Explanation

(a) X = Male (2275) + Female (2725) 5000

Y = Total - Female = 7500 - 4265 = 3235

Z = Total - Male = 6000 - 3250 = 2750

(b) Total population:

10 and above: 4,000

11 - 14 5,000

15 - 35 2,500

36 - 64 7,500

65 & above6,000

Total25,000

(c) Females of 14 years and below = 2650 + 2725 = 5375

Males of 14 years and below = 1350 + 2275 = 3625

Difference between the population of male and female aged 14 and below = 5375 - 3625 = 1750

(d) Percentage of population aged 14 years and below:

Female aged 14 years and below plus male aged 14 years and below. 5375 + 3625 = 9000 or 4000 + 5000 = 9000

= \(\frac{9000}{25000} \times \frac{100}{1}\) = 36%

(e) Dependency ratio =

Population of Less than 14 years +population of more than 65 years

population of 15 - 35 + population of 36 - 64 years

= \(\frac{9000 + 6000}{2500+7500} = \frac{15,000}{10000}\) = \(\frac{3}{2}\) = 3:2

Correct Answer: D. economic emancipation of women

Correct Answer: B. Satisfaction

Explanation

utility is the satisfaction or benefit derived by consuming a product; thus the marginal utility of a goods or service is the change in the utilityfrom an increase in the consumption of that good or service

Correct Answer: B. average cost is minimum

Explanation

(a)Opportunity cost is the alternative forgone. The opportunity cost of a product is the alternative which must be given up in order to produce that product. It is the sacrifice made in order to enjoy something else. For example, if a student has N5 to buy either a book or a shirt. If he buys a shirt instead of a book, the opportunity cost is the book which the student has forgone in order to buy the shirt. Money cost, on the other hand, refers to the total amount of money that is spent in order to acquire a set of goods and services. This tallies with the accountant concept of cost. For example, a consumer who spent to buy a shirt has dispensed with cash. The N15 spent is the money cost.

(b) The concept of opportunity cost is relevant to the economies of West African countries. This is because the concept emphasises the basic problem of choice which is the main core of the subject matter of economics as a result of the limited available resources vis-a-vis unlimited wants. Since every economic problem involves choice and every choice involves opportunity cost, therefore, opportunity cost is relevant to the economies of West African countries. The concept involves efficient allocation of scarce resources to pressing needs of the society. It also shows that every activity involves a sacrifice whether on the side of an individual, a firm or a government. The government will decide which sector will take the lion's share of the resources of a country. It helps in government decision-making process.

Correct Answer: D. An upward movement along the supply curve

Correct Answer: B. wage

Correct Answer: A. all inputs are fixed

Explanation

The law of diminishing returns states that as an increasing amount of a variable factor is added to a fixed factor, the marginal product of the variable factor may at first rise but must eventually fall. The law of diminishing returns applies in the short run because only then is some factor fixed.

Correct Answer: B. Increase in foreign reserves

Correct Answer: B. rise

Explanation

The interest rates will be high if CBN reduces money supply. This is done to discourage borrowing and control the flow of money in the economy. It is mostly done when there is excess money in circulation. CBN would raise the interest rates to discourage borrowing and encourage savings and investments, thereby mopping out the excess money in circulation.