Correct Answer: C. emigration

Explanation

Problems facing agriculture in Nigeria are:

(i)Unsuitable climatic conditions: Climatic conditions vary from areas of excessive rainfall to areas of excessive drought. These two types of climatic conditions are detrimental to crop and animal growth.

(ii) Poor technical knowledge: The farmers lack requisite technical knowledge and modern skills to raise the standard of farming and agricultural production in their countries.

(iii) Use of crude implements: West African farmers still use crude implements such as cutlass, hoes etc for farming. They have no opportunity for mechanized farming.

(iv) Rural- urban drift: The imbalance in urban-rural economy has led to rural -urban drift. Agriculture has thus been losing its vital labour force without replacing it with mechanization.

(v) Land tenure system:Land tenure system encourages small scale farming. Modern agriculture is difficult under the existing land tenure system which makes transfer of ownership of land extremely difficult.

(vi) Pest and diseases:They reduce the quality and quantity of agricultural products since farmers cannot afford to purchase insecticides.

(vii) Poor marketing facilities: The sale of products is limited to their immediate environment because of poor transportation and communication systems.

(viii) Inadequate finance:Consequent on the low income earnings of the farmers, savings and realization of capital for investment become almost impossible.

Correct Answer: B. factors of production

Explanation

(a) Price elasticity of demand is the degree of responsiveness of quantity demanded to a small change in the price of the commodity. It is the ratio of the percentage change in quantity demanded to the percentage change in price.

Correct Answer: C. an increase in quantity supplied

Correct Answer: D. N300 million

Correct Answer: D. intermediate production

Explanation

Warehousing is an economic activity that falls under intermediate production. Intermediate production is the production of goods and services that are used to produce other goods and services. In the case of warehousing, the goods and services that are produced are storage space and logistics services. These services are used by businesses to store their products and to distribute them to their customers.

Correct Answer: A. the value of import in relation to the value of a country's exports

Correct Answer: C. consumers shifting completely to substitute products

Explanation

(a) Market in economics is defined as an arrangement by which buyers and sellers are brought into close contact for the purpose of transacting business. Such an arrangement is facilitated by telephone, telegraph system, postal communication, a particular location, etc.

(b) Features of a monopoly are as follows:

(i) there is only one seller of a product.

(ii) entry is restricted. Barriers to entry are so severe that new firms find it difficult to enter the market.

(iii) it has the power to control price or output but not both.

(iv) there is an imperfect knowledge or information about market conditions.

(v) there is no perfect substitute for the products sold by the monopolist.

(C) Sources of monopoly power:

(i) natural monopoly: Control over certain natural resources can give rise to a monopoly.

(ii) government monopoly: This occurs when a government sets up a corporation to provide certain services and such firms are protected from competition.

(iii) legal monopoly: monopoly can be created by law. Examples: Patent right and copyright which protect inventors and artists respectively.

(iv) merger of firms.

(v) technological monopoly.

(vi) huge capital required to set up the business.

(vii) limited market.

(viii) cartel e.g. OPEC.

(ix) takeovers.