Correct Answer: C. total utility

Correct Answer: B. a net gain

Explanation

(a) i. A growing population is one which has a large proportion of young people. A declining population, on the other hand, is one with a large proportion of old/aged people.

(i) Overpopulation exists if the population is so large n relation to the country's resources and level of technology to the extent that output per head is below the O Under population exists if the population is too small in relation to a country's resources and eve or technology such that output per head is below the optimum.

(b) (i) There will be pressure on the existing social amenities Such as water, electricity, health facilities, etc.

(ii) There will be congestion in urban areas.

(iii) a large population may result in greater unemployment.

(iv) Per capita income may fall which will result in a fall in the standard of living, due to high cost of living.

(v) A rapidly growing population will result in a high dependency ratio.

(vi) High dependency ratio may result in low savings by the labor force and hence low capital formation in the economy.

(vii) Rapid population growth may result in high environmental pollution.

(viii) There will be an increase in government expenditure in the provision of social amenities.

(ix) It will lead to rural-urban migration with its attendant problems, as well as emigration with its problem of brain drain.

(x) High demand for goods and services, if not matched by increased output will result in inflation

(xi) Government will be compelled to import more consumer goods which will adversely affect the balance of payments.

Correct Answer: C. zero

Explanation

The price a consumer is willing to pay for a good depends on his marginal utility, which declines with each additional unit of consumption. The price decreases for a normal good when consumption increases. A good with a high marginal utility will have a zero market price. For example,water has a higher MU than gold, but gold cost more than water. The higher the utility, the lower the price

Correct Answer: B) The same product of the same quality is sold for different prices to different buyers

Explanation

This question is asking about price discrimination. Price discrimination is when a company charges different prices for the same product to different groups of customers. The question is asking which of the options is an example of price discrimination.

Option A suggests that the same product of the same quality is sold for different prices to the same buyer. This is not an example of price discrimination, because the buyer is still paying the same price for the same product.

Option B is the correct answer. It suggests that the same product of the same quality is sold for different prices to different buyers. This is an example of price discrimination because the company is charging different prices to different groups of customers.

Option C suggests that different products are sold for the same price to the same buyers. This is not an example of price discrimination because the buyers are still paying the same price for different products.

Option D suggests that different products are sold for the same price to different buyers. This is also not an example of price discrimination because the buyers are still paying the same price for the same product.

In summary, the correct answer to this question is option B, which states that price discrimination exists when the same product of the same quality is sold for different prices to different buyers.

Correct Answer: C. deficit budget

Explanation

A budget deficit is the annual shortfall between government spending and tax revenue. The deficit is the annual amount the government need to borrow to balance up the budget. When the government borrows, it offers to pay interest payment to those who the money was borrowed. The deficit is also funded by selling government bonds to private sector to do this, the government offers to pay an interest payment to those who buy the bonds. The interest rate attracts investors to lend the government money

Explanation

(a) Economic integration is a form of international cooperation among nations to foster their economic interests. There are different levels of economic integration such as free trade area, custom's union, common market and economic union.

(b) The problems of economic integration include the following:

(i) Uneven development among West African nations creates fear and suspicion of domination.

(ii) There are differences in economic and political ideology which delay decision making process.

(iii) There is divided loyalty to former colonial masters and the union may hamper effective integration.

(iv) There are fiscal and monetary differences among the nations in West Africa.

(v) Inadequate infrastructural facilities such as roads and telecommunication are one of the major problems.

(vi) Absence of large and developed markets among member nations are among the problem.

(vii) Political instability in the region has slowed down the pace of economic integration.

(viii) The members feel reluctant to surrender their economic independence.

(ix) There is inadequacy of capital within the region.

(x) Language barrier also affects economic integration.

Correct Answer: B. job seekers lack information where jobs exist

Correct Answer: C. output method

Correct Answer: B. perfect market