Correct Answer: A. less of the other goods is produced

Explanation

A production possibility curve (PPC) is a curve which shows various combinations of the amounts of two goods which can be produced within the given resources. It shows that, as a firm produces more of a particular good, less of the other combination would be produced. For instance, if two different products say X and Y are meant to be produced from a particular raw material, if the producer produces more of commodity X from the available material, the materials used in the production of commodity Y would be less. The producer can decide to produce equal amount of each product, but if more of one is produced, less of the other product would be produced.

Correct Answer: B. concept of economies of scale

Explanation

Economies of Scale refer to the cost advantage enjoyed by a firm when it increases its level of output. An increase in the level of output indicates the growth and expansion of a firm. This happens when costs are spread over a larger number of goods.

Explanation

Types of agricultural systems that exist in West Africa are as follow:

(i) Peasant farming system:This involves the cultivation on a small scale acres of land. Farms are small units owned by individual families. This is also referred to as subsistence agriculture because it is the production of agricultural products for direct consumption by the producers and their families. This system impedes mass agricultural production.

(ii) Plantation farming: This is large scale farming on plantation or estate. This system of agriculture allows for a high degree of mechanization and other aspects of modernization. Capital intensive methods are often employed. Such crops planted on plantation farming include cocoa, tea, cotton, rubber and sugar cane. Moor-plantation in Ibadan is an example of modern agricultural practice. It could be owned by individuals or government.

(iii) Mechanized farming: This involves the extensive use of machines and other types of advanced mechanical devices in agricultural production. Mechanized agriculture ensures large scale production because human labour is replaced with that of machine such and tractors, harvesters, incubators etc.

(iv) Co-operative farming:This is a type in which co-operators may own a large expanse of cultivable land together and work and share the product of their labour. This type of farming is adopted in order to obtain loans and aids from government. This system also allows for mechanization.

Correct Answer: B. wholesaler

Correct Answer: A. promoting co-operation and integration

Explanation

The Economic Community of West African States (ECOWAS) was formed to promote cooperation and integrate member state to accelerate economic growth and development in West Africa.

Correct Answer: D. supply and demand in the factor markets

Explanation

Factors that should motivate a producer to supply more of a commodity are:

(i)Price of the commodity.The higher the price, the higher the quantity supplied

(ii)Technology: An improvement in technology which results in the reduction of .cost of production leads to an increase in the quantity of the commodity supplied

(iii) Cost of production: A decrease in the cost of production ensures that a larger quantity will be produced and supplied.

(iv) Government policy:Subsidy given to farmers, in terms of free importation of equipment will affect supply.

(v)Weather: If the weather of a particular area is favourable at a particular period, more agricultural products will be produced and their supply to the market will increase

(vi) Prices of other commodities: The supply of a commodity will be affected if the prices of other commodities rise. An increase in the price of a commodity will encourage more production of other commodities.

Correct Answer: A. food sufficiency

Explanation

They major aim of agriculture in Nigeria is to provide food for the inhabitants of the nation (food security and sufficiency) and export excess to other countries and to provide rural dwellers and farmers with extension services, agricultural support and rural development services

Correct Answer: B. provide loans for infrastructural development

Correct Answer: A. reducing average cost as production increases

Explanation

As long as the Long run average cost 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.