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FPSC Economics Lecturer Test → Economics Lecturer Test Past Papers Questions from 41 to 50

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41. Stating that taxes should be raised to help the poor is an example of
(A) A positive economic statement
(B) A normative economic statement
(C) A testable fact
(D) An objective economic statement

42. A PPF can indicate all of the following, except
(A) The effect of an increase in the use of new technology
(B) The opportunity cost of increasing production of one good
(C) Consumer preferences
(D) Economic growth

43. A demand curve can shift to the right by all of the following, except
(A) A fall in price of the good
(B) A fall in the price of a complement
(C) A rise in the price of a substitute
(D) An increased preference for the good

44. A supply curve can shift to the left due to all of the following, except
(A) An increase in VAT
(B) A reduced subsidy
(C) An increase in wages
(D) An increase in the use of new technology

45. The price of tomatoes is currently 50p per kilo, and a shop currently sells 1000 kilos per week. It then reduces price to 40p and finds that it now sells 1400 kilos per week. Its PED is
(A) -0.5
(B) +0.5
(C) -2.0
(D) +2.0

46. The price of tomatoes falls from 50p to 40p, and tomato growers supply the same amount to shops. The PES is
(A) Zero
(B) Infinite
(C) Equal to one
(D) Impossible to calculate

47. When the price of good X rises the demand for good Y also rises. X and Y are
(A) Inferior goods
(B) Complements
(C) Substitutes
(D) Normal goods

48. When the price of good A rises the demand for good B falls, A and B are
(A) Inferior goods
(B) Complements
(C) Substitutes
(D) Normal goods

49. Income elasticity of demand for an inferior good is always
(A) Negative
(B) Positive
(C) > 1
(D) < 1

49. The effect of a fall in the price of a normal good is to
(A) Increase producer surplus
(B) Increase consumer surplus
(C) Decrease consumer surplus
(D) Reduce demand for a complementary good

ANSWERS: ECONOMICS LECTURER TEST PAST PAPERS
41. (B)
42. (C)
43. (A)
44. (D)
45. (C)
46. (A)
47. (C)
48. (B)
49. (A)
50. (B)