the income of some producers e.g. farmers.

(vii) To make possible planning for future output.

(b) Effect;

(i) It stimulates excess demand which cannot be satisfied i.e. shortage in the market.

(ii) It encourages hoarding of commodities by wholesalers and retailers.

(iii) It leads to creation of black markets or under-counter sales and its attendant high prices.

(iv) It encourages conditional sales of products.

(v) Shortages result in queue and racketeering.

Correct Answer: A. corruption is rampant

Explanation

One of the major criticisms of socialism are that socialist countries have a tendency to develop too many layers of bureaucracy, which leads to corrupt practices. The government controls much of the economy's resource. They decides the whats, whens, and hows of production.

Explanation

(a) Economic development is the persistent growth in real per capital income coupled with structure changes in the economy which results in an improvement in the standard of living of the citizens.

(b)i. Low per capital income because of low levels of national output.

ii. Low life expectancy as a result of poor medical services and poor nutrition.

iii. Heavy dependence on agriculture and primary production because of low levels of technology industrialisation.

iv. High population growth rate due to high birth rate and reduced death rate.

v. Rapid rate of urbanisation due to rural-urban migration as a result of lack of social amenities in the rural areas.

vi. High rate of unemployment as a result of lack of industries and high population growth.

vii. High rate of illiteracy which leads to low levels of productivity.

viii. High dependency ratio leading to low rate of savings and investment.

ix. High indebtedness due to high interest rate payments on foreign loans which constitute a high fraction of the national budget.

x. Heavy dependence on foreign aids and grants

xi. Inadequate infrastructural facilities.

(c) i. Improving the savings ratio and hence capital formation

ii. Population control measures to check rapid population growth.

iii. Manpower training to enhance labour efficiency

iv. Improvement of technology

v. Improving the infrastructure of the economy

vi. Improving the health delivery system to enhance improved health of labour

vii. Exploitation of idle natural resources to add value

viii. Making available regular and cheap energy supply.

ix. Improving agriculture and expanding agro-processing

x. High level of political stability (peace and stability) to encourage investment and growth

xi. Provision of credit facilities for businesses to stimulate economic development

Correct Answer: C. Depreciation of currency

Explanation

The economic effect is thus, depreciation of currency tends to increase a country's balance of trade ( exports minus imports) by improving the competitiveness of domestic goods in foreign markets while making foreign goods less competitive in the domestic market by becoming more expensive.

Correct Answer: C. mode

Explanation

The mode of a set of data is the value that appears most often. From the question above, the size of dresses and shoes with the highest occurence or appearance would be easily determine by the mode. This is so because, after the data is organized according to different sizes putting the numbers in order, then count how many of each number. A number that appears most often is the mode.

Correct Answer: C. is a midpoint value in an array of data

Explanation

The mean is the most frequently used measure of central tendency because it uses all values in the data set to give you an average.