Correct Answer: C. diseconomies of scale

Explanation

The long-run average cost (LRAC) curve shows the firm's lowest cost per unit at each level of output, assuming that all factors of production are variable. As long as the LRAC curve is declining, then internal economies of scale are being exploited. If LRAC is falling when output is increasing, then the firm is experiencing economies of scale. If it is rising, it means the firm is experiencing diseconomies of scale.

Correct Answer: A. a change in supply

Explanation

A change in quantity supplied is a movement along the supply curve in response to a change in price, while a change in supply is a shift of the entire supply curve in response to something besides price. From the question, the price was the same when the quantity supplied changed from 100 units to 120 units. This means the reason for the movement or shift is not because of a change in price, but due to other factors. Hence the correct option is option A. It means a change in supply is the reason for the movement.

Correct Answer: C. the central planning authority

Correct Answer: C. Mining industry

Explanation

Primary products are goods that are available from cultivating raw materials without a manufacturing process. Significant primary product industries include agriculture, fishing, mining and forestry. Examples of primary products are: oil, water, fish, fruit, crops, wood etc

Explanation

The efficient functioning of the Economic Community of West African States (ECOWAS) will hasten the economic growth of its member states in the following ways:

(i) There will be reduction in the rate of unemployment as labour will be freely mobile.

(ii) There will be potentials for development of other agencies and organs which will further increase employment opportunities.

(iii) There will be a more efficient allocation of resources when they are harnessed together and put into proper use.

(iv) There will be a larger market for the goods produced within the region.

(v) There will be greater volume of trade as trade barriers will be removed among member states

(vi) More capital could be attracted when the member countries come together as one large unit.

(vii) Members producing the same or identical goods can form cartels or monopolies and obtain better bargaining or deals from other countries outside its membership.

Correct Answer: C. sellers are to a change in price

Explanation

Price elasticity of supply or demand measures the responsiveness to the supply of a good or service after a change in its market price.

Correct Answer: A. The real value of any amount saved falls over time

Explanation

Because during inflation, much money is used to buy few goods. The value of money drops and the need to satisfy an individual's want rises. Money spent in buying basic goods increase

Correct Answer: A. loans and overdrafts

Correct Answer: A. control and supervise is under one man

Correct Answer: B. capital intensive