Correct Answer: D. occupational distribution

Explanation

Occupational distribution of labour refers to the aggregate distribution of occupations in society, classified according to skill level, economic function, or social status. It is simply grouping of individuals based on the economic activities they are involved in.

Explanation

Distinction between a perfect market and a monopolistic market are:

(i) A perfect market is characterized by many buyers and sellers while in a monopoly market, there is only one or single producer or supplier of a particular commodity and many buyers.

(ii) In a perfect market, price and quantity are determined by the interaction of the Pri forces of demand and supply whereas in a monopoly market, price and quantity are determined by the producer, i.e., the producer has the power to influence either price or output in his favour.

(iii) There is free entry as well as exit in a perfect market while entry and exit are restricted in the monopoly.

(iv) Monopolists are able to discriminate due to different elasticities of demand for their products in different markets whereas this is absent in a perfect market because there is perfect elasticity of demand.

(v) There is homogeneity of products in a perfect market while in a monopolistic market this is not so.

(vi) There is under utilization of resources under monopoly and duplication of resources under perfect competition.

(vii) In a perfect competition there is perfect knowledge of the market situation whereas it is not true of monopoly.

(viii) The equilibrium level in a perfect competition is where MC = MR = P whereas in a monopoly, price is higher than MC and MR.

Correct Answer: B. Buyers and sellers are price takers

Explanation

A monopoly market is characterized by the profit maximizer, the seller is the price maker, high barriers to entry, single seller, and price discrimination.

Correct Answer: D. decreasing

Explanation

(a)Subsistence farming: This is when the farmer produces for his family and hardly has any remainder for sale.

(b) Co-operative agriculture: farmers group themselves into co-operatives with the aim of enjoying the benefits of their co-operation in farming.

(c) Plantation agriculture: involves large scale farming of tree crops like oranges, cocoa, kolanuts. It is usually capital intensive.

(d) Mechanized agriculture: This is a large scale method of farming which involves the use of heavy equipment like tractors, harvesters etc. It is usually capital intensive.

(e) Peasant farming: This is a small scale farming by peasant farmers. It is usually owned and managed by Individual farmers. It is characterized by low capital base

Correct Answer: B. where the cost of production will be minimized

Correct Answer: A. David Ricardo

Explanation

David Ricardo developed the classical theory of comparative advantage in 1817 to explain why countries engage in international trade even when one country's workers are more efficient at producing every single good than workers in other countries.

Correct Answer: B. At least one of the firm's input is fixed

Correct Answer: D. price floor

Explanation

Minimum price is often called price floor and it is fixed by the government to protect the producer or seller. Minimum price is set above the equilibrium price and when this occur, there will be excess supply over demand i.e surplus.

Correct Answer: A. product inefficiency

Explanation

Point 'E inside the graph indicates it is technologically inefficient , Underemployed or wide spread unemployment or resources are not fully utilized or production inefficient