UTME Economics Past Questions & Answers 1978


16. The effect on the demand for product A caused by a change in the price of product B is called 
A. cross-elasticity of demand B. elasticity of supply C. competitive demand D. composite demand E. joint demand

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17. Which of the following can be regarded as a liability of a commercial bank?
A. Advances B. Deposits C. Treasury bills D. Overdrafts E. Cash

18. Atax which takes a higher percentage from higher incomes is called 
A. a regressive tax B. a progressive tax C. a proportional tax D. an indirect tax E. a direct tax

19. Which one of the following statements is true?
A. A proportional tax is one which takes from high-income people a larger fraction of their income than it takes from low-income people B. Tax s on commodities or services which can be shifted elsewhere are usually called direct taxes C. The sole proprietor is a legal entity D. The influence of demand on price will be smallest in the short-run E. The cost of production is the most important determining factor of supply in the long run.

20. The largest liability appearing on the books of a commercial bank is 
A. cash B. deposits C. loans and advances D. capital and reserves E. Treasury bills

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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