Correct Answer: B. state command

Explanation

A centrally planned economy, also known as a command economy, is an economic system in which a central authority, such as a government, makes economic decisions regarding the manufacturing and the distribution of products.

Explanation

Functions of wholesalers to the manufacturers are:

(i) The wholesalers provides warehousing facilities to get rid of stockpiling at the production point. Goods are stored here until! they are bought, hence it assures the manufacturers to keep on producing

(ii)The wholesaler purchases goods in bulk from the producer.

(iii) Provision of information to the producer regarding the retailers' and customers' views about the products. The views concern change in taste, fashion and defects.

(iv) They finance production by making prompt payment to the producer.

(v) The wholesaler sometimes brand and package goods from the producers before selling to the retailers.

(vi)Provision of transport:The wholesalers often provide transport needed in distribution. They send their vehicles to collect the goods from the manufacturers.

(vii)Advertisement: They help in carrying out such marketing functions as advertising, packaging and displaying of the products in strategic locations.

(viii) The wholesaler can give credit facilities to the manufacturers.

Correct Answer: A. the debt of a company can only be paid from its own assets

Correct Answer: B. An increase in the proportion of the productively employed population

Correct Answer: D. wages and salaries

Explanation

The largest component of national income is: compensation of employees. (wages and salaries). National income measures: the market value or cost of the resources used in the production of the national output.

Correct Answer: B. N40

Explanation

The Average Cost is the per unit cost of production obtained by dividing the total cost (TC) by the total output (Q). Thus we have; Average cost = Total cost ÷ Total output(quantity) Total cost = fixed cost + variable cost Average cost = 500 + 1500 ÷ 50 2000 ÷ 50 = 40

Correct Answer: B) monopoly

Explanation

This question is asking about the conditions under which a market can be considered a monopoly. The question presents a scenario where the product of one firm in an industry is not seen by consumers as a direct replacement for the product of another firm in the same industry. In this situation, the correct answer is Option B: monopoly.

A monopoly is a market structure in which there is only one supplier of a good or service, giving the supplier complete control over supply and price. When there are no close substitutes for a product, consumers are forced to either purchase from the monopolist or go without. This allows the monopolist to charge higher prices than they would be able to in a competitive market.

It is important to note that the other options presented in the question are also market structures. Perfect competition is a market structure where there are many small firms producing goods that are perfect substitutes for each other. Monopolistic competition is a market structure where there are many small firms producing similar but not identical products. Oligopoly is a market structure where a few large firms dominate the market.

Understanding market structures is important in economics because it helps us understand how markets operate and how firms behave in different competitive environments.

Correct Answer: A. refining and distribution

Correct Answer: A. spends his income to maximize satisfaction

Explanation

(a) Public debt is the total amount owed by a country which is made up of internal and external debts.

(b)(i) To finance emergencies like flood, earthquakes etc.

(ii) To finance wars.

(iii) To service loans.

(iv) To finance huge capital projects.

(v) To finance balance of payments deficit.

(vi) To support a country’s budget.

(c)(i) A large external debt can make a country susceptible to the whims and caprices of external creditors.

(ii) If a large internal debt is sustained by high rate of interest, it will reduce private investment that is needed to accelerate growth and development.

(iii) A large domestic debt will influence the distribution of income in a country

(iv) Reduced availability of foreign exchange.

(v) The servicing of an external debt will involve an outflow of resources which can otherwise be used for economic development.

(vi) Servicing of debt will limit the government’s ability to provide social capital.