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
The market value of the annual output of a country is called?
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?
- $70 billion
- $65 billion
- $60 billion
- $55 billion
When demand is price-elastic, a price decrease __________ .
- reduces total revenue
- increases total revenue
- reduces total demand
- increases total demand
According to Say’s Law?
- Supply creates its own demand
- Demand creates its own supply
- Supply creates Revenue
- Demand creates Revenue
The change in revenue that is generated by an additional unit of sales is called?
- Net Revenue
- Surplus Revenue
- Marginal Revenue
When demand is elastic, the Marginal Revenue (MR) is?
Under Perfect Competition, the condition for maximum profit is?
- MR > MC
- MR < MC
- MR = MC
- (MR)(MC) = 1
The Agriculture sector contributes about __________ % to GDP.
The Manufacturing sector contributes about __________ % to GDP.
The Manufacturing sector employs about __________ % labour force.
ANSWERS: FPSC ECONOMICS SAMPLE QUESTIONS