Given that ∑fx = 340 and N = 20, find the arithmetic mean?
20
17
32
9
Correct answer is B
Arithmetic mean, x̄= ∑fx
n
where:
x̄= Arithmetic mean
∑ = sum of
X = series of figures in a given data
f = nunmber of times a particular number occurs (frequency)
n = number of figures or element
From the question:
Since, x̄= ∑fx
N
Then, x̄= ∑fx
N
=340/20
=17
Excess supply over demand will place a price advantage on ____
Government
Foreign investors
Suppliers
Consumers
Correct answer is D
This is because, according to the concept of equilibrium, if supply increases while demand remains constant, there will be an excess of supply over demand. This will bring about a decrease in the equilibrium price of the commodity and an increase in the equilibrium quantity. This gave rise to the fifth law of demand and supply which states that: “an increase in the supply of a commodity will cause the equilibrium price to fall and the quantity demanded to increase, while a decrease in supply will cause the equilibrium price to rise but the quantity demanded will fall”.
The production within domestic territory of a country is called the ____
Net national product
Gross domestic product
Net income
Disposable income
Correct answer is B
Gross domestic product (GDP) refers to the total money value of all the goods and services produced in a country within a given time period but excluding net income from abroad. In calculating GDP, emphasis is on earnings from citizens and foreign investment within the country.
Earnings of citizens and their investment abroad are excluded from GDP.
The basic aim of Economic Community of West African States is the
Discouragement of trade among member states
Encouragement of revolts against former colonial masters
Establishment of its headquarters in each members state
Liberalization of trade among member states
Correct answer is D
There are quite a number of aims of ECOWAS however, one of the major aim of ECOWAS treaty was for the establishment of a common market with the aim of liberalising trade within the region.
Population density
Malthusian population theory
National population theory
Demographical transition theory
Correct answer is B
The Malthusian population theory highlights the relationship between population and means of
subsistence. The main features of Malthusian theory about population are;
i. That population was growing at a geometric progressions such as 2,4,6,8,16,32, etc, while
food production or supply was growing at an arithmetical progression such as 1,2,3,4,5,
etc.
ii. That there is a tendency for all living things to grow beyond the food available to them
iii. That unless population increase is matched with means of subsistence, negative and
positive checks will come into force.
iv. That the checks can be war, diseases, epidemics and famine.
v. That population is essentially limited by the means of subsistence.