Correct Answer: C. instituting price control

Explanation

Instituting price control can affect the efficient distribution of goods in west Africa. Price control government regulation establishing a maximum price to be charged for specified goods and services, especially during periods of war or inflation.

Correct Answer: C. A reduction in the cost of raw materials.

Correct Answer: A. constant training of workers

Correct Answer: C. new lands and new methods of production were discovered

Explanation

The Malthusian theory was criticized based on the observations that the population was rising at a rapid rate in some parts of the world. At the same time, the food supply had also increased due to technological developments. Many times, food production had increased more than the population.

Explanation

(a) Total Revenue = Price x Quantity

TR1 = $5.00 x 60 = $300.00

TR2 = $10.00 x 50 = $500.00

TR3 = $15.00 x 40 = $600.00

TR4 = $20.00 x 30 = $600.00

TR5 = $25.00 x 20 = $500.00

TR6 = $30.00 x 10 = $300.00

(b) (i) When price changes from $5.00 to $10.00

P1 = $5.00 Q1 = 60

P2 = $10.00 Q2 = 50

Δ P = $5.00 ΔQ = -10

Therefore, price elasticity of demand;

= \(\frac{\bigtriangleup Q}{Q} \times \frac{P} {\bigtriangleup P}\)

= \(\frac{-10}{60} \times \frac{5}{5}\)

= | -0.16|OR|-0.17 |

OR

(ii) When price change from $25.00 to $30.00

P\(_{1}\) = $25.00, Q\(_{1}\) = 20

P\(_{2}\) = $30.00, Q\(_{2}\) = 10

\(\bigtriangleup\)P = $5.00 \(\bigtriangleup\)Q = -10

Therefore, price elasticity of demand

= \(\frac{\bigtriangleup Q}{Q}\) x \(\frac{\bigtriangleup P}{P}\)

= \(\frac{-10}{20} \times \frac{25}{5}\) = | -2.5 |

OR

\(\frac{\%\bigtriangleup \text {quantity demanded}} {\%\bigtriangleup \text {price}}\)

= \(\frac{\bigtriangleup Q}{Q}\) x 100

= \(\frac{-10}{20}\) x 100

\(\frac {\bigtriangleup P}{P}\) x 100

= \(\frac{5}{25}\) x 100

Correct Answer: C. dividends

Correct Answer: D. an increase in quantity supplied

Explanation

A movement along the supply curve happens when the price of a commodity changes while other factors remain constant. An upward movement along the supply curve indicates an Increase in quantity supplied of a commodity due to rise in its price, while a downward movement means a decrease in quantity supplied due to fall in prices

Correct Answer: C. skilled labour

Correct Answer: B. positively sloped

Explanation

Ostentation goods are goods that are expensive such as jewelries, gold wrist watch etc. The higher the price, the higher the quantity demanded. Therefore, the relationship between price and quantity demanded is positive.

Explanation

(a) Sources of Government Revenue are:

(i) Taxation: Income tax, property tax, export and import duties, excise duty, amongst others.

(ii) Sale of government assets.

(iii) Fees, licensees and other specific charges.

(iv) Royalties and rents.

(v) grants and aids from other countries.

(vi) Profits from direct investments and public enterprises.

(vii) Money recovered from corrupt officials. (viii) Borrowing.

(b) A government finances its budget deficit through

(i) Internal and external borrowing.

(ii) Printing of currency.

(iii) Sale of government property.

(iv) Aids and donations.