UTME Economics Past Questions & Answers 1978


11. If a company doubles all its input, and discovers that its output is more than doubles, we can say that the company is experiencing 
A. increasing marginal utility B. diseconomics of scale C. increasing costs D. constant-returns to scale E. increasing returns to scale

12. Price control cannot work in Nigeria because 
A. the population is too large B. the policemen hate to arrest people C. while it is fairly easy to control the producers and the importing firms, the small distributors are too many to be controlled D. control cannot work under a military rule E. too many things are produced in the country

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13. A country has a surplus in its balance of visible trade if 
A. the value of imports exceeds the value of exports of goods B. the value of exports exceeds the value of imports of goods C. the value of goods exported is equal to the value of goods imported D. it is able to spend a lot on capital programmes E. commercial banks’ assets increase

14. The Foreign Exchange Market is a market where 
A. graded commodities like wheat, coffee etc. are sold and bought B. currencies are sold and bought C. treasury bills are sold and bought D. Government bonds are sold and bought E. Treasury certificates are sold

15. Which of the following financial assets carries the lowest rate of interest in Nigeria? 
A Commercial bills B. Call money C. Treasury bills D. Development Loan Stocks E. Deposits with the Federal Savings Bank

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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