UTME ECONOMICS PAST QUESTIONS (PAGE 19)

1.A socialist economy is characterized by the: (a) public ownership and control of factor of production (b) use of capital method of production (c) government ownership and private control of means of production (d) equal access to public utilities Right choice – Option A 2. Irrespective of economic system adopted, which of the following is […]

UTME ECONOMICS PAST QUESTIONS (PAGE 18)

Instruction: Answer all questions 1.The price of a commodity is determined by the (A) supplier (B) consumer (C) quantity of goods demanded (D) quantity of goods supplied (E) interaction of demand and supply Right choice – Option E 2. When the demand for a commodity is inelastic, who bears greater burden of the indirect tax? […]

UTME ECONOMICS PAST QUESTIONS (PAGE 17)

1. The knowledge of economics enables an individual to A. To be careful in the spending of his income B. Derive maximum satisfaction from the use of his resources C. Be investment conscious D. Avoid the purchase of harmful goods. 2. Which of the following defines economics most comprehensively? A. Organization of industries and services […]

UTME ECONOMICS PAST QUESTIONS (PAGE 16)

1. The forgone alternative of every economics action is (a) opportunity cost (b) accounting cost (c) credit cost (d) more paid for the action 2. Price elasticity of demand is (a) percentage change in price of a good divided by percentage change in quantity demanded for the good (b) percentage change in price of a […]

UTME ECONOMICS PAST QUESTIONS (PAGE 15)

1. The central problems of economics are: (a) The Limited wants to human beings (b) that resources have no alternative uses (c) scarcity and choice (d) that prices of goods are too high 2. Migration is defined as: (a) movement out of a poor country to a wealthier country (b) movement of people from one […]

UTME ECONOMICS PAST QUESTIONS (PAGE 14)

1. The scientific method of economic where conclusions are reaches based on actual experiences of data obtained from field is called (a) deductive method (b) experimental method (c) exponential method (d) inductive method Right choice – Option 2. What could happen to business firm that fails to properly answer the question of ” for whom […]

UTME ECONOMICS PAST QUESTIONS (PAGE 13)

1. Division of labour may be restricted when (a) an ailing economy has improved (b) producers live in villages c) market is small (d)there is full employmentRight choice – Option C 2. Which of the following will not be regarded as a cause of the present inflation in Nigeria (a) Austerity measure imposed in 1982 […]

UTME ECONOMICS PAST QUESTIONS (PAGE 12)

1. An economics analysis aimed at explaining what is phenomenon should be comes under the (a) Positive approach (b) social approach (c) normative approach (d) logical approach Right choice – Option C 2. The problems of how goods shall be produced in a society implies choices between (a) necessities and luxuries (b) food and cash […]

UTME ECONOMICS PAST QUESTIONS (PAGE 11)

1. Subsidiary firms are firms (a) that render services to bigger ones (b)that ale formed by localization (c) Formed with government subsidy (d) formed by merging Right choice – Option A 2. The introduction of machine into the work place is likely to cause (a) cyclical unemployment (b) Structural unemployment (c)fictional unemployment (d) seasonal unemployment […]

UTME ECONOMICS PAST QUESTIONS (PAGE 10)

1. industrialization in Nigeria can best be promoted through the development of (a) Textile manufacturing (b) Vegetable oil processing (c) iron and steel processing (d) Automatic manufacturing Right choice – Option C 2. Which of the following is a commercial service? (a) Transporting (b) Garri processing (c) Oil drilling (d) Lumbering Right choice – Option […]