Correct Answer: C. marketing economies

Explanation

Marketing economies of scale is an advantage of large firms, which have a lower unit cost for advertising and promotion than small firms. A large firm can buy raw materials in bulk, produce in large quantities and distribute to many areas where they are required.

Correct Answer: B. protect infant industries

Explanation

ai. Money cost is the actual amount of money spent on a good or service while opportunity cost is the value of the next best alternative forgone in order to obtain that good or service.

For example, Ade has #50 and he is to buy a pair of trouser and a T-shirt. If he decides to buy the trouser, his opportunity cost is the T-shirt he did not buy while the money cost is the #50 he used in buying the trouser.

aii. A normal good is a good for which demand increases as income increases while an inferior good is a good for which demand decreases as income increases.

bi. The scale of preference assists individuals by allowing them to rank their wants in order of importance and allocate their resources accordingly. This ensure that they spend their limited resources on the most important wants first.

bii. The scale of preference helps firms in determining which goods and services to produce first, based on consumer demand. This ensures that they produce goods that are most in demand, maximizing profit.

biii. The scale of preference assists governments in allocating resources to the most important needs first, such as infrastructure, healthcare, and education, in order to maximize the welfare of society.

Explanation

West African countries can promote indigenous industries by:

(I) Greater reliance on domestic raw materials.

(ii) Research and application of research results.

(iii) Making capital easily available for indigenous industrial promoters.

(iv) More development of entrepreneurial and managerial skills.

(v) Political stability / policy stability.

(vi) Better work attitudes.

(vii) Development and expansion of market for locally made products .

(viii) Higher level of productivity that will lead to higher level of savings and greater capital formation

(ix) Greatly improved social and economic infrastructure

(x) An enabling environment: A legal, social and cultural environment that not only enables but also motivates indigenous industries must be in place.

Correct Answer: B. parallel to the price axis

Explanation

When the coefficient of price elasticity of demand is equal to zero, it means demand is perfectly inelastic. This means that demand for a good does not change in response to price

Correct Answer: A. prevent a foreign goods

Correct Answer: D. To buy foreign goods for sale in their country

Correct Answer: D) an increase in both market supply and market demand may not result in a change in equilibrium price and quantity

Explanation

This Economics question is asking which option among the given options is not correct. The options are presented in a list format.

Option A states that any point inside the production possibility curve indicates unemployment or underemployment. This is a correct statement because the production possibility curve represents the maximum output that can be produced using the available resources. Any point inside the curve indicates that the resources are not fully utilized, which can be due to unemployment or underemployment.

Option B states that increases in the price of a commodity leads to a fall in the demand for its substitute. This is a correct statement because when the price of a commodity increases, consumers tend to switch to its substitutes. This results in a decrease in the demand for the commodity.

Option C states that the fixing of price above the equilibrium price level leads to a surplus of the commodity. This is a correct statement because when the price is fixed above the equilibrium price level, the quantity supplied exceeds the quantity demanded, resulting in a surplus.

Option D is the correct answer because it states that an increase in both market supply and market demand may not result in a change in equilibrium price and quantity. This statement is not correct because an increase in both market supply and market demand will result in a shift in the equilibrium quantity and price. The new equilibrium point will be where the new supply and demand curves intersect.

In summary, the correct answer to this question is option D. To further understand these concepts, students can read more about demand and supply, equilibrium, and production possibility curve in their Economics textbooks.

Correct Answer: D. poor identification of projects

Explanation

common constraints on development are high economic poverty, hunger, high mortality rates, unsafe water supplies, poor education systems, corrupt governments, war, and poor sanitation.

Correct Answer: D. demand for his products is completely elastic