This economics question tests your understanding of economic models and analysis. The step-by-step answer below applies the relevant framework and explains the reasoning.
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Step 1: Answer Question 1. The use of crude implements is a problem that primarily affects agriculture, leading to low productivity. The correct option is (b). 1. (b) agriculture Step 2: Answer Question 2. A tractor is a piece of machinery directly used in agricultural activities. The correct option is (d). 2. (d) tractor Step 3: Answer Question 3. Subsistence agriculture is a form of farming where the produce is primarily for the farmer's own consumption, often associated with peasant farming. The correct option is (c). 3. (c) peasant Step 4: Answer Question 4. Rubber and cotton are grown for sale rather than for direct consumption, making them cash crops. The correct option is (b). 4. (b) cash Step 5: Answer Question 5. Poverty is a significant problem that affects and is often intertwined with agriculture, especially in developing economies. The correct option is (b). 5. (b) true Step 6: Answer Question 6. Columbite is an ore containing niobium and tantalum, which are used in high-temperature alloys and specialty steels for heat resistance. The correct option is (c). 6. (c) tin and columbite Step 7: Answer Question 7. The process of digging deep holes to extract mineral resources from the earth's crust is known as mining. The correct option is (c). 7. (c) mining Step 8: Answer Question 8. "Black gold" is a common term used to refer to petroleum (crude oil). The correct option is (a). 8. (a) petroleum Step 9: Answer Question 9. Ajaokuta and Aladja are prominent locations in Nigeria known for their iron and steel complexes. The correct option is (b). 9. (b) Ajaokuta and Aladja Step 10: Answer Question 10. Mining can cause air pollution and land pollution. Oil spillage is related to oil extraction, and fumigation is a pest control method, neither of which is a direct environmental problem caused by general mining. The correct option is (d). 10. (d) fumigation Step 11: Answer Question 11. The central bank serves as the lender of last resort, providing liquidity to commercial banks during financial distress. The correct option is (d). 11. (d) central bank Step 12: Answer Question 12. For a commercial bank, deposits represent funds owed to customers, making them liabilities. The correct option is (c). 12. (c) liabilities Step 13: Answer Question 13. Financial institutions act as intermediaries, channeling funds from lenders (savers) to borrowers (investors). The correct option is (c). 13. (c) financial institutions Step 14: Answer Question 14. A major function of the central bank is to implement monetary policy, which includes controlling and regulating the money supply. The correct option is (d). 14. (d) control and regulate money supply Step 15: Answer Question 15. Accepting deposits from the public is a fundamental function of commercial banks. The correct option is (d). 15. (d) accepting deposits Step 16: Answer Question 16. A key differentiating factor between banking and non-banking financial institutions is the nature of their liabilities, specifically that banks can accept demand deposits from the public, which NBFIs generally cannot. The correct option is (c). 16. (c) liabilities Step 17: Answer Question 17. The central bank serves as the lender of last resort in the banking system. The correct option is (d). 17. (d) central bank Step 18: Answer Question 18. For a commercial bank, deposits are funds owed to customers, thus they are liabilities. The correct option is (c). 18. (c) liabilities That's 2 down. 3 left today — send the next one.