Solved Past Paper
SPSC Lecturer Economics Past Paper 31 January 2011
Practice and review SPSC Lecturer Economics Past Paper 31 January 2011 with verified questions, correct answer keys, and detailed solutions.
Total Questions
50 Qs
Duration Limit
100 Min
Negative Mark
0.00
Attempt Count
0
Solved Questions & Explanations
50 questions with verified answers and explanations
1
An Isoquant is convex to the origin because of:
Nature and Scope of Economics
PYQ
a
Law of diminishing returns
b
Diminishing marginal rate of substitution between factors
c
Law of increasing returns
d
None of these
Also appeared in
2
When a country imposes an import tariff, the effect on its offer curve is:
Nature and Scope of Economics
PYQ
a
Nil
b
To shift it away from the export-commodity axis
c
To shift it away from the import-commodity axis
d
None of these
Also appeared in
3
One of the following is included in Personal Income, but excluded from National Income, which one is that?
Public Debt and Debt Sustainability
PYQ
a
Dividends
b
Wages
c
Interest on Public Debt
d
None of these
Also appeared in
4
By warranted rate of growth is meant:
Nature and Scope of Economics
PYQ
a
The rate of growth desired by the community
b
The rate of growth planned by the planning authority of the country
c
The rate of growth which would make planned investment equal to realized investment
d
None of these
Also appeared in
5
The assumption which makes the "Indifference Curve" convex to the origin is:
Ordinal Utility and Indifference Curve Analysis
PYQ
a
A diminishing Marginal Rate of substitution
b
Ordinality of utility
c
Cardinality of utility
d
None of these
Also appeared in
6
For the Cobb-Douglas Production Function:
Returns to Scale
PYQ
a
The law of diminishing returns to scale holds
b
The law of constant returns to scale holds
c
The law of increasing returns to scale holds
d
None of these
Also appeared in
7
In Keynesian theory equality between saving and investment is brought about by changes in the:
Keynesian Theory of Employment
PYQ
a
Level of income
b
Rate of interest
c
Supply of money
d
None of these
Also appeared in
8
During Inflation, a recipient of dividend income will, normally, enjoy a real income which is:
Nature and Scope of Economics
PYQ
a
More than before
b
Less than before
c
Unaffected
d
None of these
Also appeared in
9
Which one of the following tax systems will move in the direction of reduction of economic disparities?
Economic Systems: Capitalism, Socialism, and Mixed Economy
PYQ
a
Progressive
b
Regressive
c
Proportional
d
All of these
Also appeared in
10
Backward Effect of International Trade occurs:
New Trade Theory and Strategic Trade
PYQ
a
Between two different countries only
b
Between two different regions of the same country
c
Between two different sectors of the same region
d
None of these
Also appeared in
11
Which of the following is the best indicator of economic growth of a country?
Nature and Scope of Economics
PYQ
a
Per capita calories intake
b
Income of the family
c
Housing and clothing facilities
d
None of these
Also appeared in
12
Demand for money for transaction motive depends on current level of:
Demand and Supply of Money
PYQ
a
Profit
b
Income
c
Rate of interest
d
None of these
Also appeared in
13
The direct exchange of goods and services for other goods and services is known as:
Public Goods and Merit Goods
PYQ
a
Primitive trade
b
Barter
c
Non market trade
d
None of these
Also appeared in
14
The crucial determinant of the size of the market is:
Nature and Scope of Economics
PYQ
a
Productivity
b
Savings
c
Monetary expansion
d
None of these
Also appeared in
15
For money to serve as an efficient medium of exchange, it must have all but which of the following characteristics:
Climate Change Economics
PYQ
a
General acceptability
b
Convertibility into precious metals
c
High value relative to its weight
d
Divisibility
Also appeared in
16
The doctrine of comparative advantages says that there are gains from international trade:
Scarcity, Choice, and Opportunity Cost
PYQ
a
If opportunity costs are the same in the countries involved
b
Only if both comparative and absolute advantages are present in both countries
c
Only if there are economies of scale available
d
If countries specialize in the production of goods in which they are relatively more efficient
Also appeared in
17
If the marginal social benefits of a good exceed its marginal social costs:
Economic Systems: Capitalism, Socialism, and Mixed Economy
PYQ
a
The government should subsidize its production
b
The Pareto-optimal quantity of the good exceeds the equilibrium quantity
c
An external diseconomy exists
d
Then its private benefits must also exceed its private costs
Also appeared in
18
The inclusion of both external costs and external benefits will cause a good's equilibrium price to be:
Cost-Benefit Analysis
PYQ
a
Higher than it otherwise would have been
b
Lower than it otherwise would have been
c
The same, and its equilibrium quantity will be larger
d
None of the above
Also appeared in
19
The measure of change in buyer's demand as a result of price changes is called:
Elasticity of Demand
PYQ
a
Price elasticity of demand
b
Income elasticity of demand
c
Cross elasticity of demand
d
None of these
Also appeared in
20
IMF related drawing rights are known as:
World Leaders in News
PYQ
a
Special Drawing Rights (SDRs)
b
General Drawing Rights (GDRs)
c
International Drawing Rights (IDRs)
d
None of these
Also appeared in
21
Basket of main currencies is:
Nature and Scope of Economics
PYQ
a
US Dollar, Euro, Japanese Yen
b
US Dollar, Euro, Japanese Yen, British Pound
c
US Dollar, Euro, Japanese Yen, British Pound, Chinese Yuan
d
All of these
Also appeared in
22
The largest sector, attracting a big chunk of total foreign direct investment in Pakistan is:
New Trade Theory and Strategic Trade
PYQ
a
Chemical and Pharmaceuticals
b
Trade, transport and Communication
c
Oil and Gas and Power Sector
d
Electronics
Also appeared in
23
Pakistan is pursuing:
Exchange Rate Systems
PYQ
a
Flexible exchange rate system
b
Fixed exchange rate system
c
Managed float through Bank
d
All of these
Also appeared in
24
The largest indirect Tax revenue collection is through:
Direct and Indirect Taxes
PYQ
a
Income tax
b
GST
c
Customs duty
d
Wealth tax
Also appeared in
25
A demand curve shows the relationship between the quantity demanded for a commodity over a given time and:
Income, Substitution, and Price Effects
PYQ
a
The tastes of consumer
b
The money income of consumer
c
The price of related commodities
d
The price of the commodity
Also appeared in
26
Which of the following would be the best measure of changes in the standard of living in an economy, expressed in a time series?
Economic Systems: Capitalism, Socialism, and Mixed Economy
PYQ
a
real GDP
b
Output per labour hour of output
c
real GDP per capita
d
nominal GDP per capita
Also appeared in
27
For money to serve as an efficient medium of exchange, it must have all but which of the following characteristics?
Climate Change Economics
PYQ
a
general acceptability
b
convertibility into precious metals
c
divisibility
d
high value relative to its weight
Also appeared in
28
Money can be a standard of deferred payments only if the value of money itself:
Nature and Scope of Economics
PYQ
a
Remains stable
b
Increases
c
Decreases
d
None of these
Also appeared in
29
Personal income is obtained by adding which items to national income:
Methods of Measuring National Income
PYQ
a
Government transfer payments
b
Business transfer payments
c
Both A and B
d
None of these
Also appeared in
30
The impact and incidence of sales tax is:
Nature and Scope of Economics
PYQ
a
On the consumer
b
On the seller
c
On the producer
d
None of these
Also appeared in
31
Economic growth:
CPEC and Economic Development
PYQ
a
Refers to qualitative change experienced by an economic system
b
Is synonymous with economic development?
c
When an economic system acquired greater productive capacity
d
Always result in increased real per capita output
Also appeared in
32
When demand is elastic:
Nature and Scope of Economics
PYQ
a
A fall in price is more than offset by an increase in quantity demanded, so that total revenue rises
b
The good is probably a necessity, so price has little effect on quantity demanded
c
A rise in price will increase total revenue, even though less is sold
d
buyers are not much influenced by prices of competing products
Also appeared in
33
Old age pension payment is transfer payment.
Nature and Scope of Economics
PYQ
a
True
b
False
Also appeared in
34
A horizontal indifference curve represents some specific case.
Ordinal Utility and Indifference Curve Analysis
PYQ
a
True
b
False
Also appeared in
35
Protectionism in the international trade stands for semi-restricted trade.
New Trade Theory and Strategic Trade
PYQ
a
True
b
False
Also appeared in
36
Sale of a new car by an automobile dealer will not affect National product.
Nature and Scope of Economics
PYQ
a
True
b
False
Also appeared in
37
Reflex action in the body is controlled by:
Nature and Scope of Economics
PYQ
a
Motor nerves
b
Sensory nerves
c
Central nervous system
d
None of these
Also appeared in
38
Ultra filtering unit of kidney is known as:
Nature and Scope of Economics
PYQ
a
Nephron
b
Glomerulus
c
Tubule
d
Vena cava
Also appeared in
39
Allergy is caused due to:
Nature and Scope of Economics
PYQ
a
Inflammation of upper respiratory tract
b
Antigen-antibody reaction
c
Introduction of external material into body
d
None of these
Also appeared in
40
The largest cell in the human body is:
Nature and Scope of Economics
PYQ
a
Liver cell
b
Nerve cell
c
Muscle cell
d
Kidney cell
Also appeared in
41
Most soluble in water is:
Nature and Scope of Economics
PYQ
a
Sugar
b
Camphor
c
Sulphur
d
Common salt
Also appeared in
42
Permanent hardness of water can be removed by adding:
Nature and Scope of Economics
PYQ
a
Potassium
b
Washing soda
c
Chlorine
d
None of these
Also appeared in
43
'Battle of Mutah' was fought between:
Nature and Scope of Economics
PYQ
a
Muslims and Jews
b
Muslims and Romans
c
Muslims and false prophets
d
Muslims and Quraysh
Also appeared in
44
Hazrat Ibrahim's (AS) grave is found in:
Nature and Scope of Economics
PYQ
a
Saudi Arabia
b
Iraq
c
Syria
d
Palestine
Also appeared in
45
The soup was made by first of all:
Nature and Scope of Economics
PYQ
a
Hazrat Ismail (AS)
b
Hazrat Salih (AS)
c
Hazrat Loot (AS)
d
Hazrat Yaqoob (AS)
Also appeared in
46
He is called as Najeebullah?
Nature and Scope of Economics
PYQ
a
Hazrat Musa (AS)
b
Hazrat Isa (AS)
c
Hazrat Yahya (AS)
d
None of these
Also appeared in
47
Quit India Movement started after the failure of:
Nature and Scope of Economics
PYQ
a
Cripps Mission
b
Simon Commission
c
Cabinet Mission
d
None of these
Also appeared in
48
The provision for separate electorate for Hindus and Muslims was made in:
Nature and Scope of Economics
PYQ
a
Minto-Morley Reforms
b
Mountbatten Plan
c
Government of India Act
d
Montague Chelmsford Reforms
Also appeared in
49
In which year, the Siachen dispute originated between India and Pakistan?
Nature and Scope of Economics
PYQ
a
1984
b
1986
c
1988
d
1991
Also appeared in
50
Hamas is a militant Palestinian Organization which was founded in 1987. It won the elections in 2006. The Hamas leader who was elected the Prime Minister of Palestine Authority was:
World Leaders in News
PYQ
a
Sheikh Ahmed Yasin
b
Mehmood Abbas
c
Khalid Meshal
d
Ismail Haniyah
Also appeared in
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Topic Weightage
Nature and Scope of Economics
50%
Economic Systems: Capitalism, Socialism, and Mixed Economy
6%
New Trade Theory and Strategic Trade
6%
Ordinal Utility and Indifference Curve Analysis
4%
Climate Change Economics
4%
World Leaders in News
4%
Public Debt and Debt Sustainability
2%
Returns to Scale
2%
Keynesian Theory of Employment
2%
Demand and Supply of Money
2%
Public Goods and Merit Goods
2%
Scarcity, Choice, and Opportunity Cost
2%
Cost-Benefit Analysis
2%
Elasticity of Demand
2%
Exchange Rate Systems
2%
Direct and Indirect Taxes
2%
Income, Substitution, and Price Effects
2%
Methods of Measuring National Income
2%
CPEC and Economic Development
2%