Correct Answer: D) former does not require any of the country to have absolute advantage in any of the two goods but latter require that one of the countries should have absolute advantage in at least one of the goods

Explanation

This Economics question is asking about the differences between the law of comparative cost and absolute cost advantage. The options provide different statements about these differences, and we are to choose the correct option.

Option A says that the former requires that one of the countries has absolute advantage in both goods, while the latter does not. This is incorrect because the law of comparative cost does not require that one country has absolute advantage in both goods.

Option B says that the former requires one country to have at least absolute advantage in one of the trading goods over the other country, while the latter does not. This is also incorrect because the law of comparative cost does not require absolute advantage in any of the goods.

Option C says that the former does not require any of the country to have absolute advantage in any of the two goods, but the latter requires that one of the countries should have absolute advantage in all the goods. This is incorrect because the law of absolute cost advantage does not require absolute advantage in all the goods.

Option D is the correct answer. It says that the former does not require any of the country to have absolute advantage in any of the two goods, but the latter requires that one of the countries should have absolute advantage in at least one of the goods. This means that while the law of comparative cost does not require absolute advantage, the law of absolute cost advantage requires at least one country to have absolute advantage in one of the goods.

In summary, the key difference between the law of comparative cost and absolute cost advantage is that the former does not require absolute advantage in any of the goods, while the latter requires at least one country to have absolute advantage in one of the goods.

Correct Answer: C. output-labour ratio

Correct Answer: D. unplanned purchases

Correct Answer: A. increasing cost of production

Explanation

Increase in the cost of production would lead to a rise in prices. And this has been a major cause of inflation in Nigeria, as plenty money would be used to purchase very few goods

Correct Answer: C. variable cost

Explanation

Variable cost has a positive relationship with output in such a way that if a firm produces more output, the variable cost will be greater, and if a firm produces no output, then the variable cost will be zero. The variable cost depends on the level of output.

Correct Answer: C. provide welfare service for the people

Correct Answer: A. in front of the retina

Correct Answer: D. economic development

Explanation

(a)A tax is a compulsory payment made by each eligible citizen to the government. The purpose of tax is to raise revenue for the government.

(b) The various tax systems are:

(i) Progressive tax system:This is a form of tax in which tax rate increases as income increases. It takes a larger percentage of income from people with larger incomes. A progressive tax reduces inequality of income distribution. A good example is the PAYE.

(ii) Proportional tax systems: The rate of tax is the same irrespective of the level of income. If a tax leads to both the rich and the poor paying the same proportion or percentage of their incomes as tax, then the tax is called a proportional tax.

(iii) Regressive tax: The higher the income, the lower is the rate of tax. In this type of taxation, a poor person pays a higher proportion of his income. Regressive tax is considered as unfair to the poor, e.g. poll tax.

Correct Answer: B. commodities to consuming centres