Lowered but more employment opportunities are created
Lowered but employment level remains unchanged
Increased and employment levels are unchanged
Increased but employment levels are reduced
Correct answer is C
Trade union's interference with wage rate are done mainly to advocate for higher and better wage rate for workers. The wage rate is increased while the employment rate increases or remains unchanged.
The demand for money is described as a
Competitive demand
Joint demand
Derived demand
Composite demand
Correct answer is C
Derived demand is the type of demand for a commodity and service as a result of the demand for something else. Example, You need money to get the necessities of life. Money is considered a derived demand because as a result of buying food items, money will be required to pay for it.
Which of the following best explains what to produce?
How much goods are to be produced
The combination of resources to be used
Which goods and services to be produced
How many wants are to be satisfied
Correct answer is C
The problem of What to Produce involves selection of goods and services to be produced and the quantity to be produced of each selected commodity. Every economy has limited resources and thus, cannot produce all the goods.
Post harvest losses in West African countries can be reduced if
The land tenure system could be reformed
More irrigation schemes could be provided
Better storage facilities could be provided
Erosion is controlled
Correct answer is C
Post-harvest losses are losses that occur during transportation, storage, and processing of farm produce. They include on-farm losses, such as when grain is threshed, winnowed, and dried, as well as losses along the chain during. It can be controlled and reduced when good storage facilities are put in place to store harvested produce.
Which of the following will enhance productivity in an economy?
The use of obsolete capital
Technological change
Expansion of land under cultivation
An increase in the labour force
Correct answer is B
A technological change is an increase in the efficiency of a product or process that results in an increase in output, without an increase in input. This will result in an increase in productivity.