Correct Answer: A. lack of homogeneity of goods

Explanation

lack of homogeneity of goods is not a characteristics or features of a perfect market. The features/ characteristics are: perfect knowledge about the market, there is free entry and exit, there are large number of buyers and sellers, the goods are portable and homogeneous, there is no preferential treatment etc.

Explanation

(a)Total working population in 1955 = 51 + 29 = 80

Total working population in 1960 = 107 + 33 = 140

The difference in working population = 140 - 80 = 60

Percentage increase = \(\frac{60}{1}\) x 100 = 75%

(b) Dependant population in 1955

0 - 16 = 150

above 60 =15

165

Working population in 1955 = 51 + 29 = 80

Ratio of dependent population = \(\frac{165}{80} = \frac{33}{16}\) = 33:16

(c) Dependant population in 1960

0 - 16 = 143

above 60 =17

160

Working population in 1960 = 107 + 33 = 140

Ratio of dependant population = \(\frac{160}{140} = \frac{8}{7}\) = 8:7

(d) Dependency ratio decreased between 1955 and 1960.

Correct Answer: C. achieve higher standard of living for the citizens

Explanation

Nigeria economic development plan is aimed at creating and maintaining a strong, vibrant local economy that will improve the standard of living of its citizens. This is done by putting in place policy direction for economic growth, and identify strategies, programs, and projects to improve the economy.

Correct Answer: B. excess demand

Explanation

Any price below the equilibrium price will lead to excess demand with decrease in supply. This is so because, people generally buy more of a commodity when the price is low while suppliers will want to supply more when the price is high. Hence, for a price set below equilibrium, suppliers will cut back on producing more of that commodity while demand will be high.

Correct Answer: C. goods and services are limited in supply

Explanation

Correct Answer: A. demand is elastic

Correct Answer: B. ensure efficient allocation of resources in the economic system

Correct Answer: B. marginal revenue product of labour

Correct Answer: A. increase

Explanation

When the demand for a commodity increases while supply remains unchanged, the equilibrium price and quantity will increase. This is because the increase in demand will create a shortage at the current price. As a result, sellers will be able to raise prices, and the quantity traded will increase.

The equilibrium price will increase until the quantity demanded equals the quantity supplied. At this point, the market will be in equilibrium again.

Correct Answer: D) Free market economy

Explanation

The question is asking which economic system refers to consumers as the king. The options are planned economy, mixed economy, socialist economy, and free market economy. The correct answer is free market economy. In a free market economy, consumers have the power to determine what goods and services are produced through their purchasing decisions. This means that businesses must compete to provide the best quality goods and services at the lowest prices to attract consumers. This gives consumers the power to determine which businesses succeed or fail. In contrast, in a planned economy, the government determines what goods and services are produced, so consumers do not have as much power. In a mixed economy, both the government and the market play a role in determining what goods and services are produced. In a socialist economy, the means of production are owned by the state, so consumers do not have ownership or control over the goods and services produced.