Correct Answer: B) there will be surplus of the product in the market

Explanation

This question is asking what will happen when the government sets a price ceiling of ?30 per unit on a product whose real market price is ?20 per unit. A price ceiling is the maximum price allowed for a product to be sold in the market.

The correct answer is option B, which states that there will be a surplus of the product in the market. This is because the government's price ceiling is set higher than the real market price, so producers will be encouraged to produce more of the product, while consumers will be discouraged from buying as much due to the higher price. This results in an excess supply of the product, which can lead to a surplus in the market.

Option A is incorrect because people will not buy the product at ?30, as the real market price is only ?20. Option C is also incorrect because the price ceiling will be effective in limiting the price at which the product can be sold, but it may have unintended consequences such as a surplus. Option D is also incorrect because the government cannot put a price ceiling below the equilibrium price, as this would lead to a shortage in the market.

This question highlights the concept of price ceilings and their impact on the market. It is important to note that while price ceilings may be intended to help consumers by limiting the price they have to pay, they can have unintended consequences such as surpluses or shortages in the market.

Correct Answer: B. take more from income of the rich

Correct Answer: D. it emplys more than 50% of the total labour force in West Africa

Correct Answer: D. Controlling geographical mobility of labour among the states or regions

Correct Answer: C. perfectly inelastic

Correct Answer: A. Unlimited human wants

Correct Answer: A. labour force

Correct Answer: D. visible exports and visible imports

Correct Answer: C. African Development Bank

Explanation

Despite having about 75% of their labour force in agriculture, West African countries cannot meet their domestic food requirement because of the following reasons:

(i) Climatic conditions vary from area of excessive rainfall to areas of excessive drought. These two types of climatic conditions are detrimental to crop and animal growth.

(ii) The farmers lack requisite technical knowledge and modern skills to raise the standard of farming and agricultural production in their countries.

(iii) West African farmers still use crude implements such as cutlass, hoes etc for farming. They have no opportunity for mechanized farming.

(iv) The sale of products is limited to their immediate environment because of poor transportation and communication systems.

(v) The imbalance in urban- rural economy has led to rural -urban drift. Agriculture has thus been losing its vital labour force without replacing it with mechanization.

(vi) Land tenure system encourages small scale farming. Modern agriculture is difficult under the existing land tenure system which makes the transfer of ownership of land extremely difficult.

(vii) Pest and diseases reduce the quality and quantity of agricultural products since farmers cannot afford to purchase insecticides.