Explanation

(a) Money is any commodity which is generally acceptable in payment for goods and services and for the settlement of debts.

(b)(i)Portability: - money should be easily carried from one place to the other

(ii)Homogeneity:- money must be the same size, weight and colour.

(iii)Acceptability:- money must be generally acceptable.

(iv)Recognisability/cognisability:- money should be easily recognised by the people.

(v)Relatively scarce:- Money should be relatively scarce i.e. it must be limited in supply.

(vi)Durability:- the material used as money must be able to last long.

(vii)Stability:- the value of money must be relatively stable over a period of time.

(viii)Intrinsic value:- the material used as money must not have value higher than the face value of money.

(ix)Divisibility:- money must be capable of being divided into smaller units.

(c)(i)As a measure of value/unit of account:- During inflation, prices rise rapidly so money loses value. Therefore money ceases to be a good measure of value as its value becomes unstable.

(ii)As a standard for deferred payments: - Goods sold on credit are paid for in future with money. During inflation, this function is affected as money loses value with time. Credit sales are discouraged.

(iii)As a store of value: - During inflation, money stored or kept now will lose value in future. So people prefer to store their wealth in other forms.

(iv)As a medium of exchange:-During inflation, money loses its value. People lose confidence in money and may prefer other commodities as medium of exchange.

Correct Answer: A. promote free trade within member nations

Correct Answer: D. National Youth Service Corps

Correct Answer: C. ordianry shares

Correct Answer: A. at P2 range

Explanation

(a)Commodity money is any product that can be used as a means of payment but which is valuable in its own right e.g beads

(b)(i) The problem of double coincidence of wants made trade difficult and time wasting.

(ii) Many goods used in barter trade cannot be divided into smaller units.

(iii) Problem of exchange rate makes it difficult to determine how many of one commodity was to be exchanged to another commodity.

(iv) Under barter, there was little room for borrowing and lending because exchange was based on need.

(v) Goods used were bulky and conveyance was difficult

(vi) Some goods are perishable and so savings was difficult, making storage of wealth difficult and discouraging large scale production.

(c)(i) Money has solved the problem of double coincidence of wants i.e with money you can buy all you want or sell what you have at any time.

(ii) With money, payment for a commodity can be deferred to a future date.

(iii) Money saves time and energy as you no longer have to search for somebody to exchange your commodity with.

(iv) With money, it is possible and easier to store wealth, making room for large scale production.

(v) Money has solved the problem of bulkiness since modern money can be carried around easily.

(vi) Money has created a standard unit of measurement making borrowing and lending easier in the economy.

(viii) Because money has several denominations, it has solved the problem of indivisibility associated with commodity money e.g cattle.

Correct Answer: C. capital

Correct Answer: D. marginal cost curve cuts the marginal revenue curve from below

Explanation

A firm is said to be in equilibrium when it satifies the following conditions: - the first conditon for the equilibrium of the firm is that its profit should be maximum - Marginal cost should be equal to marginal revenue - Marginal cost must cut Marginal revenue from below

Correct Answer: D) GDP/working population

Explanation

The question is asking about GDP per capita, which is a measure of the average economic output per person in a country. The options provide different ways to calculate GDP per capita.

Option A suggests that GDP per capita is calculated by dividing GDP by the labour force. However, this is incorrect because the labour force only accounts for those who are employed or seeking employment, and does not include those who are not in the labour force, such as students, retirees, and homemakers.

Option B is the correct answer. GDP per capita is calculated by dividing the total GDP of a country by the total population. This provides a more accurate measure of the economic output per person in a country.

Option C suggests that GDP per capita is calculated by dividing GDP by the unemployed population. This is incorrect because the unemployed population only accounts for a portion of the total population, and does not include those who are employed or not seeking employment.

Option D is also incorrect. Although it is similar to Option A, it suggests that GDP per capita is calculated by dividing GDP by the working population, which still does not account for those who are not in the labour force.

In summary, Option B is the correct answer for calculating GDP per capita, and it is calculated by dividing GDP by the total population of a country.

Correct Answer: B. $ 180.00

Explanation

The contribution of the mining sector = 60% x 540 = 324