2016 - WAEC Economics Past Questions and Answers - page 3

Articles of partnership is a voluntary contract between/among two or more persons to place their capital, labor, and skills into business, with the understanding that there will be a sharing of the profits and losses between/among partners.

Indigenization policy is a deliberate government policy aimed at replacing foreign investors and personnel in certain industries with indigenes or the natives of a country that is, excluding foreign participation in certain productive activities.

Instituting price control can affect the efficient distribution of goods in west Africa. Price control government regulation establishing a maximum price to be charged for specified goods and services, especially during periods of war or inflation.

Residual unemployment; the unemployment that remains in periods of full employment, as a result of those mentally, physically, or emotionally unfit to work. 

The following are the various relationships between  total and marginal utility.

• When marginal utility is positive , total utility increases
• When marginal utility is zero , total utility is at maximum
• When marginal utility is negative , total utility decreases

A growing population is primarily determined by rates of birth, death, immigration, and emigration. Under  ideal conditions, population can grow  exponentially. The growth rate increases as the population gets larger. An increased number of young people indicates a fast growing population

 Some of the factors affecting the efficiency of labour

- Personal Qualities of Labourers
- General Education and Intelligence
- Working Conditions
- Efficiency of Other Factors
- Welfare Services
- Motivation and Incentives

Intensive farming involves various types of agriculture with higher levels of input and output per cubic unit of agriculturalland area. It is characterized by a low fallow ratio, higher use of inputs such as capital and labour, and higher crop yields per cubic unit land area.

instability in political and industrial policies is a major problem of growth and development in west Africa. An industrial policy,  that led to lower growth and more inequality and instability will discourage foreign investment. A traditional criticism of industrial policies is related to 'political economy', that such policies are likely to be captured by special interests to advance themselves.

- It will be easier for the firm to get raw materials in the rural areas.
- It would bring about development and improvement in the standard or living in the area. 
- Basic infrastructure may not be available.