More of commodities are offered for sale at a lower than higher prices
Marginal utility falls as consumption increases
The higher the price, the higher the quantity offered for sale
Prices are usually falling when demand is low
Correct answer is A
A normal demand curve slopes downward from left to right indicating at higher price, less quantity will be demanded and vice versa.
Agriculture accounts for about 60% of the
Commodity market in West Africa
Arable land in West Africa
Active labour force in West Africa
Service sector activities in West Africa
Correct answer is C
Agriculture accounts for about 60% of the active labour force in West Africa. This is because a large portion of the population in West Africa is engaged in farming and other agricultural activities for their livelihood. The other options are incorrect as agriculture does not account for 60% of the arable land, service sector activities, or the commodity market in West Africa.
11
12
\(\frac{1}{2}\)
2
Correct answer is D
Explanation
e = \(\frac{∆Q}{∆P}\times\frac{p}{q}\)
where ∆Q = Q2 - Q1 and ∆P = P2 - P1
e = \(\frac{30 - 20}{6 - 8}\times\frac{8}{20}\)
= -2 since price elasticity of demand is always positive, then e = 2
2000
100
1500
1400
Correct answer is D
y = \(\frac{a + i + G}{1 - b}\)
where b = 0.75
= \(\frac{100 + 50 + 200}{1 - 075}\)
= \(\frac{350}{0.25}\)
= 1400
Alternatively:
Y = C + I + G
Y = 100 + 0.75Y + 50 + 200
Y - 0.75Y = 350
Y( 1 - 0.75) = 350
= \(\frac{350}{0.25}\)
Y = 1400
From the graph above, the consumer is at equilibrium at point
K
I
M
J
Correct answer is A
The consumer is at equilibrium is at point k where the slope of the indifference curve is tangential to the budget line.
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