Education

UTME Economics Past Questions & Answers 1978

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21. The Lagos Clearing House is 
A. a commodity market B. an import licensing centre C. another name for the Lagos Stock Exchange D. an insurance and underwriting centre E. a cheque sorting centre

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22. The biggest source of government revenue in Nigeria is 
A. mining rents and royalties B. company income tax C. import duties D. export duties E. petroleum profits tax

23. An increase in liquid reserve requirements bythe Central Bank of Nigeria will result in 
A. a reduction in commercial banks’ excess reserves B. more commercial bank loans to members of the public C. an increase in commercial banks’ excess reserves D. no change in commercial banks’ excess reserves E. a reduction in Central Bank’s gold reserves

24. A distinguishing characteristic of a consumers’ cooperative is the fact that 
A. the customers are the owners B. the customers are the workers C. the customers are the managers D. the customers are low income people E. the customers are high income people

25. Disposable income is the same thing as 
A. personal income minus personal saving B. personal income minus taxes C. national income minus depreciation D. exports minus imports E. savings plus investment

ANSWERS
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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