Correct Answer: A. The price elasticity is less than one

Explanation

Inelastic demand occurs when a change in demand is less than proportionate change in price. Inelastic demand is less than 1

Explanation

(a) Population census is the head count of all nationals of a country at a particular time. It is usually carried out once in every 10 years. It provides information about age, sex, occupation, residence etc.

(bi) Implications of optimum population:Optimum population may be defined as the population which combines with the available resources and the given level of existing technology to secure a maximum return per head. An optimum population is the population that produces full employment and the highest standard of living in a country. Optimum population is a dynamic population that changes with the changing quantity and quality of a country's available resources.

(bii)Implications of over population: Over population is the population that exceeds the available resources of a country. Its implications are:

(i) It will lead to unemployment.

(ii) Over population causes a fall in the standard of living of the people of a country.

(iii) It causes shortage of social amenities like schools, roads, pipe borne water and electricity.

(iv) Overpopulation will reduce output per head.

(v) It leads to congestion in the cities.

(vi) Over population leads to high rate of illiteracy.

(vii) Over population leads to high import bills.

Correct Answer: B. mobilizing savings for investment lending

Explanation

Contributions of natural resources to the economy of my country, Nigeria include:

(i) Both land and mineral oil provide employment for a very large percentage of Nigeria's population.

(ii) Food for the teeming population comes from our agriculture.

(iii) Our main sources of energy, namely gasoline, kerosene and diesel oil come from crude oil, charcoal and firewood.

(iv) Serves as source of revenue, e.g. export duties on exported natural resources is a major source of income for the country.

(v) provides market for industrial products such as hoes, machetes, fertilizers, insecticides and mining equipment. Fertilizers and machetes are used for agricultural resources while mining equipment is utilized for extracting natural resources like coal, tin and columbite.

(vi) Raw materials for our agro-allied industries come from agricultural resources while our pharmaceutical industries rely on petroleum as sources of inputs

(vii) Sources of foreign exchange: Petroleum and Export crops provide more than 90% of Nigeria's foreign exchange with the former singularly providing more than 70% of Nigeria's foreign exchange.

Correct Answer: A. socialist economy

Correct Answer: C. total revenue less total cost

Correct Answer: A. produced for consumption only

Correct Answer: C. inflation

Explanation

Increasing the money supply without a corresponding increase in real output will cause inflation. The reason is that there is more money chasing the same number of goods. Therefore, the increase in monetary supply with few goods available causes firms to put up high prices. Plenty money would be chasing few goods.

Correct Answer: B. 0.50

Correct Answer: A. income and expenditure of government