Correct Answer: C. vertical

Explanation

The total fixed cost curve is vertical. This is because the total fixed cost does not change with the level of output.

Fixed costs are costs that do not vary with the level of output. These costs are incurred regardless of how much output is produced. Examples of fixed costs include rent, insurance, and depreciation.

The total fixed cost curve is a graph that shows the relationship between total fixed cost and the level of output. The curve is vertical because the total fixed cost does not change with the level of output.

Correct Answer: A. retailers

Explanation

Retailers are businesses that sell goods directly to consumers, whether through physical stores or online platforms. They offer a wide range of products from various manufacturers and wholesalers, making them easily accessible to consumers. Retailers create a convenient and engaging shopping experience, allowing consumers to browse, compare, and purchase goods in one location.

Correct Answer: D. external economies of scale

Explanation

A small scale firm located within an industrial estate will enjoy external economies of scale. This is because the firm will be able to benefit from the shared infrastructure and services that are available in the industrial estate.

External economies of scale are cost savings that are enjoyed by firms as a result of the growth of the industry as a whole. These savings can be realized through the sharing of infrastructure, such as roads, water, and electricity, and the pooling of resources, such as research and development.

In addition, the firm may also be able to benefit from the clustering of firms in the industrial estate. This clustering can lead to increased competition, which can drive down prices and improve the quality of products and services.

Correct Answer: C. an increase in revenue

Explanation

A fall in the price of a normal commodity which has elastic demand will result in an increase in revenue. This is because elastic demand means that consumers are very responsive to changes in price. When the price falls, consumers will buy more of the commodity, which will increase the total revenue.

Explanation

GDP is the total money value of all final goods and services produced within the geographical boundaries of the country during a year. This is calculated at market prices and is known as GDP at market prices. GDP is used to measure the rate of growth in an economy. Exports are included in the GDP while imports are excluded. GDP is calculated as:

GDP = GNP - Net Income from abroad

Where: net income from abroad is the difference between exports and imports i.e. (X M and it is also known as Net factor income from abroad net foreign investment net property income from abroad.

GDP = NDP + Depreciation

GDP = C + I+ G

Where C = Consumption, I = Investment and G = Government expenditure

b.

Output Approach Also known as value added basis. In this method national income is measured in terms of the monetary value of goods and services produced in the country i.e the value of output (Sales) less cost of inputs. It measures national output called gross domestic products in terms of the values added by each of the sectors of the economy.

The outputs can be grouped into certain product categories corresponding to industries or to sectors such as the primary sector, secondary sector and the tertiary sector. When the output approach is used, one problem arises. This is known as the problem of double counting. It arises due to the fact that the industry's output is often the input of another industry. This is why when we add up the values of all sales, the same output is counted again and again as it sold by one firm to another. This problem is avoided by using the concept of value added which is the difference between output value and input at each stage of production.

c.

- No accurate records for expenditure are kept especially in the private sector

- expenditure for the subsistence sector can only be mere approximations are due to lack of records in the sector

- differentiating between final expenditure and intermediate expenditure may be difficult

- it suffers the problem of double counting

- fluctuating exchange rates may pose challenges especially in valuation of exports and imports.

Correct Answer: B. is more efficient than country N in producing both commodities X and Y

Explanation

Country M enjoys absolute advantage over country N in the production of commodities X and Y if country M is more efficient than country N in producing both commodities X and Y.

Absolute advantage refers to the ability of a country to produce a good or service using fewer resources than another country. In this case, country M is able to produce both commodities X and Y using fewer resources than country N. This means that country M can produce more of both commodities with the same amount of resources, or it can produce the same amount of both commodities with fewer resources.

Explanation

ai. Money cost is the actual amount of money spent on a good or service while opportunity cost is the value of the next best alternative forgone in order to obtain that good or service.

For example, Ade has #50 and he is to buy a pair of trouser and a T-shirt. If he decides to buy the trouser, his opportunity cost is the T-shirt he did not buy while the money cost is the #50 he used in buying the trouser.

aii. A normal good is a good for which demand increases as income increases while an inferior good is a good for which demand decreases as income increases.

bi. The scale of preference assists individuals by allowing them to rank their wants in order of importance and allocate their resources accordingly. This ensure that they spend their limited resources on the most important wants first.

bii. The scale of preference helps firms in determining which goods and services to produce first, based on consumer demand. This ensures that they produce goods that are most in demand, maximizing profit.

biii. The scale of preference assists governments in allocating resources to the most important needs first, such as infrastructure, healthcare, and education, in order to maximize the welfare of society.

Correct Answer: D. frictional unemployment

Explanation

The government is mainly trying to solve the problem of frictional unemployment when job vacancies are publicized.

Frictional unemployment is the unemployment that occurs when people are between jobs. This can happen when people are changing jobs, when they are new to the labor market, or when they are re-entering the labor market after a period of unemployment.

Publicizing job vacancies can help to reduce frictional unemployment by making it easier for people to find jobs. This is because it increases the visibility of job opportunities and makes it easier for people to match their skills and experience with the needs of employers.

Correct Answer: A. 7

Explanation

The median mark is the middle mark when the marks are arranged in ascending order. First, let's arrange the marks in ascending order: 5, 6, 7, 7, 7, 8, 8, 9, 9

Since there are 9 students, the median mark is the average of the 4th and 5th marks. The 4th mark is 7 and the 5th mark is also 7, so the median mark is 7.

Therefore, the answer is 7.

Correct Answer: D. price inelastic

Explanation

If the demand for a commodity remains constant as price increases, the commodity is said to be perfectly price inelastic. This means that the quantity demanded of the commodity does not change at all in response to changes in price.

Price elasticity of demand is a measure of how responsive the demand for a good or service is to changes in its price. It is calculated as the percentage change in quantity demanded divided by the percentage change in price.

A perfectly price inelastic good has an elasticity of demand of 0. This means that the quantity demanded does not change at all in response to changes in price.