The production of rice and yam on the same farmland is an example of
Joint supply
Composite supply
Competitive supply
Market supply
Correct answer is A
Joint supply is a type of supply in which the production of one article in itself leads to the production of other article as well. for example, leather and beef etc. It is also a process that can yield two or more outputs.
A benefit that is present in all forms of economic integration is that
Common agricultural policy is in place
The size of the market is widened
Factors of production are free to move and be moved
Common currency is in use
Correct answer is C
Economic integration forms international co-operation among nations to foster their economic interests. Countries with common interests form themselves into an organisation whose major objectives are to remove trade barriers and other obstacles that reduce the free flow of goods and service between them.
Foreign investment and long term securities in the balance of payment accounts are recorded as
Current account transaction
Capital account transaction
Balance of trade account transaction
Invisible balance account transaction
Correct answer is B
Capital account transaction is the net balance of international investments. In order words, it keeps track of the flow of money between a nation and its foreign partners.
Which of the following factors is not a cause of change in demand? Changes in
The size of the population
Price of the commodity
Income distribution
Taste and fashion
Correct answer is B
Change in demand is also known as shift in demand. A change / shift in demand is caused by taste, income of the consumer, population size, festival, price of other commodities etc.
High rate of inflation
Urban congestion
Over-reliance on multiple commodities
Mismanagement and corruption
Correct answer is D
No explanation has been provided for this answer.