UTME Economics Past Questions & Answers 1978


36. Which of the following items in the Balance of Payments Account is an invisible transaction? 
A. Import of cars B. Export of cocoa C. Export of crude petroleum D. Tourism E. Import of building materials

37. Which of the following is a term used to describe a payment representing a surplus in excess of transfer costs?
A. Interest rates B. Opportunity costs C. Economic rent D. Indirect costs E. Wages

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38. Less developed countries obtain foreign exchange reserves mainly from the export of 
A. manufactured goods B. processed and semi-processed commodities C. invisible items D. primary products E. all of the above

39. By ‘trade by barter’, we mean 
A. trade done by people in villages B. exchange of goods for money C. international trade D. exchange of goods for goods E. the trade. of the Middle Ages

40. In order to build up its capital stock, the typical less developed country should ideally 
A. increase, total savings B. depend on hand-outs from foreigners C. nationalize all foreign concerns D impose tariffs on imports E. none of the above

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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