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FPSC Economics Lecturer Test Sample
FPSC Economics Lecturer Test Sample questions Page-2. Following are the sample questions for Economics Lecturer Test Papers. View answers to the questions at the bottom of the page.
Pages: 1 | 2 | 3 | 4 | 5- A movement along the demand curve may be caused by
- A change in income
- A change in the number of buyers
- A change in advertising
- A shift in supply
- A subsidy paid to producers
- Shifts the supply curve
- Shifts the demand curve
- Leads to a contraction in supply
- Leads to an extension of supply
- Which best describes consumer surplus?
- The price consumers are willing to pay for a unit
- The cost of providing a unit
- The profits made by a firm
- The difference the price a consumer pays for an item and the price he/she is willing to pay
- Asymmetric information occurs when
- Information is free
- Buyers and sellers have access to different information
- Community surplus is maximized
- Community surplus is minimized
- A public good
- Is provided by the government
- Is free
- Has the properties of being non-excludable and non-diminishable
- Has external costs
- Nationalization occurs when
- The government sells assets to a the private sector
- The government bans a product
- The government takes ownership of a business
- The government taxes a product to a raise its price
- Which one of the following statements is true?
- If the marginal cost is greater than the average cost the average cost falls
- If the marginal cost is greater than the average cost the average cost increases
- If the marginal cost is positive total costs are maximized
- If the marginal cost is negative total costs increase at a decreasing rate if output increases
- According to the law of diminishing returns
- The marginal product eventually falls as more units of a variable factor are added to a fixed factor
- Marginal utility falls as more units of a product are consumed
- The total product falls as more units of a variable factor are added to a fixed factor
- The marginal product eventually increases as more units of a variable factor are added to a fixed factor
- If a 4% increase in price leads to a increase in the quantity supplied of 8%, then
- Supply is price elastic
- Supply is income elastic
- Price elasticity of demand is -2
- Price elasticity of supply is -2
- An increase in price from 25 pence to 30 pence leads to an increase in the quantity supplied from 40 units to 44 units. The price elasticity of supply is
- +2
- +0.5
- -2
- -0.5
ANSWERS: FPSC ECONOMICS LECTURER TEST SAMPLE QUESTIONS
- D
- A
- D
- B
- C
- C
- B
- A
- A
- B