Correct Answer: D. An increase in government expenditure

Correct Answer: C) positive and decreasing

Explanation

The question is asking about the relationship between total utility and marginal utility. Total utility refers to the total satisfaction or usefulness that a person gets from consuming a certain quantity of a good or service. Marginal utility, on the other hand, refers to the additional satisfaction or usefulness that a person gets from consuming an extra unit of a good or service.

The question is asking, as total utility is increasing, what happens to marginal utility. The options given are negative and decreasing (Option A), positive and increasing (Option B), positive and decreasing (Option C - which is the correct answer) and zero (Option D).

The correct answer is Option C, which means that as total utility increases, marginal utility decreases but remains positive. This is because as a person consumes more of a good or service, the additional satisfaction or usefulness they get from consuming an extra unit decreases. For example, if a person is hungry and eats a slice of pizza, they would feel very satisfied. However, if they eat another slice of pizza, they would still feel satisfied but not as much as they did after the first slice.

It is important to note that marginal utility can eventually become negative if a person consumes too much of a good or service. This is because the additional consumption beyond a certain point can lead to dissatisfaction or even harm.

To summarize, as total utility increases, marginal utility decreases but remains positive. This is because the additional satisfaction or usefulness that a person gets from consuming an extra unit of a good or service decreases.

Correct Answer: A. of consumer's wants arrange in order of importance

Explanation

(a) Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.

b)(i)Opportunity cost:- This is the alternative forgone or sacrificedany time an individual makes a choice.It is the expression of cost in terms of forgone alternative.

(ii)Scale of preference:-This is the list of the wantsof an individual in order of prioritystarting with the most important to the least important.

(iii)Production possibility curve:- This is a curve that shows the possible combinations of two commodities that can be produced in an economy with the available resources and technology.

(c)(i) It helps to solve the basic economic problems of the society.

(ii) It helps in making rational choices by drawing scales of preference.

(iii) It helps to promote welfare by emphasizing opportunity cost.

(iv) It gives intellectual training on economic problems by training the mind to reason logically.

(v) It helps to predict economic trends in an economy with some level of precision.

(vi) It is useful in the study of other disciplines like engineering, business administration etc.

(vii) It helps the individual to understand the economic policies of government e.g. budget.

(viii) It helps individuals to acquire skills which are useful in various jobs and professions.

Correct Answer: C. only the capital invested

Correct Answer: B. Marginal product equals average product at the minimum point of the latter

Correct Answer: C. leads to growth and development

Correct Answer: C. Privatization

Explanation

(a)(i)Primary production: This involves the extraction of raw materials in their natural form from land, sea and air e.g. products from agriculture, mining,quarrying, fishing

(ii)Secondary production: This entails the conversion of basic raw materials or semi-finished commodities to their final forms that are acceptable to the consumers, i.e. the raw materials extracted from soil and sea are processed and transformed into garri, clothes, houses, motor cars etc.

(iii)Tertiary production: This type of production includes commercial and professional services. All those who provide commercial services such as wholesalers, retailers and transporters are involved in the tertiary production. It also includes persons who perform direct or professional services such as doctors, lawyers and barbers.

(b)(i) inadequate capital

(ii) low technology

(iii) shortage of relevant skills

(iv) inadequate infrastructure

(v) inadequate entrepreneurial capacity

(vi) small market size

(vii) lack of research support to push the

secondary and tertiary sectors

Correct Answer: A. sum of the prices