UTME Economics Past Questions & Answers 1978


46. The optimum population of a country is reached when 
A. all factors of production have been fully employed B. the productive effort per, man is at its highest with a given volume of resources C. the total population of a country increases D. the natural resources of a country increases E. the working population of a country increases

47. In economics, production is complete when 
A. goods are produced in the factories B. goods are sold to tile wholesalers C. goods and services are produced by the government D. prices are fixed for goods and services E. goods and services finally reach the consumers

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48. A rational consumer will adjust his spending pattern so that: 
A. he buys only the one item that gives him the most total satisfaction B. the marginal utility he gets from the last unit of each item is the same C. the marginal utility he gets from the last naira spent on each item is the same D. the total utility he gets from each item is the same E. the total amount of money he spends on each item is the same

49. Bondholders are treated more favourably than shareholders because
A. they are not liable for the company’s losses B. they have a greater voice in electing the board of directors C. they control the management D. they have a prior claim on the company’s assets E. none of the above

50. The numerical measure of elasticity is:
A. % change in Q ÷ % change in P
B. change in Q ÷ change in P
C. % change in P ÷ % change in Q
D. change in P ÷ change in Q
E. change in P plus change in Q ÷ change in P where P = Price, and Q = Quantity

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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