The development of an economic hypothesis through intuition, insight, or logic is associated with
Deduction
Policy economics
Normative economics
Induction
Correct answer is C
Normative economics is a perspective on economics that reflects normative, or ideologically prescriptive judgments toward economic development, investment projects, statements, and scenarios. It expresses ideological judgments about what may results in economic activity if public policy changes are made.
One major problem facing West African countries is
Relations with Colonial Masters
Joint Military operations in Member States
Political integration
Financial crunch of Member States
Correct answer is A
One of the major problem of West African state is the relation of West African states with the colonial masters.
The theory of ............... was propounded by ..................
Comparative advantage; Mercantilists
Absolute advantage; Adam Smith
Comparative advantage; Adam Smith
Absolute advantage; David Ricardo
Correct answer is B
The theory of absolute advantage was propounded by Adam Smith while the theory of comparative advantage was propounded by David Ricardo.
Structural unemployment
Cyclical unemployment
Seasonal unemployment
Frictional unemployment
Correct answer is A
Structural unemployment occurs when production structure changes or changes in demand or technology. It also occurs when a worker loses job because their jobs are transferred to other countries.