Choose the appropriate options in this Section. You are to give reasons for Questions 1-5 whether it is TRUE or FALSE

Here are the answers to your questions:

SECTION A OBJECTIVES

1. Demand and Wants are the same (TRUE/FALSE)

   • FALSE
   • Reason: Wants are mere desires for goods and services, while demand is a want backed by the ability and willingness to purchase.

2. Opportunity Cost and Money Cost are the same (TRUE/FALSE)

   • FALSE
   • Reason: Opportunity cost is the value of the next best alternative forgone when a choice is made, whereas money cost is the actual monetary expenditure incurred.

3. Demand schedule and Demand Curve are the same (TRUE/FALSE)

   • FALSE
   • Reason: A demand schedule is a table that shows the quantity of a good demanded at different price levels, while a demand curve is a graphical representation of that schedule.

4. Demand and Effective Demand are they the same (TRUE/FALSE)

   • FALSE
   • Reason: Demand can sometimes refer to a general desire, but effective demand specifically refers to demand backed by the necessary purchasing power and willingness to buy.

5. Population and Population Census are they the same (TRUE/FALSE)

   • FALSE
   • Reason: Population refers to the total number of people living in a specific area, while a population census is the official process of systematically collecting, compiling, and publishing demographic data about that population.

6. When a country's population is insufficient to properly utilize its natural resources, it is experiencing C. Underpopulation.

   • Reason: Underpopulation occurs when the population size is too small to efficiently exploit the available natural resources, leading to underutilization.

7. Which of the following is NOT a method of classifying population? D. Rainfall distribution.

   • Reason: Population is typically classified by demographic characteristics like age, sex, and occupation. Rainfall distribution is a climatic factor, not a method of population classification.

8. The B. Malthusian theory states that population increases in a geometric progression while food supply increases in an arithmetic progression.

   • Reason: This theory was proposed by Thomas Malthus, who argued that population growth would outpace food production, leading to widespread poverty and famine.

9. The labour force in an economy is synonymous with the B. Working population.

   • Reason: The working population, or labor force, includes all individuals who are employed or actively seeking employment.

10. The ability and willingness of a worker to move from one job to another is known as B. Occupational mobility of labour.

    • Reason: Occupational mobility refers to a worker's ability to change jobs or occupations, often requiring new skills or training.

11. Which of these best describes the "labour market"? C. The interaction between employers (buyers of labour) and workers (sellers of labour).

    • Reason: The labor market is where individuals offer their labor services and employers seek to hire workers, determining wages and employment levels.

12. Which of the following business organizations is owned and controlled by the government? B. Public corporation.

    • Reason: Public corporations are state-owned enterprises established to provide public services or operate commercial ventures on behalf of the government.

13. The profits distributed to shareholders of a public limited company are called C. Dividends.

    • Reason: Dividends are a portion of a company's profits paid out to its shareholders as a return on their investment.

14. Which of the following is NOT a problem facing agriculture in West Africa? C. Availability of high-tech modern machinery.

    • Reason: Inadequate finance, poor transportation, and problematic land tenure systems are common challenges. The availability of high-tech modern machinery would be a solution, not a problem; the lack of it is a problem.

15. The type of population census which involves the counting of only those who are present physically during census is called (b) De facto population.

    • Reason: A de facto census counts individuals based on their physical presence at the time of the census, regardless of their usual place of residence.