Correct Answer: B. sells its shares to members of the public

Explanation

A public joint stock company is a business association engaged in a business for profit making, with ownership interests represented by sales of shares/stock to the public. This business entity has share capital divided into shares of equal nominal value

Correct Answer: A. paying the wages of farmers

Explanation

Government through its agencies relative to agriculture promote local agricultural products, provide food safety and inspection services, soil conservation and environmental protection. State policies regulate the production, transportation, processing, and marketing of commodities. Paying the wages of farmers is not part of government role in encouraging agric development. Farmers get their rewards from the sales of agricultural produce.

Correct Answer: B. cooperative loans

Explanation

In a joint stock company, funds are raised through the issue of shares and reinvestment or earnings, Borrowed funds which consist of the finance raised from debenture holders, public deposits, financial institutions and commercial banks. cooperative loans are only given to members of a corporative society. It is not a one of the sources of joint stock company

Correct Answer: C. under populated

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: B. nationalized industries

Explanation

The public sector is made up of the part of an economy that is controlled by the state or government and this include nationalized industries. Nationalized industries are formerly private owned companies that were converted to government owned industries. Nationalization or nationalisation, is the process of transforming private assets into public. Since nationalized industries are state owned, the government is responsible for meeting any debts.

Explanation

(a) D = TU\(_4\) = TU\(_3\) + MU\(_4\) = 42 + 12 = 54

E = TU\(_7\) = TU\(_6\) + MU\(_7\) = 75 + 0 = 75

F = MU\(_2\) = \(\frac{TU_2 - TU_1}{2 - 1}\) = \(\frac{29 - 25}{1}\) = 14

G = MU\(_5\) = \(\frac{TU_5 - TU_4}{5 - 4}\) = \(\frac{65 - 54}{1}\) = 11

H = MU\(_6\) = \(\frac{TU_2 - TU_1}{6 - 5}\) = \(\frac{75 - 65}{6 - 5}\) = 10

OR F = MU\(_2\) = TU\(_2\) - TU\(_1\) = 29 - 15 = 14

(b) To draw the demand curve there must be information on both quantities and prices. In equilibrium MU = P, therefore the marginal utility column represents prices.

(c) According to the law, marginal utility falls when quantity consumed increases

In equilibrium MU = P. Therefore, for MU to fail, price must fall to encourage the consumer to consume more. In other words, it is as price falls that quantity demanded increases as shown in the demand curve

Correct Answer: D. P = MR = MC

Explanation

In a perfectly competitive market, the firm's demand curve is the firm's marginal revenue curve. The firm maximizes profits by producing where MR = MC.

Correct Answer: D. can be evaded

Explanation

Direct taxes are are taxes such as income tax, which is levied on the income or profits of the person who pays it, rather than on goods or services. One disadvantage of this type of tax is that payers can evade payment.

Tax evasion is an illegal activity in which a person or a corporation deliberately avoids paying a true tax or under-pays taxes. Some income earners or companies may deliberately refuse to pay taxes, or reduce their taxable income/inflow to smaller amounts in other to pay lesser taxes. This has been a serious problem of direct taxes

Correct Answer: D. zero