All practice questions

Question 5041Question →

Match each stage of production in a leather shoe manufacturing process with its correct Value Added contribution to National Income.

Click a left item, then click its matching right item

Show answer & explanation

Answer

Cattle Ranching matches Value Added = ₦4,000; Leather Tanning matches Value Added = ₦6,000; Shoe Manufacturing matches Value Added = ₦8,000; Retail Distribution matches Value Added = ₦7,000.

Each stage's contribution to national income is determined by subtracting the value of intermediate inputs purchased from the value of gross output generated at that specific stage.

Step-by-Step Solution

1

Calculate Value Added for Cattle Ranching

Value Added = ₦4,000 - ₦0 = ₦4,000

Value added is calculated as Gross Output minus Intermediate Inputs.

2

Calculate Value Added for Leather Tanning

Value Added = ₦10,000 - ₦4,000 = ₦6,000

Subtract the cost of raw hides from the selling price of tanned leather.

3

Calculate Value Added for Shoe Manufacturing

Value Added = ₦18,000 - ₦10,000 = ₦8,000

Subtract the cost of tanned leather from the wholesale price of shoes.

4

Calculate Value Added for Retail Distribution

Value Added = ₦25,000 - ₦18,000 = ₦7,000

Subtract the wholesale price of shoes from the final retail price.

Key Concept

The Output (Value Added) Method calculates National Income by summing the net value added at each production stage (Gross Output minus Intermediate Consumption) to avoid double counting.

Question 5042Question →

The central bank of an economy compiles the following financial data (in billions of Naira):

- Currency in circulation outside vault cash: $\text{N}450\text{ billion}$
- Demand deposits at commercial banks: $\text{N}750\text{ billion}$
- Savings deposits at commercial banks: $\text{N}500\text{ billion}$
- Time deposits at commercial banks: $\text{N}300\text{ billion}$
- Treasury bills held by the non-bank public: $\text{N}200\text{ billion}$

Based on the data provided, what are the exact values of the narrow money supply ( $M_1$ ) and the broad money supply ( $M_2$ ), respectively?

\text{N}1,200\text{ billion}

for

M_1

and

\text{N}2,000\text{ billion}

for

M_2

\text{N}1,200\text{ billion}

for

M_1

and

\text{N}2,200\text{ billion}

for

M_2

\text{N}1,700\text{ billion}

for

M_1

and

\text{N}2,000\text{ billion}

for

M_2

\text{N}750\text{ billion}

for

M_1

and

\text{N}1,550\text{ billion}

for

M_2

Show answer & explanation

Answer: $\text{N}1,200\text{ billion}$ for $M_1$ and $\text{N}2,000\text{ billion}$ for $M_2$

Answer

Narrow money supply (

M_1

) is

\text{N}1,200\text{ billion}

and broad money supply (

M_2

) is

\text{N}2,000\text{ billion}

.

Narrow money (

M_1

) is determined by adding currency in circulation (

\text{N}450\text{ billion}

) to demand deposits (

\text{N}750\text{ billion}

), yielding

\text{N}1,200\text{ billion}

. Broad money (

M_2

) adds quasi-money (savings deposits of

\text{N}500\text{ billion}

and time deposits of

\text{N}300\text{ billion}

) to

M_1

, giving

\text{N}2,000\text{ billion}

. Treasury bills are money market assets, not components of

M_1

or

M_2

.

Step-by-Step Solution

1

Calculate narrow money supply (

M_1

)

M_1 = \text{Currency in circulation} + \text{Demand deposits} = \text{N}450\text{ billion} + \text{N}750\text{ billion} = \text{N}1,200\text{ billion}

Narrow money (

M_1

) consists of physical currency held by the public plus demand deposits (current account balances) which serve directly as medium of exchange.

2

Calculate quasi-money (near money deposits)

\text{Quasi-money} = \text{Savings deposits} + \text{Time deposits} = \text{N}500\text{ billion} + \text{N}300\text{ billion} = \text{N}800\text{ billion}

Savings and time deposits are highly liquid financial assets that serve as store of value but cannot be directly spent without prior conversion.

3

Calculate broad money supply (

M_2

)

M_2 = M_1 + \text{Quasi-money} = \text{N}1,200\text{ billion} + \text{N}800\text{ billion} = \text{N}2,000\text{ billion}

Broad money (

M_2

) measures total liquidity in the banking system by summing narrow money (

M_1

) and quasi-money components.

4

Evaluate short-term securities (Treasury bills)

Treasury bills (

\text{N}200\text{ billion}

) are excluded from standard

M_1

and

M_2

money supply aggregates.

Treasury bills are money market debt instruments, not bank deposit liabilities included in standard

M_1

or

M_2

money supply definitions.

Key Concept

Monetary Aggregates (

M_1

and

M_2

definitions)

Question 5043Question →

In a competitive market for cassava flour, the weekly demand function is given by $Q_d = 320 - 15P$ and the supply function is $Q_s = -40 + 10P$ , where $P$ is the price in Naira per kilogram, $Q_d$ is the quantity demanded in kilograms, and $Q_s$ is the quantity supplied in kilograms. What is the magnitude of the excess demand (shortage) in kilograms when the market price is fixed at $₦12$ per kilogram?

Show answer & explanation

Answer: 60

Answer

The magnitude of excess demand (shortage) at

₦12

per kilogram is

60

kg.

At a disequilibrium price of

₦12

, quantity demanded (

Q_d = 140

kg) is greater than quantity supplied (

Q_s = 80

kg). Subtracting quantity supplied from quantity demanded yields an excess demand (shortage) of

60

kg.

Step-by-Step Solution

1

Substitute

P = 12

into the demand function

Q_d = 320 - 15P

Q_d = 320 - 15(12) = 320 - 180 = 140

kg

To find the total quantity consumers are willing to purchase at the specified price level.

2

Substitute

P = 12

into the supply function

Q_s = -40 + 10P

Q_s = -40 + 10(12) = -40 + 120 = 80

kg

To find the total quantity producers are willing to bring to the market at the specified price level.

3

Calculate the difference between quantity demanded and quantity supplied (

Q_d - Q_s

)

Excess Demand =

140 - 80 = 60

kg

Because the market price (

₦12

) is below the equilibrium price (

₦14.40

), quantity demanded exceeds quantity supplied, creating a shortage.

Key Concept

Market Equilibrium and Disequilibrium Shortage

Question 5044Question →

Match each factor of production on the left with its corresponding economic reward and defining characteristic on the right.

Click a left item, then click its matching right item

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Answer

Land is matched with Rent (fixed natural supply), Labour with Wages/Salaries (human effort), Capital with Interest (man-made productive assets), and Entrepreneurship with Profit (residual return for risk-bearing).

Each factor of production contributes a specific economic role and receives a designated type of return: Land earns Rent due to its fixed natural availability; Labour receives Wages for human productive effort; Capital earns Interest as a return on accumulated wealth used for production; and Entrepreneurship receives Profit as a residual return for decision-making and risk-taking.

Step-by-Step Solution

1

Identify the reward and characteristics of Land

Land is a primary, free gift of nature with fixed supply that receives Rent.

Land cannot be expanded in total quantity by human effort.

2

Identify the reward and characteristics of Labour

Labour represents human mental or physical effort paid via Wages or Salaries.

Labour is inseparable from the worker.

3

Identify the reward and characteristics of Capital

Capital represents man-made assets created for further wealth creation, receiving Interest.

Capital depreciates over time and is accumulated through saving and investment.

4

Identify the reward and characteristics of Entrepreneurship

Entrepreneurship organizes land, labour, and capital, taking business risks to earn Profit.

Unlike contractual payments (wages, rent, interest), profit is a residual reward.

Key Concept

Factors of Production and Their Rewards

Question 5045Question →

Match each democratic concept or form of governance in List I with its corresponding core characteristic in List II.

Click a left item, then click its matching right item

Show answer & explanation

Answer

Direct Democracy matches with direct citizen participation in public decision-making; Representative Democracy matches with electing delegates to govern on behalf of citizens; Liberal Democracy matches with protecting individual liberties and minority rights; Popular Sovereignty matches with supreme political power residing in the people.

Each concept correctly aligns with its essential defining political principle: Direct Democracy entails immediate citizen voting on policy; Representative Democracy delegates law-making to elected leaders; Liberal Democracy incorporates constitutional rights and rule of law; Popular Sovereignty anchors authority in the collective will of the citizens.

Step-by-Step Solution

1

Identify the defining features of direct and representative democracy.

Direct democracy involves unmediated participation by citizens, whereas representative democracy functions through elected officials.

This establishes the fundamental distinction between direct and indirect political participation.

2

Analyze the constitutional safeguards characteristic of liberal democracy.

Liberal democracy combines elected representation with legal protections for rights and freedoms.

This differentiates pure majority rule from constitutional democracy.

3

Relate popular sovereignty to the source of governmental authority.

Popular sovereignty asserts that legal and political authority originates from the people.

This clarifies the underlying principle defining democratic legitimacy.

Key Concept

Democracy

Question 5046Question →

A student involuntarily blinks when a sudden gust of wind blows dust toward their eye. Which of the following represents the correct sequence of neural structures involved in conducting the nerve impulse during this reflex action?

Receptor → Sensory neuron → Relay neuron → Motor neuron → Effector

Receptor → Motor neuron → Relay neuron → Sensory neuron → Effector

Receptor → Relay neuron → Sensory neuron → Motor neuron → Effector

Effector → Motor neuron → Relay neuron → Sensory neuron → Receptor

Show answer & explanation

Answer: Receptor → Sensory neuron → Relay neuron → Motor neuron → Effector

Answer

The correct sequence of neural structures in a reflex arc is Receptor → Sensory neuron → Relay neuron → Motor neuron → Effector.

The correct sequence begins at the sensory receptor where the stimulus is detected, travels along the sensory neuron to the central nervous system (relay neuron), and then exits via the motor neuron to trigger contraction in the effector muscle.

Step-by-Step Solution

1

Identify the point of stimulus detection

The stimulus (dust/wind) triggers the sensory receptor in the eye.

Reflex actions always originate at a sensory receptor that converts a physical stimulus into an electrical nerve impulse.

2

Trace the afferent pathway into the central nervous system

The impulse travels via the sensory (afferent) neuron into the central nervous system where it synapses with a relay (interneuron) neuron.

Sensory neurons conduct impulses toward the central nervous system.

3

Trace the efferent pathway to the response organ

The relay neuron passes the impulse to a motor (efferent) neuron, which conducts it to the effector muscle (eyelid muscle) causing it to contract.

Motor neurons carry commands from the central nervous system out to muscles or glands to execute the reflex response.

Key Concept

Reflex Arc Neural Pathway Sequence

Estimated Time:50s

Question 5047Question →

Match each commercial policy instrument listed on the left with its corresponding economic description on the right.

Click a left item, then click its matching right item

Show answer & explanation

Answer

Import Tariff matches with 'A direct tax imposed by government on imported commodities.', Import Quota matches with 'A physical restriction on the maximum quantity...', Trade Embargo matches with 'A complete government ban...', and Export Subsidy matches with 'A financial grant paid to domestic manufacturers...'.

Each trade policy instrument is accurately paired with its defining characteristic: tariffs serve as price-increasing taxes, quotas impose volume limits, embargoes enforce complete commercial bans, and export subsidies provide financial assistance to domestic producers.

Step-by-Step Solution

1

Identify the operational mechanism of an Import Tariff.

Recognize that tariffs act as price-based controls through government taxation on foreign goods.

Tariffs raise import prices to generate government revenue and discourage foreign purchases.

2

Identify the operational mechanism of an Import Quota.

Recognize that quotas set a maximum quantitative ceiling on foreign goods.

Quotas restrict physical import volume directly without changing tax rates.

3

Identify the operational mechanism of a Trade Embargo.

Recognize that an embargo represents a total prohibition of commercial exchange.

Embargoes completely halt bilateral or multilateral trade for economic or diplomatic reasons.

4

Identify the operational mechanism of an Export Subsidy.

Recognize that export subsidies are government payments granted to home exporters.

Subsidies assist domestic firms in offering lower, more competitive pricing internationally.

Key Concept

Commercial Policy and Trade Barriers (Tariffs, Quotas, Embargoes, and Subsidies)

Estimated Time:1m 0s

Question 5048Question →

Match each physiological or anatomical feature of homoiothermic vertebrates in Column A with its appropriate class association or functional significance in Column B.

Click a left item, then click its matching right item

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Answer

Pneumatized bones connected to air sacs matches skeletal modification for lightweight flight in Aves; Presence of a muscular diaphragm matches ventilatory muscle structure unique to Mammalia; Retention of the right systemic aortic arch matches adult Aves circulatory anatomy; Retention of the left systemic aortic arch matches adult Mammalia circulatory anatomy.

Birds (Aves) possess hollow pneumatized bones for flight and retain the right aortic arch, whereas mammals (Mammalia) possess a muscular diaphragm for respiration and retain the left aortic arch.

Step-by-Step Solution

1

Analyze skeletal and respiratory adaptations in Aves and Mammalia.

Hollow pneumatic bones with air sacs lower body density for flight in Aves, whereas the muscular diaphragm is unique to ventilation in Mammalia.

Birds require reduced density and continuous unidirectional gas exchange for flight, while mammals rely on diaphragm movement for breathing.

2

Distinguish between systemic aortic arch persistence in avian and mammalian circulatory systems.

Avian embryos lose the left aortic arch and retain the right arch, whereas mammalian embryos lose the right aortic arch and retain the left arch.

Both classes evolved completely separated four-chambered hearts independently, resulting in distinct systemic arch retention patterns.

Key Concept

Anatomical and physiological differences between Aves and Mammalia (aortic arches, respiration, and skeletal modifications)

Question 5049Question →

Match each type of economic planning with its defining operational mechanism or structural feature.

Click a left item, then click its matching right item

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Answer

Indicative Planning pairs with government target indicators and market incentives; Imperative Planning pairs with legally binding state output quotas; Perspective Planning pairs with 15–25 year strategic transformation frameworks; and Rolling Planning pairs with annual revisions maintaining a constant time horizon.

Each type of economic planning has distinct features: Indicative planning guides the private sector through voluntary targets and market mechanisms; Imperative planning relies on authoritative central directives and enforced quotas; Perspective planning lays out long-term strategic goals (15–25 years); and Rolling planning adjusts targets annually while maintaining a fixed-length forward window.

Step-by-Step Solution

1

Analyze the degree of state compulsion in plan implementation.

Identify that Imperative planning uses binding commands, whereas Indicative planning uses financial incentives and policy guidance.

Economic planning models differ fundamentally by how resource allocation decisions are enforced across public and private sectors.

2

Examine the temporal horizons and operational flexibilities of the planning models.

Differentiate long-term vision plans (Perspective planning) from flexible, continuously updated plans (Rolling planning).

Perspective plans establish multi-decade development goals, whereas rolling plans adapt medium-term targets annually to accommodate economic fluctuations.

3

Match each planning concept to its precise defining feature.

Establish all four unique pairings accurately.

Each planning type possesses distinct operational mechanisms regarding enforcement and timeframe flexibility.

Key Concept

Classification and operational mechanisms of economic planning types (Indicative, Imperative, Perspective, and Rolling).

Question 5050Question →

Agricultural soil treated continuously with synthetic pesticides often experiences long-term ecological damage. Which of the following chemical characteristics best explains why organochlorine pesticides such as DDT present a severe long-term threat to soil ecosystems and higher trophic levels?

They resist microbial degradation due to stable carbon-chlorine bonds and bioaccumulate in the fatty tissues of organisms.

They rapidly break down into carbon(IV) oxide in the soil, directly contributing to stratospheric ozone layer depletion.

They function as water-soluble addition polymers that undergo immediate microbial breakdown into harmless soil minerals.

They react rapidly with soil moisture to liberate gaseous allotropes of elemental chlorine into the atmosphere.

Show answer & explanation

Answer: They resist microbial degradation due to stable carbon-chlorine bonds and bioaccumulate in the fatty tissues of organisms.

Answer

Organochlorine pesticides like DDT resist microbial degradation due to stable carbon-chlorine bonds and bioaccumulate in the fatty tissues of organisms across the food chain.

Organochlorine pesticides such as DDT possess strong carbon-chlorine (

C-Cl

) bonds that resist chemical and microbial degradation in soil. Furthermore, their high fat-solubility (lipophilicity) causes them to accumulate in the fatty tissues of living organisms, leading to biomagnification across successive levels of the food chain.

Step-by-Step Solution

1

Analyze the chemical structure and stability of organochlorine pesticides.

Organochlorines contain strong, highly stable carbon-chlorine (

C-Cl

) bonds that soil bacteria and fungi lack the enzymes to readily metabolize.

Chemical stability determines environmental persistence in soil.

2

Evaluate the solubility and transport mechanism of organochlorines in biological systems.

They are lipophilic (fat-soluble) and hydrophobic, meaning they store in adipose tissue rather than dissolving in water or being excreted.

Fat solubility leads to bioaccumulation and biomagnification up the food chain.

Key Concept

Pesticide Persistence and Bioaccumulation in Environmental Chemistry

Estimated Time:1m 0s

Question 5051Question →

Match each type of economic system listed on the left with its corresponding primary mechanism for solving basic economic problems on the right.

Click a left item, then click its matching right item

Show answer & explanation

Answer

Free Market Economy matches with price mechanism and competitive market forces; Command Economy matches with central planning authority directives; Mixed Economy matches with the combination of private price signals and public state intervention; and Traditional Economy matches with customs and ancestral habits.

Each economic system utilizes a distinct operational mechanism to answer the fundamental questions of what, how, and for whom to produce: Free Market relies on the price mechanism, Command relies on central planning directives, Mixed relies on dual market-state interaction, and Traditional relies on ancestral customs.

Step-by-Step Solution

1

Identify the primary allocation mechanism of market-driven capitalism.

Free Market systems rely on price signals driven by demand and supply without state intervention.

The invisible hand of the price mechanism determines resource flow.

2

Identify the allocation mechanism of socialism and planned systems.

Command systems rely on central planning boards.

The government owns factors of production and centrally plans economic outputs.

3

Differentiate mixed and traditional mechanisms.

Mixed systems blend market prices with public regulatory intervention, while traditional systems follow established customs and heritage.

Mixed economies correct market failures via state policy, whereas traditional systems depend on social precedent.

Key Concept

Solutions to Basic Economic Problems across Systems

Question 5052Question →

What mass of anhydrous sodium trioxocarbonate(IV), $\text{Na}_2\text{CO}_3$ , is obtained when $16.8\text{ g}$ of sodium hydrogentrioxocarbonate(IV), \text{NaHCO}_3, is completely decomposed by heating?
[Relative atomic masses: $\text{Na} = 23$ , $\text{H} = 1$ , $\text{C} = 12$ , $\text{O} = 16$ ]

10.6\text{ g}

21.2\text{ g}

16.8\text{ g}

5.3\text{ g}

Show answer & explanation

Answer: $10.6\text{ g}$

Answer

10.6\text{ g}

of sodium trioxocarbonate(IV) is produced.

Thermal decomposition of

2\text{ moles}

(

168\text{ g}

) of

\text{NaHCO}_3

yields

1\text{ mole}

(

106\text{ g}

) of

\text{Na}_2\text{CO}_3

, along with gaseous

\text{CO}_2

and water vapor. Heating

16.8\text{ g}

(

0.20\text{ mol}

) of

\text{NaHCO}_3

produces

0.10\text{ mol}

of

\text{Na}_2\text{CO}_3

, which evaluates to exactly

10.6\text{ g}

.

Step-by-Step Solution

1

Write the balanced chemical equation for the thermal decomposition of sodium hydrogentrioxocarbonate(IV).

2\text{NaHCO}_3(s) \xrightarrow{\Delta} \text{Na}_2\text{CO}_3(s) + \text{H}_2\text{O}(g) + \text{CO}_2(g)

Establishing the stoichiometric mole ratio between the reactant and solid product.

2

Calculate the molar masses of

\text{NaHCO}_3

and

\text{Na}_2\text{CO}_3

.

Molar mass of

\text{NaHCO}_3 = 23 + 1 + 12 + (3 \times 16) = 84\text{ g/mol}

; Molar mass of

\text{Na}_2\text{CO}_3 = (2 \times 23) + 12 + (3 \times 16) = 106\text{ g/mol}

.

Converting given masses to moles and back.

3

Determine moles of

\text{NaHCO}_3

reacted and corresponding moles of

\text{Na}_2\text{CO}_3

formed.

Moles of

\text{NaHCO}_3 = \frac{16.8}{84} = 0.20\text{ mol}

. Moles of

\text{Na}_2\text{CO}_3 = \frac{0.20}{2} = 0.10\text{ mol}

.

The balanced equation dictates a

2:1

mole ratio between

\text{NaHCO}_3

and

\text{Na}_2\text{CO}_3

.

4

Calculate the mass of

\text{Na}_2\text{CO}_3

produced.

Mass

= 0.10\text{ mol} \times 106\text{ g/mol} = 10.6\text{ g}

.

Multiplying the moles of product by its molar mass yields the final mass.

Key Concept

Thermal decomposition of hydrogen trioxocarbonates and stoichiometric mass-mass calculations

Question 5053Question →

Which of the following statements correctly describes internal public debt?

It is borrowed from individuals and financial institutions within the borrowing country.

It leads to a direct outflow of economic resources from the domestic nation to foreign creditors.

It must be raised and repaid exclusively using foreign currencies.

It is obtained primarily from multilateral financial institutions such as the International Monetary Fund.

Show answer & explanation

Answer: It is borrowed from individuals and financial institutions within the borrowing country.

Answer

Internal public debt is borrowed from individuals and financial institutions within the borrowing country.

Internal public debt represents funds raised by the government from domestic creditors (citizens, local banks, and institutions) within its own borders, denominated in the domestic currency.

Step-by-Step Solution

1

Define internal public debt based on the residency of creditors.

Internal public debt refers to loans raised by the government from lenders located inside the country.

The defining distinction between internal and external debt is the geographic location and residence of the creditors.

2

Identify the option that aligns with domestic borrowing.

The option stating that funds are borrowed from individuals and financial institutions within the borrowing country correctly defines internal debt.

Domestic citizens, commercial banks, and local corporations hold internal debt instruments such as Treasury Bills and Treasury Bonds.

Key Concept

Internal Public Debt

Estimated Time:45s

Question 5054Question →

An abandoned open-cast mining area dominated by bare rock surfaces is selected for ecological reclamation. Which of the following biological processes represents the initial step required to rebuild soil and restore this degraded ecosystem?

Primary succession initiated by pioneer organisms such as lichens that weather the rock surface

Secondary succession initiated by planting fast-growing leguminous shrubs directly onto the bare rock

Conversion of soil nitrates to nitrogen gas by denitrifying bacteria to enrich rock minerals

Inversion of the pyramid of energy by introducing primary consumers to build up organic matter

Show answer & explanation

Answer: Primary succession initiated by pioneer organisms such as lichens that weather the rock surface

Answer

Primary succession initiated by pioneer organisms such as lichens that weather the rock surface

On completely bare rock surfaces created by activities like open-cast mining, no soil exists. Ecological reclamation must begin with primary succession, where pioneer organisms like lichens and mosses colonize the rock, secrete organic acids to accelerate weathering, and trap windblown particles to form the initial layer of organic soil.

Step-by-Step Solution

1

Identify the environmental condition of the degraded mining site

The substrate consists of bare rock with no pre-existing organic soil or seed bank.

Reclamation on bare abiotic surfaces requires building soil from scratch.

2

Determine the ecological process appropriate for bare rock substrates

Primary succession is the process that begins on newly exposed rock surfaces.

Pioneer species like lichens produce acids that break down rock, creating initial soil particles for subsequent plant species.

Key Concept

Role of primary ecological succession in land reclamation and soil conservation

Estimated Time:1m 15s

Question 5055Question →

Which of the following anatomical structures is uniquely present in mammals and actively contracts to expand the thoracic cavity during pulmonary ventilation?

Muscular diaphragm

Four-chambered heart

Air sacs connected to lungs

Complete double circulatory system

Show answer & explanation

Answer: Muscular diaphragm

Answer

The muscular diaphragm is the structure unique to mammals that contracts during pulmonary ventilation.

The muscular diaphragm is a dome-shaped sheet of muscle separating the thoracic cavity from the abdominal cavity found only in mammals. Its contraction flattens the dome, expanding the thoracic volume and pulling air into the lungs.

Step-by-Step Solution

1

Identify the respiratory ventilation mechanisms in homoiothermic vertebrates.

Mammals use a muscular partition separating the thoracic and abdominal cavities to create negative pressure for breathing.

This structure is absent in birds, which rely instead on rib cage movements and an air sac system.

2

Evaluate the choices for uniqueness to mammals.

The muscular diaphragm is found exclusively in Class Mammalia among vertebrates.

Structures like the four-chambered heart and complete double circulation are shared with Aves, while air sacs belong to Aves.

Key Concept

Distinguishing anatomical features of Class Mammalia compared to Class Aves

Question 5056Question →

Which of the following is a major advantage of a unicameral legislature?

It is less expensive to maintain and speeds up the law-making process

It guarantees equal political representation for federating units in a federal system

It prevents the passage of hasty and ill-considered legislation

It allows for dual legislative scrutiny of executive actions by two independent chambers

Show answer & explanation

Answer: It is less expensive to maintain and speeds up the law-making process

Answer

It is less expensive to maintain and speeds up the law-making process

A unicameral legislature consists of only one legislative chamber. Because bills do not have to be passed twice across two separate houses, the legislative process is faster, simpler, and significantly less expensive for the state.

Step-by-Step Solution

1

Define unicameralism

A unicameral legislature has only one legislative assembly or house.

Understanding the structure helps identify operational characteristics.

2

Evaluate the merits of a single legislative chamber

Having one chamber eliminates duplicate debates, second readings in another house, and the operational cost of supporting two distinct bodies of lawmakers.

Speed in law-making and reduced financial burden are key features.

3

Match with the correct option

The option highlighting reduced expense and faster law-making accurately states a core advantage of unicameralism.

Distractors attribute bicameral features (dual scrutiny, federal representation, delay prevention) to unicameralism.

Key Concept

Merits of Unicameralism vs Bicameralism

Question 5057Question →

Arrange the following stages of constitutional power acquisition in a democratic state in their correct chronological sequence from candidate entry to formal assumption of office.

Drag items to arrange them in the correct order

Show answer & explanation

Answer

The correct chronological sequence for acquiring democratic political power is: candidate nomination by a political party, participation in the general election, official declaration of results and certification by the electoral management body, and finally, administration of the oath of office during swearing-in.

In a constitutional democracy, power acquisition follows a strict legal sequence. First, political party nomination establishes eligibility. Second, the general election secures the democratic mandate of voters. Third, the electoral body certifies and declares the winner. Fourth, taking the oath of office formally transforms electoral victory into legitimate political authority.

Step-by-Step Solution

1

Determine the initial legal requirement to seek public office

Candidate selection via political party nomination.

A candidate must first secure legal party backing before contesting for constitutional power.

2

Identify the democratic electoral process

Participation of citizens in a general election.

Political power in a democracy derives from the electorate through democratic elections.

3

Identify the official validation mechanism

Declaration of results and issuance of certificate of return by the electoral umpire.

The election winner must be legally confirmed and certified before assuming authority.

4

Identify the formal investiture of state authority

Swearing-in and taking the constitutional oath of office.

The oath of office formally confers legitimate executive power upon the declared winner.

Key Concept

Democratical Acquisition of Political Power

Question 5058Question →

A consumer's demand function for petrol in a local Nigerian market is given by the linear equation $P = 200 - 8Q$ , where $P$ represents the price per liter in Naira and $Q$ represents the quantity demanded in liters. If the current market price of petrol is established at $\text{N}80$ per liter, calculate the consumer surplus in Naira.

Show answer & explanation

Answer: 900

Answer

The value of the consumer surplus is 900 Naira.

Consumer surplus is the difference between total willingness to pay and total actual expenditure. Graphically, for a linear demand curve, it is the area of the triangle bounded by the price axis, the market price line, and the demand curve. With market price P = 80 Naira and quantity Q = 15 liters, the price intercept is 200 Naira. The area of the triangle is calculated as 0.5 * 15 * (200 - 80) = 900 Naira.

Step-by-Step Solution

1

Determine quantity demanded at the market price

Q = 15 liters

Substitute P = 80 into the demand equation P = 200 - 8Q and solve for Q.

2

Find the maximum willingness to pay (vertical axis intercept)

P_max = 200 Naira

At zero quantity consumed (Q = 0), the maximum price the consumer is willing to pay is 200 Naira.

3

Calculate the area of the triangular consumer surplus region

Consumer Surplus = 900 Naira

Consumer Surplus = 0.5 * Base * Height = 0.5 * 15 * (200 - 80) = 900.

Key Concept

Calculation of Consumer Surplus from a Linear Demand Function

Estimated Time:2m 0s

Question 5059Question →

The central monetary authority of an economy published the following financial statistics (in billions of Naira):

- Currency notes and coins held by the non-bank public: $380$
- Vault cash inside commercial bank tills: $70$
- Demand deposits of the non-bank public at commercial banks: $620$
- Savings and fixed time deposits at commercial banks: $950$
- Government deposits held at the central bank: $150$

Calculate the total value of narrow money supply ( $M_1$ ) in billions of Naira.

Show answer & explanation

Answer: 1000

Answer

1000 billion Naira

Narrow money supply (

M_1

) comprises strictly currency in circulation outside the banking sector (

380\text{ billion Naira}

) and demand deposits (

620\text{ billion Naira}

) held by the public at commercial banks. Adding these two components gives

1000\text{ billion Naira}

. Vault cash, quasi-money (savings/fixed deposits), and government central bank balances are intentionally excluded from

M_1

.

Step-by-Step Solution

1

Define the components included in narrow money supply (

M_1

).

M_1 = \text{Currency in circulation outside banks} + \text{Demand deposits of the non-bank public}

Narrow money measures highly liquid assets readily available for medium of exchange transactions.

2

Filter out irrelevant financial figures.

Include

380\text{ billion Naira}

(currency with public) and

620\text{ billion Naira}

(demand deposits). Exclude vault cash (

70\text{ billion Naira}

), savings/time deposits (

950\text{ billion Naira}

), and government deposits at the central bank (

150\text{ billion Naira}

).

Vault cash is part of bank reserves; savings and time deposits constitute quasi-money (

M_2

); government central bank deposits are excluded from private/public money supply definitions.

3

Sum the relevant components to find

M_1

.

M_1 = 380 + 620 = 1000\text{ billion Naira}

Adding currency in circulation to demand deposits yields total narrow money supply.

Key Concept

Calculation of Narrow Money Supply (M1)

Question 5060Question →

In comparing market structures, which condition indicates that a market achieves allocative efficiency and maximizes consumer welfare?

Price equals marginal cost (

P = MC

)

Marginal revenue equals marginal cost (

MR = MC

)

Price equals average variable cost (

P = AVC

)

Price exceeds marginal cost (

P > MC

)

Show answer & explanation

Answer: Price equals marginal cost ( $P = MC$ )

Answer

Price equals marginal cost (

P = MC

)

Allocative efficiency requires that the value consumers place on the final unit produced equals the cost of the resources used to make it (

P = MC

). This ensures maximum net social benefit and consumer welfare.

Step-by-Step Solution

1

Identify the economic definition of allocative efficiency.

Allocative efficiency occurs when resources are allocated to produce the exact combination of goods and services most desired by society, which requires that the price consumers pay equals the marginal cost of production (

P = MC

).

Price reflects the marginal benefit to consumers, while marginal cost reflects the opportunity cost of producing the last unit.

2

Evaluate market structures using this efficiency condition.

Perfect competition achieves

P = MC

in long-run equilibrium because competitive firms face a horizontal demand curve (

P = MR

). Imperfect markets, such as monopolies, charge a price higher than marginal cost (

P > MC

).

Monopolists restrict output to maximize profit where

MR = MC

, resulting in price exceeding marginal cost and causing a loss of consumer welfare.

Key Concept

Allocative Efficiency in Market Structures

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