Education

UTME Economics Past Questions & Answers 1978

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26. Marginal cost is 
A. the lowest cost of producing goods B. the cost of production of the most efficient firm in an industry C. the cost of production of the most inefficient firm in an industry D. the cost of production of the last or extra unit of goods produced by a firm E. the cost of production at which the minimum profit is obtained by a firm

27. Which of the following is not a form of Business Organization? 
A. Sole proprietorship B. Cartel C. Partnership D. Joint stock E. Cooperatives societies

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28. As consumption of beer increases, its marginal utility to a drinker will 
A. increase B. remain constant C. fluctuate D. decrease E. change proportionately

29. Which of the following sectors of the economy is estimated to be the largest employer of labour in the country?

A. Construction B. Aquaculture C. Distribution D. Mining and petroleum E. Transport and communications

30. The expression ‘Terms of Trade’ is used to describe 
A. the quality of exports B. the direction of foreign trade C. terms of purchase on deferred payment basis D. the rate at which exports exchange for imports E. import licensing

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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