Chargement....
|
Appuyez et maintenez pour déplacer |
|||
|
Cliquez ici pour fermer |
|||
Question 1 Rapport
Economics problems arise in all societies because
Détails de la réponse
Economics problems arise in all societies primarily because resources are not in adequate supply. This is known as the fundamental economic problem of scarcity. In every society, there are limited resources but unlimited wants and needs. These resources include things like land, labor, and capital, which are necessary for producing goods and services. Since we do not have enough of these resources to satisfy everyone's desires, we face choices about how to allocate them efficiently.
The issue of scarcity leads to other economic problems such as deciding what to produce, how to produce it, and for whom it should be produced. These decisions are made by assessing opportunity costs and considering how to make the best possible use of the limited resources available.
While factors such as lack of proper planning or mismanagement by leaders can exacerbate economic problems, they are not the root cause. The core issue remains the limited availability of resources, compelling societies to prioritize and decide how best to meet the needs of their population.
Question 2 Rapport
The following are rewards for factors of production EXCEPT
Détails de la réponse
Factors of production are the inputs used to produce goods and services in an economy. The main factors of production include land, labor, capital, and entrepreneurship. Each of these factors receives a specific reward or return:
The term subsidy is generally not a reward for factors of production. A subsidy is a financial assistance granted by the government to individuals or businesses to support activities, promote economic growth, or reduce the cost of certain goods and services. It is not directly linked to any of the classical factors of production.
In conclusion, while profit, rent, and interest are returns directly associated with factors of production, a subsidy is not. It serves a different purpose in economic policy.
Question 3 Rapport
Which of the following is NOT a feature of capitalism?
Détails de la réponse
In a capitalist economic system, several features define its characteristics. To understand which of the given options is NOT a feature of capitalism, let's examine each one:
Free Enterprise: This is a fundamental aspect of capitalism. It refers to the freedom of businesses to operate competitively for profit with minimal government intervention. Under free enterprise, individuals and businesses have the right to sell goods and services, decide on investments, and set prices.
Private Ownership of Property: Another core feature of capitalism is the ownership of property by individuals or corporations rather than by the government. In this system, individuals have the right to own assets, resources, and production facilities. They can use, rent, or sell property as they see fit.
Competition: Competition is a driving force in capitalism. It encourages businesses to improve their products and services, enhance efficiency, lower prices, and innovate. Healthy competition is believed to lead to better choices and quality for consumers.
Detailed Economic Planning: This is NOT a feature of capitalism. Detailed economic planning is more characteristic of socialist or centrally planned economies where government agencies set production targets, control resources, and address distribution centrally. Capitalism relies more on market forces and price mechanisms to guide economic decisions rather than detailed and centralized planning.
Therefore, detailed economic planning is the correct answer as it is NOT a feature of capitalism.
Question 4 Rapport
Which of the following is NOT included in-measuring the National income through the income approach?
Détails de la réponse
When measuring national income using the **Income Approach**, the focus is on summing up all the **incomes earned** by individuals and businesses in an economy for providing goods and services. This typically includes wages, profits, rents, and interest received. Let's examine each option:
Question 5 Rapport
When an increase in the price of a commodity lead to a fall In the demand for another, the demand for the two commodities are said to be
Détails de la réponse
Competitive demand refers to a situation where two or more goods are seen as substitutes for each other. When the pric of one commodity increases, consumers tend to shift their demand towards the substitute commodity, resulting in a decrease in the demand for the original commodity.
For example, if the price of coffee increases significantly, some consumers may choose to switch to tea as a substitute. A: a result, the demand for coffee decreases while the demand for tea increases.
Question 6 Rapport
A market situation with few sellers and many buyers is called
Détails de la réponse
The market situation you are referring to is called an oligopoly.
To put it simply, an oligopoly is a market structure where there are only a few sellers, or producers, who dominate the market, while there are many buyers. This creates a situation where the few sellers have significant control over the prices and market dynamics.
This structure is different from a perfect competition, where there are many sellers and buyers, with no single seller having significant market power. It is also different from a duopoly, which specifically refers to exactly two sellers.
The presence of a small number of sellers in an oligopoly leads to competitive strategies where the actions of one seller can influence the actions of others. This often results in strategic collaboration or competition, which affects prices and product offerings.
Question 7 Rapport
From the diagram below, moving from point A to B and from B to c is due to
Détails de la réponse
Opportunity cost is a key concept in economics that refers to the value of the next best alternative forgone when making a choice. It plays a significant role in determining the downward shift in the production possibilities curve (PPC).
The PPC represents the different combinations of two goods or services that an economy can produce given its limited resources and technology. It illustrates the trade-offs that occur when resources are allocated between the production o different goods.
When there is a downward shift or inward shift in the PPC, it indicates a decrease in the economy's productive capacity. This shift can be influenced by several factors, including changes in resource availability, technology, or the efficiency of resource allocation. However, opportunity cost can help explain how these factors lead to a downward shift.
Question 8 Rapport
If the price of commodity X rises and consumers shift to commodity Y, then commodities X and Y are
Détails de la réponse
If the price of commodity X increases and consumers start purchasing commodity Y instead, then commodities X and Y are considered substitutes. Substitutes are goods that can be used in place of one another; when the price of one goes up, consumers naturally shift their demand to the other because it serves a similar function or purpose.
Consider an example: if the price of coffee goes up, people might start drinking tea instead if tea serves as a similar alternative for their morning beverage needs. In this scenario, coffee and tea are substitutes. Therefore, the relationship between these goods is defined by consumers' ability to consider one in place of the other based on price.
In summary, when consumers replace their consumption of one good with another due to price change, the goods in question are substitutes.
Question 9 Rapport
Persistent fall In the general price level is known as
Détails de la réponse
A persistent fall in the general price level is known as deflation.
To understand this better, let's break it down:
Hence, when we say "persistent fall in the general price level," we are accurately describing deflation.
Question 10 Rapport
Under perfect competition, a profit maximizing firm will hire labour up to the point where the last unit of labor adds
Détails de la réponse
Under perfect competition, a profit-maximizing firm will hire labor up to the point where the marginal revenue product of labor (MRP) is equal to the wage rate. MRP represents the additional revenue generated by adding one more unit of labor.
Since the firm aims to maximize profits, it will continue hiring labor until the MRP is greater than or equal to the wage rate. At this point, the last unit of labor hired contributes more to total revenue than to total cost, resulting in increased profits for the firm.
Question 11 Rapport
A downward sloping demand curve means that
Détails de la réponse
When the price of a product decreases, consumers are generally willing to buy more of it. As a result, the quantity demanded increases. However, since each unit is sold at a lower price, the decline in price outweighs the increase in quantity, leading to a decrease in total revenue (total revenue = price x quantity). This is why a downward sloping demand curve indicates that the total revenue declines as the price is lowered.
Question 12 Rapport
The diagram below represent
Détails de la réponse
The diagram you are referring to represents the Circular Flow of Income. This is a crucial concept in economics that demonstrates how money moves within an economy between different sectors. Let me explain it further in a simple and clear manner.
The Circular Flow of Income exhibits the interactions and transactions that occur between two major groups in an economy: the households and the firms. It is important to note that:
The flow of economic resources and money can be explained in two key types:
In an expanded model of the circular flow, other components may be included, such as the government, financial sector, and foreign markets, which illustrate additional flows such as taxes, government spending, savings, investments, and exports/imports.
Overall, the Circular Flow of Income provides a fundamental understanding of how economic activity is interconnected and how different sectors interact with one another in a continuous cycle.
Question 13 Rapport
One of the function of united nation conference on trade and development (UNTAD) is to
Détails de la réponse
The United Nations Conference on Trade and Development (UNCTAD) is a UN body that focuses on trade and development issues, particularly those affecting developing countries. One of the functions of UNCTAD is to facilitate the transfer of technology from developed to less developed countries. This involves promoting the dissemination and adoption of technology in less developed countries to enhance their productive capacities, economic growth, and development.
UNCTAD recognizes that technology plays a crucial role in bridging the development gap between countries. By facilitating the transfer of technology, UNCTAD aims to enable developing countries to access and utilize advanced knowledge, skills, and technological innovations available in developed countries. This transfer of technology can occur through various means such as technical assistance, capacity building, knowledge sharing, and promoting partnerships between developed and developing countries.
Question 14 Rapport
The demand for factors of production is said to be
Détails de la réponse
In economics, the demand for factors of production is best described as being derived. What this means is that the demand for these factors, like labor, land, and capital, is not for their own sake but because of the demand for the goods and services they can produce.
To put it simply, businesses need these factors of production to create products. If there is a high demand for a particular product, there will naturally be a higher demand for the factors needed to produce that product. Conversely, if there is little to no demand for a product, then the demand for the factors required to produce it will also decrease.
For example, if there is a high demand for cars, a car manufacturing company will need more metal, labor, and machinery, which are the factors of production, to make more cars. Thus, the demand for these factors is based on, or derived from, the demand for the cars themselves.
Question 15 Rapport
The contribution of petroleum to the economy of Nigerian is most prominent in the area of
Détails de la réponse
The most prominent contribution of petroleum to the Nigerian economy is in the area of revenue generation.
Here’s why:
1. Major Source of Government Revenue: The petroleum industry is the backbone of Nigeria's economy, significantly impacting the nation’s fiscal landscape. It contributes a substantial portion of government revenue through the sale of crude oil globally. This revenue is critical for funding various government activities and programs.
2. Foreign Exchange Earnings: Crude oil and natural gas exports are a primary source of foreign exchange earnings for Nigeria. These earnings are vital as they enable the country to engage in international trade, import goods, and services, and stabilize the national currency.
3. Budgetary Funding: The Nigerian annual budget heavily relies on oil revenues. Oil sales provide the funds necessary for the government to execute national projects, maintain public services, and drive economic policies.
In summary, while petroleum impacts Nigeria's economy in various ways such as infrastructure development and employment generation, its contribution to revenue generation is by far the most prominent and crucial for sustaining government functions and the overall economic health of the nation.
Question 16 Rapport
Wholesalers play an important in the distribution of goods and services because they
Détails de la réponse
Wholesalers play a significant role in the distribution of goods and services for several key reasons:
1. Bulk Purchasing and Distribution: Wholesalers buy large quantities of goods from producers and sell them in smaller lots to retailers, which allows them to benefit from economies of scale. This bulk buying helps keep costs low for retailers and ultimately consumers.
2. Bridging the Gap: By acting as an intermediary between producers and retailers, wholesalers play a crucial role in the supply chain. They enable manufacturers to focus on production while handling the complexities of distribution and logistics.
3. Financial Support: Wholesalers sometimes provide credit to retailers, allowing them to purchase goods and pay later. They also assist producers by buying inventory upfront, providing necessary funds for the producers to continue their business.
4. Information Exchange: Wholesalers gather market trends and feedback from retailers and share this information with producers. This helps producers adjust their products to meet consumer demands more effectively.
5. Inventory Management: Wholesalers manage storage and inventory, reducing the burden on manufacturers and retailers. They ensure a steady supply of products, minimizing the risk of stockouts or overproduction.
In summary, wholesalers are essential in the distribution network because they facilitate product flow, support financial operations, manage distribution logistics, and collect market intelligence.
Question 17 Rapport
Which of the following is NOT associated with minimum price legislation?
Détails de la réponse
Minimum price legislation is a policy where the government sets a lower price limit for certain goods or services, meaning they cannot be sold below this set price. It is often intended to protect producers, ensuring they receive fair compensation and maintaining industry standards.
When a minimum price is set above the equilibrium price, it typically leads to several economic effects:
Excess demand is NOT associated with minimum price legislation. Excess demand occurs when the price is set too low, leading to a situation where the quantity demanded exceeds the quantity supplied. This situation is commonly related to maximum price controls, not minimum price legislation.
Question 18 Rapport
The formular used by the Expenditure approach to calculate National income is
Détails de la réponse
The expenditure approach is a common method used to calculate the national income, specifically the Gross Domestic Product (GDP) of a country. This approach sums up all expenditures or spending in the economy.
The correct formula for the expenditure approach is: Y = C + I + G + (X - M), where:
Putting it all together, this formula helps to calculate the total economic activity within a country by summing up consumption, investment, government spending, and net exports, giving a comprehensive picture of the national income.
Question 19 Rapport
The trade-off between two commodities along the Production Possibility Curve (PPC) shows
Détails de la réponse
The Production Possibility Curve (PPC) is a graphical representation that shows the different combinations of two goods or services that an economy can produce, given certain assumptions like fixed resources and technology.
The trade-off between two commodities along the PPC primarily illustrates the opportunity cost principle. This principle refers to the idea that in order to produce more of one good, an economy must produce less of another good. The curve demonstrates this trade-off by showing that resources are limited, and choosing to allocate more resources to produce one commodity means reallocating those resources away from another commodity.
For example, if an economy is at a certain point on its PPC and decides to produce more of Commodity A, it will inevitably end up producing less of Commodity B. This reduction in the production of Commodity B is the opportunity cost of producing more of Commodity A. Hence, every point along the PPC illustrates the trade-off and opportunity cost of choosing different production levels of the two goods.
Question 20 Rapport
If the standard deviation of a set of numbers is 3.6, what is the variance?
Détails de la réponse
The **variance** of a set of numbers is a measure of how much the numbers in the set differ from the mean (average) of the set. It is calculated as the average of the squared differences from the mean.
The **standard deviation** is simply the square root of the variance. It gives a measure of how spread out the numbers in the set are, using the same units as the original numbers.
Given that the standard deviation of a set of numbers is **3.6**, you can find the variance by squaring the standard deviation. This is because the variance is the square of the standard deviation.
So you calculate the variance as follows:
Variance = (Standard Deviation)2 = **3.6** x **3.6** = **12.96**
So the **variance** is **12.96**.
Question 21 Rapport
The willingness of an individual backed up with purchasing power at a given time is
Détails de la réponse
The concept you are referring to is effective demand. Let me explain it to you in a straightforward way:
Demand: Generally, demand refers to the desire or willingness of a consumer to purchase goods or services. However, just having the desire is not enough. Demand becomes impactful only when it is supported with the capability to purchase.
Effective demand: This is more than just a simple desire or demand. It represents the situation where an individual not only wants to purchase a product or service but also has the actual purchasing power to do so. This means they have the money or resources to back up their desire at a given time.
Desire: This term simply denotes a wish or want, without any implication of capability to fulfill it. For instance, many people might desire a luxury car, but not everyone can afford it.
Utility: This is a different concept entirely, referring to the satisfaction or benefit a consumer receives from consuming a product or service. It does not necessarily align with the ability to purchase.
In summary, when discussing the willingness to buy something and having the funds ready at that moment, it's referred to as effective demand because it combines the desire with the actual capacity to fulfill that desire.
Question 22 Rapport
A price floor is usually fixed
Détails de la réponse
A price floor is a **minimum price** set by the government for a particular good or service. It is designed to ensure that the price is not too low, often supporting producers by maintaining their income at a viable level.
For a price floor to be effective, it is usually fixed **above the equilibrium price.** Here's why:
Therefore, a price floor is usually fixed **above the equilibrium and causes surpluses.** This allows it to serve its purpose of protecting producer revenues while potentially benefiting certain industry stakeholders.
Question 23 Rapport
Stock exchange market deals with
Détails de la réponse
The stock exchange market primarily deals with the sales of second-hand securities. In this context, "second-hand securities" refer to financial instruments such as stocks and bonds that have already been issued by a company and are currently being traded among investors. When a company first issues stocks or bonds, it is done in the primary market. Once these securities are purchased and then resold by investors, they are traded in the secondary market, commonly known as the stock exchange.
Here's a simple rundown of how it works:
1. **Initial Offering:** A company looking to raise capital might issue stocks or bonds to investors. This takes place in the primary market through an Initial Public Offering (IPO) or similar mechanisms.
2. **Secondary Trading:** Once issued, these securities can be bought and sold on the stock exchange. Investors trade these securities based on supply and demand, trying to make a profit by buying low and selling high.
Therefore, the stock exchange acts as a platform where buyers and sellers meet to trade these second-hand securities. This buying and selling provide the liquidity required for the market to function efficiently and helps in price discovery of the securities based on market demand.
Question 24 Rapport
Détails de la réponse
The concept we are discussing here is the Price Elasticity of Demand (PED). It measures how much the quantity demanded of a commodity changes with a change in its price. The formula for calculating the price elasticity of demand is:
PED = (% Change in Quantity Demanded) / (% Change in Price)
First, we calculate the percentage change in quantity demanded:
Percentage change in quantity demanded:
= (Change in quantity demanded / Initial quantity demanded) × 100
= (-20 / 100) × 100 = -20%
Next, calculate the percentage change in price:
Percentage change in price:
= (Change in price / Initial price) × 100
= (2 / 8) × 100 = 25%
Now, we can substitute these values into the formula for PED:
PED = (% Change in Quantity Demanded) / (% Change in Price)
= (-20%) / (25%)
= -0.8
The price elasticity of demand is -0.8. The negative sign indicates that there is an inverse relationship between price and quantity demanded, which is normal for most goods. This value rounded to the nearest value provided in your options is 0.8. This implies it is inelastic demand, meaning the quantity demanded is not very responsive to price changes.
Question 25 Rapport
The following are type of business organization EXCEPT
Détails de la réponse
In the context of business organizations, the term that stands out as not fitting among the others is **Entrepreneurship**.
To understand why, let's briefly define each term:
Thus, the odd one out is Entrepreneurship, because it describes the activity of establishing and managing a business rather than being a structured form of business organization like the others mentioned.
Question 26 Rapport
An exceptional demand curve can result from
Détails de la réponse
An exceptional demand curve occurs when demand does not follow the typical downward slope from left to right. Instead, the demand curve may slope upward. Let’s consider some scenarios that could lead to this unusual situation.
Increase in Price of Raw Materials: This typically affects the supply side rather than the demand side. When prices of raw materials increase, production costs go up, possibly reducing supply, but not necessarily impacting demand directly. Therefore, this is not usually a reason for an exceptional demand curve.
Change in Taste of Consumer: If consumers suddenly prefer a particular product, they may be willing to buy more even if the price rises. This shift in consumer preferences can lead to an upward-sloping demand curve, reflecting increased demand despite higher prices.
Increase in the Size of the Population: More people can lead to higher overall demand, but each individual’s demand curve typically still slopes downward due to the law of diminishing marginal utility. Therefore, population increase alone generally does not cause an exceptional demand curve.
Expectation of Future Price Increase: When consumers expect prices to rise in the future, they may choose to buy more now to avoid paying higher prices later. This situation can lead to an upward-sloping demand curve as current demand increases with rising prices, due to future price expectations.
In summary, an exceptional demand curve is usually caused by changes in consumer tastes or expectations of future price increases, making current demand behave in an unexpected way compared to the usual downward slope.
Question 27 Rapport
Which of the following is not emphasized in a product possibility curve?
Détails de la réponse
The Production Possibility Curve (PPC), also known as the Production Possibility Frontier, is a graphical representation that illustrates the concept of scarcity, trade-offs, and opportunity cost. It shows the different combinations of two goods or services that an economy can produce given its finite resources and technology.
The factors typically highlighted by a PPC are as follows:
However, a point that is not emphasized within a PPC is:
Thus, the concept that is not highlighted in a PPC is economic development.
Question 28 Rapport
A firm's average cost decreases in the long-run because of
Détails de la réponse
In the long run, a firm's average cost decreases primarily because of increasing returns to scale. This occurs when a firm's output increases by a proportion greater than the increase in inputs. In simpler terms, when a company gets bigger, it becomes more efficient at production. Consider the following reasons:
Other options, like **diminishing average returns** or **decreasing marginal returns**, generally pertain to situations in the short run or under different conditions and would not directly explain a decrease in average costs in the long run. Additionally, while **decreasing average fixed cost** could reduce cost in the short run, in the long run, all costs are variable and focus instead shifts to how efficiently inputs are converted to outputs.
Question 29 Rapport
Economic problem arises as a result of
Détails de la réponse
The **economic problem** arises due to the fundamental concept of **scarcity**. In simple terms, scarcity means that the resources available to us are **limited**, while our desires and needs are **unlimited**. This situation forces us to make decisions about how best to allocate our resources efficiently.
Because of scarcity, every choice we make involves a **trade-off**. For instance, if you choose to spend your time studying economics instead of mathematics, you sacrifice the benefits you would have gained from studying mathematics. The concept associated with this scenario is called **opportunity cost**, which is essentially the value of the next best alternative forgone when making a decision.
Furthermore, scarcity leads to the necessity of **choice**. Individuals, businesses, and governments must decide what to produce, how to produce, and for whom to produce. These choices are influenced by the limited resources and the alternatives available.
While **money cost** is often considered in decisions, it is not the root cause of the economic problem. It is a **monetary representation of value** and is used as a tool to navigate scarcity and opportunity cost.
In essence, the **economic problem exists** because we have to make choices about how to use our scarce resources most effectively, and every choice involves an opportunity cost. This continual need to prioritize options is at the very heart of economics.
Question 30 Rapport
Which of these is NOT associated with the problem of internal trade?
Détails de la réponse
Market trade unions are not typically associated with the problem of internal trade. Trade unions are typically formed b workers or employees to protect their rights, negotiate better working conditions, and advocate for their interests. While trade unions can have an impact on labor markets and industrial relations, they are not directly linked to the challenges or problems specifically related to internal trade.
Question 31 Rapport
The problem of "how to produce" in any economy is solved by
Détails de la réponse
In any economy, the problem of "how to produce" is essentially about deciding the best way to combine resources to produce goods and services. This challenge can be effectively addressed by adopting the least cost method of production.
Here’s why:
In summary, while other methods and managerial skills are important, addressing how to produce in the most efficient and effective way often boils down to using the least cost method of production, thereby ensuring optimal resource use and economic stability.
Question 32 Rapport
Which of the following is a disadvantage of localization of industries?
Détails de la réponse
Localization of industries, also known as industrial clustering or agglomeration, refers to the concentration of similar industries or related businesses in a specific geographic area. While there are various advantages associated with localization, such as promoting knowledge spillovers, fostering collaboration, and enhancing economies of scale, it can also have disadvantages.
One of the disadvantages is the creation of structural unemployment. When industries concentrate in a particular region job opportunities may become limited to that specific area. As a result, workers in other regions or industries may face challenges in finding employment, leading to structural unemployment. This can be particularly problematic if the localized industry experiences a decline or faces disruptions, resulting in job losses for a significant portion of the workforce.
Question 33 Rapport
The following are problems of development planning in Nigeria EXCEPT
Détails de la réponse
Nigeria, like many developing countries, faces several challenges in its development planning. These include issues such as inadequate capital, which limits the ability to fund critical development projects and infrastructure, thus hindering economic growth. Another significant challenge is the inadequate statistical data, which affects the ability to make informed, evidence-based policy decisions. Without reliable data, it's difficult to plan effectively and measure progress.
Poor implementation of economic planning is also a notable problem, as even the best-laid plans cannot yield results if not properly executed. This might be due to bureaucratic inefficiencies, corruption, or lack of capacity.
However, the statement under-population is not a commonly recognized problem in Nigeria. In fact, Nigeria is known for having a large and rapidly growing population, which sometimes poses its own challenges in terms of resource management and service provision. Therefore, the issue of under-population can be seen as an exception to the typical problems of development planning in Nigeria.
Question 34 Rapport
In the event of bankruptcy, owners of joint-stock companies lose
Détails de la réponse
When a joint-stock company goes bankrupt, the owners or shareholders of the company only lose the capital they invested in that company. This is because joint-stock companies have a feature known as **limited liability**.
Limited liability means that shareholders are only responsible for losses up to the amount of money they invested in purchasing shares of the company. Therefore, in a bankruptcy situation, they **lose only the capital invested**, and their personal or private assets (like cars, houses, or bank accounts) are protected and not at risk. They are not liable beyond their shareholding, hence they do not lose their private properties or any future dividends they were expecting.
This feature of limited liability is very important as it encourages people to invest in joint-stock companies without the fear of losing their personal wealth.
Question 35 Rapport
Which of the following is NOT an objective of Economic planning?
Détails de la réponse
Economic planning is an important policy tool used by governments to coordinate their efforts in improving the nation's economy. Let's look at the objectives:
Equitable allocation of resources: This is indeed an objective of economic planning. It ensures that resources are distributed evenly across different sectors and regions to promote balanced development and reduce regional disparities.
Achieving economic growth: Another key objective of economic planning is to spur economic growth. This involves increasing the capacity of the economy to produce goods and services, enhancing the standard of living, and elevating the overall wealth of the nation.
Creating employment: Economic planning aims to create jobs for the population. By fostering industries and fostering investment, economic planning attempts to reduce unemployment rates and provide more job opportunities.
Widening the income gap: This is NOT an objective of economic planning. Economic plans generally aim to reduce, not widen, the income gap between different segments of society. A widening income gap can lead to increased poverty and social unrest, which are contrary to the goals of economic planning focused on promoting equality and social harmony.
Question 36 Rapport
A producer who can only influence the price of his product but canNOT determine the quantity to be sold is referred to
as
Détails de la réponse
A producer who can influence the price of a product but cannot determine the quantity to be sold is best described as a monopolist.
Here's an explanation:
In a monopoly, there is only one producer or seller who dominates the entire market for a particular product or service. This producer has the power to influence the price because they are the sole supplier, and there are no close substitutes. However, while they can set the price based on their objectives, the actual quantity sold is determined by the market demand at that specific price.
The other terms are different:
Question 37 Rapport
What is the median term in the distribution below; 14, 13 29,15,13,17,12.
Détails de la réponse
To find the median of a set of numbers, the first step is to arrange the numbers in ascending order (from smallest to largest).
The given numbers are: 14, 13, 29, 15, 13, 17, 12.
Arrange them in ascending order: 12, 13, 13, 14, 15, 17, 29.
The median is the number that appears in the middle of this ordered list. Since there are 7 numbers in this list, the middle number is the fourth one.
In the ordered sequence 12, 13, 13, 14, 15, 17, 29, the median is 14.
Question 38 Rapport
Which of the following NOT among the objectives of OPEC?
Détails de la réponse
When analyzing the objectives of OPEC (Organization of the Petroleum Exporting Countries), it is important to look at the core goals that this organization typically aligns with:
1. To stabilize the price of oil in the world market: This is indeed one of the primary objectives of OPEC. By coordinating the oil production levels among its members, OPEC strives to maintain oil price stability in the global market.
2. To stabilize the revenue from oil to producing countries: Another key objective of OPEC includes ensuring consistent and fair revenue for its oil-producing member countries. By influencing oil prices and production levels, OPEC helps in maintaining stable revenues for these nations.
3. To make sure that oil flows to all the consuming countries: Ensuring the continuous supply of oil to consuming countries is a goal aligned with OPEC's efforts to balance supply and demand for economic and energy stability worldwide.
4. To establish petroleum refineries in all member states: This is NOT among the objectives of OPEC. OPEC does not focus specifically on establishing petroleum refineries in all its member states. The organization's primary focus is on coordinating and unifying the petroleum policies among its member countries, not on the physical establishment of refineries.
Question 39 Rapport
Which of the following is NOT a major role of OPEC in production, and marketing of petroleum?
Détails de la réponse
Refining of petroleum products in member countries is NOT a major role of OPEC in the production and marketing of petroleum.
Let me explain why:
In summary, the main roles of OPEC include balancing oil production and prices and ensuring a steady supply, but they do not majorly focus on the refining of petroleum products.
Question 40 Rapport
Which of the following will NOT bring about an increase in Labour force?
Détails de la réponse
To determine which option will NOT bring about an increase in the labor force, let's examine the impact of each one:
1. **Decrease in death rate:** When the death rate decreases, more people are living longer, which means that they remain available to be a part of the workforce. Thus, this can contribute to an increase in the labor force.
2. **Better medical services:** Improved medical services often lead to healthier individuals who can participate in work for longer durations. Good health can increase the number of individuals who can work and potentially extend their working life, thus leading to an increase in the labor force.
3. **Immigration:** Immigration allows people from other countries to enter and work in a new country. This directly increases the number of people who are available to work in that country, thereby increasing the labor force.
4. **Emigration:** Emigration is when people leave a country to work or live elsewhere. When individuals emigrate, they reduce the number of people available to work in the original country. Thus, **emigration** will NOT bring about an increase in the labor force; instead, it can contribute to a decrease.
In summary, the option that will NOT bring about an increase in the labor force is **Emigration**.
Souhaitez-vous continuer cette action ?