WAEC Past Questions and Answers - Page 3164

Land is defined in economics as a free gift of nature. Land does not only include the land surface of the earth but all other free gifts of nature or natural resources like forests, mineral resources, rivers, oceans, atmosphere, etc. unlike other factors of production, the supply of land is limited. In other words, land is a fixed factor of production, it is inelastic.

An inelastic product is defined as one where a change in price does not significantly impact demand for that product. This is because landowners can't shift land to a different market or reduce production. If the land is not on the market for development, it has no value. This means that in order for a good to be elastic, the production or use must change.

A partnership may be defined as a type of business organization in which two to twenty persons agree legally to setup and manage a business outfit with the sole aim of making profit. The people involved in partnership agreement are called partners and they share the profit, losses and risk of
the business.
A family owned business is any business in which two or more family members are involved and the majority of ownership or control lies within a family.

The fear that the Qur'an might be lost during the caliphate of Abu Bakr led to its compilation. The Quran was collected under the auspices of committee of four senior ranking companions headed by Zayd ibn Thabit.

Balance of payments policies: The policies include devaluation, demand management, and controls of various types, all of which have frequently featured in International Monetary Fund (IMF) programmes, either in terms of their encouragement or discouragement.

No explanation has been provided for this answer.