Correct Answer: A. complementary supply

Explanation

The supply of light could be met using a candle, lantern, and gas lamp is an example of joint supply. This is because the three products are produced together and cannot be produced separately.

In joint supply, two or more products are produced from the same input. The products are said to be jointly supplied because they are produced simultaneously and cannot be produced separately.

For example, in the case of the supply of light, the three products are candles, lanterns, and gas lamps. These products are produced from the same input, which is fuel. The products cannot be produced separately because they all require fuel to be produced.

Correct Answer: C. redistribute income

Correct Answer: A. Outward shift in the budget line

Explanation

(a) Subsistence farming is a system of farming in which crops and livestock are raised for the farmer's family consumption and not for sale.

(b) Crop farming is the cultivation of both food crops such as plantain, cassava and cash crops such as cocoa, oil palm etc while livestock farming involves the rearing of animals e.g poultry, sheep, and goats.

(c)(i) Granting easy credit to farmers to expand their farms

(ii) Improving the land tenure system and ensuring easy access to land

(iii) Provision of adequate infrastructure such as roads and utilities in the farming areas

(iv) Expanding agricultural extension services to educate farmers on modern farming techniques.

(v) Promotion of all year round cultivation through the provision of irrigation schemes.

(vi) Improving agricultural marketing through the introduction of guaranteed prices

(vii) Providing subsidies on agricultural inputs so that farmers can afford them

(viii) Measures to minimize insect and pest infestation to reduce post-harvest losses

(ix) Provision of storage facilities such as silos and refrigeration equipment

(x) Introduction of high-yielding and improved seeds through research

(xi) Introduction of improved tools and implements through mechanization and modern techniques.

(xii) Organisation of agricultural fairs to make agriculture more attractive.

Correct Answer: C) equal to 1

Explanation

This question is asking about the relationship between MPS (marginal propensity to save) and MPC (marginal propensity to consume). MPS is the proportion of additional income that a person saves, while MPC is the proportion of additional income that a person spends. The question is asking for the sum of these two proportions.

The answer is Option C: the sum of MPS and MPC is equal to 1. This is because all income must either be saved or spent, so the sum of the proportions that represent these actions must be equal to 1. For example, if someone saves 20% of their income (MPS = 0.2), then they must spend 80% of their income (MPC = 0.8), which adds up to 1.

Understanding MPS and MPC is important because they are key concepts in Keynesian economics, which emphasizes the importance of government intervention to stimulate demand during times of economic downturns. By understanding how people will react to changes in their income (either by saving more or spending more), policymakers can make decisions about how to best allocate government spending or adjust taxes.

To learn more about MPS and MPC, please refer to your Economics textbook or other recommended resources.

Correct Answer: D. 40 per cent

Correct Answer: B. overcome unforseesn contigencies

Correct Answer: C. Quantity demanded will increase

Correct Answer: C. average cost multiplied by variable costs

Correct Answer: B. expenditure approach