Correct Answer: C. wholesalers, retailers and hawkers

Correct Answer: C. agriculture

Explanation

Developing countries are characterized by a large percentage of the labour force engaged in agricultural activities. These are countries with low per capita income and a high number of poor people. These poor persons are predominantly found in the agricultural sector.

Explanation

Agricultural productivity is low in my country, Nigeria for the following reasons:

(i) The use of crude implements does not allow for increase in output.

(ii) Land tenure and land fragmentation makes availability of land for farming cumbersome.

(iii) Inadequate credit facilities to farmers makes commercial or large scale farming difficult.

(iv) There is the problem of inadequate infrastructural facilities for storage and transportation e.g. feeder roads.

(v) Inadequate attention is paid to research and extension services.

(vi) The weather/climate sometimes reduces the level of output, e.g. during periods of low rainfall.

(vii)There is the problem of poor agricultural pricing policy. Unstable prices affect the morale of farmers to increase output.

(viii) The destructive activities of pests and grazing animals destroy farmlands and lower productivity.

(ix) Agriculture is prone to natural disasters and this always affects productivity.

(x) Political/social instability in the country affects agricultural activities as farmlands are usu-ally destroyed during communal clashes. This leads to low agricultural productivity.

Correct Answer: D. add net factor income from abroad

Explanation

By adding to its net factor income from abroad, we get NNPFC which is callednational income.

Correct Answer: B. they render personalized services to the consumers

Correct Answer: D. total revenue

Correct Answer: A. taxation and government expenditure

Explanation

(a) (i) VC = TC - TFC, TFC = $40

VC\(_2\) = 100-40 = $60

VC\(^4\) = 140-40 = $100

VC\(_6\) = 180-40 = $140

(ii) ATC\(_2\) = \(\frac{TC}{Q}\)

ATC\(_2\) = \(\frac{100}{2}\) = $50

ATC\(_3\) = \(\frac{120}{3}\) = $40

(iii) MC = \(\frac{\DeltaTC}{\Delta Q}\)

MC\(_4\) = \(\frac{TC_4 - TC_3}{Q_4 - Q_3}\) = \(\frac{140- 120}{1}\) = $20

MC\(^6\) = \(\frac{TC_6 - TC_5}{Q_6 - Q_5}\) = \(\frac{180- 160}{6-5}\) = $20

(b) (i) Profit = Total Revenue - Total Cost

=TR-TC

TR = Price x Quantity

= P x Q

When 2 units are sold,

Profit = ($40 x 2) - $100

= $80 - $100

= -$20 (Loss)

(ii) When 4 units are sold,

Profit = ($40 x 4) - $140

= $160 - $140

= $20

Correct Answer: A. monopolistic competition

Correct Answer: C. the mainstay of the economy

Explanation

The petroleum industry in Nigeria is the largest on the African continent. As of 2014, Nigeria's petroleum industry contributes about 14% to its economy. It is one of the pillars of the nation's economy.