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FPSC Economics Sample Questions

FPSC Economics Lecturer Test Sample questions Page-1. 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

  1. The market value of the annual output of a country is called?

    1. GDP
    2. GNP
    3. NNP
    4. NNI

  2. The nominal GDP of a certain country in 2010 was $80 billion and in 2013 was $63 billion. And the average prices were dropped by 10%. What is the real GDP in 2013?

    1. $70 billion
    2. $65 billion
    3. $60 billion
    4. $55 billion

  3. When demand is price-elastic, a price decrease __________ .

    1. reduces total revenue
    2. increases total revenue
    3. reduces total demand
    4. increases total demand

  4. According to Say’s Law?

    1. Supply creates its own demand
    2. Demand creates its own supply
    3. Supply creates Revenue
    4. Demand creates Revenue

  5. The change in revenue that is generated by an additional unit of sales is called?

    1. Net Revenue
    2. Surplus Revenue
    3. Marginal Revenue
    4. Deficit

  6. When demand is elastic, the Marginal Revenue (MR) is?

    1. Positive
    2. Negative
    3. Zero
    4. Unity

  7. Under Perfect Competition, the condition for maximum profit is?

    1. MR > MC
    2. MR < MC
    3. MR = MC
    4. (MR)(MC) = 1

  8. The Agriculture sector contributes about __________ % to GDP.

    1. 19
    2. 21
    3. 23
    4. 25

  9. The Manufacturing sector contributes about __________ % to GDP.

    1. 11
    2. 13
    3. 15
    4. 17

  10. The Manufacturing sector employs about __________ % labour force.

    1. 14
    2. 16
    3. 18
    4. 20

ANSWERS: FPSC ECONOMICS SAMPLE QUESTIONS

  1. B
  2. A
  3. B
  4. A
  5. C
  6. A
  7. C
  8. B
  9. B
  10. A