Education

UTME Economics Past Questions & Answers 1978

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41. The advantage of the sole proprietorship is as follows: 
A. it is always successful B. continuity is no problem C. control and supervision is under one man D. funds are easy to obtain E. Inter-generational equity is assured

42. Which of these should determine, in a planned economy, how the factors of production are to be allocated among different production activities? 
A. Fairness B. The distribution of income and wealth C. Public need, which is determined by the government D. Private needs determined by the market E. The ability of an individual to make profit

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43. Which of the following activities of Government precludes the existence of a market economy? 
A. The imposition of taxes B. The control of the location of industry C. The central planning of all production D. The fixing of maximum prices for all necessities E. The establishment of laws requiring the registration of business firms

44. Which of the following is NOT strictly included in the study of economics? 
A. The study of wants B. The study of choice C. Whether a particular want satisfies a good or bad purpose D. The study of scarcity E. The study of substitution

45. Which of these would NOT increase the population of a country? 
A. Increase in death rate B. Decrease in birth rate C. Emigration D. Migration E. Better medical facilities

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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