Sample Questions for FPSC Economics Lecturer Test
The market value of the annual output of a country is called?
GDP
GNP
NNP
NNI
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
Deficit
When demand is elastic, the Marginal Revenue (MR) is?
Positive
Negative
Zero
Unity
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.
19
21
23
25
The Manufacturing sector contributes about __________ % to GDP.
11
13
15
17
The Manufacturing sector employs about __________ % labour force.
14
16
18
20
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