Correct Answer: B. has a long tail to the right

Correct Answer: C. both price and quantity

Explanation

Monopoly characteristics include profit maximizer, price maker, high barriers to entry, single seller, and price discrimination

Correct Answer: B. inductive reasoning

Explanation

Inductive reasoning is a process by which a person makes a generalization based on specific, individual experiences. The process begins with observation. A person collects data through the five senses, then analyzes the gathered information to draw a general conclusion that may be applied to other situations. It is the most basic form of reasoning in existence.

Explanation

(a)Economic planning is the allocation of resources by the government for various projects and sectors of the economy over a period of time. This brings about sustained growth in the economy.

(b) Problems of development plans in Nigeria are:

(i) Inadequate data and information for proper planning.

(ii) Resources are sometimes diverted to investments that yield no economic benefit to the people.

(iii) Over-ambitious and unrealistic plans mark the beginning of failure of such plans.

(iv) Frequent change of government disrupts economic activities and shifts attention from development plans.

(v) Inefficient allocation of scarce resources among the various sectors.

(vi) Poor co-ordination and monitoring between the ministries and government agencies responsible for plan implementation.

(vii) Corruption leads to the inflation of project costs and execution of plans on paper, while actual achievement on the ground is negligible.

(viii) Under - utilization of Labour:The services of skilled labour and experts are under - utilized while making use of unskilled labour. For this reason, projects are inadequately studied and not well implemented.

Correct Answer: A. size of the population

Correct Answer: B. 67.2

Explanation

The variance is the square root of the standard deviation. Hence we have; 8.2 x 8.2 = 67.24

Explanation

(a) The incidence of taxes refers to where the burden of a tax finally rests.

(b)(i) Equity: Tax should be based on a person's ability to pay and there should be equality of sacrifice i.e. the burden of tax should be according to one's ability.

(ii) Certainty: Tax payers should know the amount they are expected to pay, when and how to pay it.

(iii) Convenience: The method and time of tax collection should be convenient to the tax payers.

(iv) Economy: The amount spent in the course of collecting the tax should be smaller than the amount of tax revenue collected

(v) Flexibility: The tax system should not be rigid

(vi) Neutrality: The tax should not unduly affect people's willingness to work, save and invest.

(vii) Simplicity: The tax laws should be easy to understand

Correct Answer: C. MC = AR = P

Correct Answer: C. unlimited

Explanation

Human wants are unlimited. It means that people never get enough, that there's always something else that they would want or need.

Correct Answer: B. Long-run average cost curve