UTME Economics Past Questions & Answers 1978

Practise UTME Economics Past Questions & Answers for the year 1978

1. Suppose that the equilibrium price of an article is N5.00 but the government fixes the price by law at N4.00 the supply will be 
A. the same as the equilibrium supply B. greater than the equilibrium supply C. less than the equilibrium supply D. determined later by government E. none of these


2. A budget deficit means 
A. that a country is buying more than it is selling B. that a country is selling more than it is buying C. a government is spending more than it takes in taxation D. a government is spending less than it takes in taxation E. a government is spending as much as it takes in taxation

JAMB 1978 Economics Supply Curve JAMB UTME 1978

3. In the diagram equilibrium price is: 
A. P 2 B. P0 C. P1 D. indeterminate E. between PO. and P 1 Diagram P.2

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4. When elasticity is zero, the demand curve is 
A. perfectly elastic B. perfectly inelastic C. concave D. downward sloping E. circular

5. The following is NOT a reason for the existence of small firms:
A. scale of production is limited by size of market B. expansion brings diminishing returns C. large firms can cater for wide markets D. small firms can provide personal services E. all of the above

1. C 4 B 7.B 10.B 13. B 16. A 19. A 22.E 25. B 28. D 31. B 34. B 37. C 40.A 43.C 46.B 49.E
2. C 5.B 8.C 11.E 14. B 17. B 20. B 23.C 26. D 29. B 32. D 35. A 38. D 41.C 44.C 47.E 50.A
3. B 6.C 9.D 12.C 15. D 18. B 21. E 24.A 27. B 30. D 33. B 36. D 39. D 42.C 45.A 48.C

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