Correct Answer: C. National Income

Explanation

If the national income or output is increased, economic growth will also increase.

Correct Answer: A. development of subsidiary firms

Correct Answer: B. inductive reasoning

Explanation

Inductive reasoning is a type of logical thinking that involves forming generalizations based on specific incidents you've experienced, observations you've made, or facts you know to be true or false.

Correct Answer: A. all of its fixed cost and variable cost

Correct Answer: C. market rate of interest has risen

Correct Answer: B. the mean and mode

Explanation

The mean is useful for predicting future results when there are no extreme values in the data set. Standard deviation is a number used to tell how measurements for a group are spread out from the average (mean), or expected value

Correct Answer: B. respectively high and low

Correct Answer: A. the slope of a normal demand curve is negative

Explanation

In economics, the law of diminishing marginal utility states that the marginal utility of a good or service declines as its supply increases. The law of diminishing marginal utility helps to explain the negative slope of the demand curve and the law of demand. If the satisfaction obtained from a good declines, then buyers are willing to pay a lower price, hence demand price is inversely related to quantity demanded, which is the law of demand.

Explanation

(a)(i) Peasant farming: This type is practised by peasant farmers on small farm holdings. The output of the farm is both for subsistence and for sale. The labour is mostly supplied by the farmer and his family. Simple farm implements are used.

(ii) Cooperative farming: refers to the farming activity where farmers of the same agricultural produce form an association and pool resources together in order to enjoy certain incentives from government and produce on a large scale. They also provide marketing facilities for their produce.

(b) Government can assist peasant farming through:

(i) Establishment of rural and agricultural banks to provide credit facilities for the peasant farmers.

(ii) Provision of subsidies: Farming inputs and equipments should be sold to the farmers at subsidized rates.

(iii) Control of pests and diseases: Farmers should be assisted by the government to control diseases and fight pests. Chemicals and pesticides should be supplied at subsidized rates.

(iv) The provision of infrastructural facilities in the rural areas to stem rural-urban migration so as to retain labour for agricultural purpose.

(v) Land reforms which make larger land available to the farmers should be implemented.

(vi) Provision of storage facilities. e.g. silos, sold room etc so as to minimize post-harvest losses.

(vii) Employment of extension workers to provide training for the farmers.

(viii) Marketing facilities should be made available e.g. improved transportation, establishment of market stalls in rural areas.

(ix) Implementation of adequate pricing policy to stabilize farmers' incomes.

(x) Establishment of agro-based industries to make use of farm produce.

Correct Answer: C. reveals the magnitude of the change between variables

Explanation

The concept of slope is important in economics because it is used to measure the rate at which changes are taking place. It shows how things change and about how one item changes in response to a change in another item