SPSC Lecturer Economics Past Paper 2024

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SPSC Lecturer Economics Past Papers MCQs is a helpful source for candidates preparing for lecturer positions in economics.

SPSC Lecturer Economics Past Paper MCQs

What is a similar word to “Abhor”?
  1. See
  2. Hate
  3. Equipe
  4. None of the above
synonym of lethargy is?
  1. serenity
  2. laxity
  3. active
  4. bold
We gave __ a meal?
  1. At the visitors
  2. For the visitors
  3. The visitors
  4. None of these
The synonym of ARROGANT is?
  1. Conceited
  2. Kind
  3. Polite
  4. All of these
Antonym of EXPAND is ___?
  1. Condense
  2. Convert
  3. Conclude
  4. Congest
Which of the following is a tool of fiscal policy?
  1. Open market operations
  2. Discount rate
  3. Government spending
  4. Reserve requirement
A profit-maximizing firm under perfect competition will produce?
  1. Only in the first stage of production
  2. Never in the range where MP is diminishing
  3. Always in the range where MP is diminishing
  4. Never in the range where AP is diminishing
  5. Always in the range where AP is rising
The market structure of monopoly is characterized by?
  1. A single firm producing a good that lacks close substitutes
  2. Differentiated products produced by different firms
  3. Marginal revenue [MR] is less than the price for several firms
  4. Extensive non-price competition
What is the primary objective of a central bank’s monetary policy?
  1. Maximizing Government revenue
  2. Achieving price stability and controlling inflation
  3. Generating profits for shareholders
  4. Encouraging consumer spending
Which sector typically contributes the largest share to Pakistan’s GDP (Gross Domestic Product)?
  1. Agriculture
  2. Services
  3. Industry
  4. Information Technology and Telecommunication
The Phillips curve illustrates the relationship between?
  1. Inflation and unemployment
  2. Inflation and GDP growth
  3. Government spending and GDP growth
  4. Interest rates and investment
All the following are parts of the business cycle except?
  1. Boom
  2. Slump
  3. Recovery
  4. Acceleration
Islamabad isn’t______Lahore.
  1. As cheaper than
  2. So cheaper than
  3. So cheap that
  4. As cheap as
Given own price elasticity equal to -2.5 implies that if the price of the good increase by Rs.10 then the quantity demanded of the good?
  1. Will decrease by 2.5 units
  2. Will Increase by 2.5 units
  3. Will decrease by 25%
  4. Will decrease by 2.5%
  5. None of these
Which of the following oligopoly models are concerned with the maximization of joint profit?
  1. Collusive model
  2. Bertrand model
  3. Cournot model
  4. Edgeworth model
  5. Kinky demand curve model
Does total revenue equal?
  1. Price times quantity
  2. Marginal revenue times marginal cost
  3. Profit per unit of output
  4. Total cost minus profit
According to classical economic theory, a decrease in the money supply would?
  1. Raise the price level and output in the economy
  2. Lower the price level and output in the economy
  3. Lower the price level in the economy
  4. Raise the price level and lower output in the economy
The biggest challenge to Pakistan’s economy in 2022-23 was?
  1. Low literacy rate
  2. Rising inflation
  3. Low employment
  4. Current account deficit
The aggregate demand curve slopes downward because of the?
  1. Wealth effect
  2. Interest rate effect
  3. Exchange rate effect
  4. All of these
Frictional unemployment often occurs when?
  1. The economy enters a recession
  2. People first enter the labor force
  3. People are discriminated against
  4. People lose a jobs because their skills are no longer needed
A company has a cost function C(Q) = 2 Q^2 + 10Q + 50. What is the marginal cost of producing the 5the one of output?
  1. $20
  2. $30
  3. $40
  4. $50
What is the Antonym of “Ubiquitous”?
  1. Universal
  2. Abundant
  3. Pervasive
  4. Scarce
If the demand function for good X is given by X^D = 1500-1.3P,-1.8P + 2M then we know that?
  1. Own price elasticity is -1.3
  2. Goods X and Y are substitutes for each other
  3. Goods X and Y are complements to each other
  4. The income Elasticity of X is -2
  5. Both A and D
All profit-maximizing firms will hire more labor up to the point where the
  1. The average physical product of labour equals the nominal wage
  2. The last unit of labour adds equally to total revenue and total cost
  3. The marginal product of Labour is at its maximum value
  4. The value of output most greatly exceeds labour’s marginal factor cost
A purely competitive firm will produce where P = MC because of this?
  1. Is good for society
  2. Is all that is permitted by law
  3. Maximizes profits
  4. Allows price adjustment but not quantity adjustment
What does the term “lender of last resort” refer to in the context of central banking?
  1. A bank providing loans to commercial banks during times of financial crisis
  2. A Commercial bank providing loans to the central bank
  3. A government agency providing loans to individuals and businesses
  4. A central bank offering loans to foreign governments
The difference between the Gross value added and Net value added is?
  1. Investment
  2. Value added
  3. Production flow
  4. Depreciation
The term “crowding out” refers to?
  1. The decrease in private investment that occurs when government borrowing increases
  2. The increase in private investment that occurs when government borrowing decreases
  3. The decrease in government spending that occurs when private investment increases
  4. The increase in government spending that occurs when private investment decreases
The period of the business cycle in which read GDP is increasing is called the?
  1. Expansion
  2. Peak
  3. Recession
  4. Trough
If the household consumes along the budget constraint where MUx/Px > MUy/Py then assuming normal preferences, we are sure that?
  1. Price of X is greater than price of Y
  2. MUx > MUy
  3. The household could increase his total utility by consuming more of X and less of Y
  4. The household could increase his total utility by consuming less of X and more of Y
  5. Household is not spending all his income
Inferior goods are the goods which?
  1. Have zero income elasticity
  2. Have negative income elasticity
  3. Have less than one but greater than zero Income elasticity
  4. People have no preference of consuming
  5. Have positively sloped indifference curves
In monopolistic competition, product differentiation refers to?
  1. Offering products that are similar but not identical
  2. Offering identical products to consumers
  3. Offering unique products with no substitutes
  4. Offering products at the same price as competitors
In production theory, the short run is a period?
  1. Generally less than three years
  2. Sufficient to adopt new technology
  3. During which at least one resource is fixed
  4. When only labour can be varied
Which of the following could cause the aggregate demand curve to shift to the left?
  1. An increase in the money supply
  2. Contractionary demand management policies
  3. Expansionary demand management policies
  4. An increase in government spending
  5. There is more than one correct answer here
What is the correct formula for GDP Deflator?
  1. Nominal GDP – (minus) Real GDP
  2. Nominal GDP + Real GDP
  3. Nominal GDP / Real GDP
  4. Real GDP / Nominal GDP
The Solow Growth Model predicts that?
  1. Rich nations will grow faster than poor nations
  2. The rich will get richer and the poor will get poorer
  3. The rich will get poorer and the poor will get richer
  4. Poor nations will grow faster than rich nations
Theory of comparative advantage was presented by?
  1. Adam Smith
  2. David Ricardo
  3. Ohlin
  4. Hicks
The standard deviation of a data set tells us?
  1. The average distance from the mean
  2. The exact values in the data set
  3. The highest and lowest values
  4. How many data points there are
What is the similar meaning word of “Virtue”?
  1. Vice
  2. Appropriate
  3. Evil
  4. Goodness
At any level of output where short run average cost curve is tangent to the long run average cost curve then we also have?
  1. LMC > SMC
  2. LMC < SMC
  3. LMC = SMC
  4. LMC = LAC
  5. LMC < SMC
In monopolistic competition, long-run equilibrium involves?
  1. Zero economic profit
  2. Perfect price discrimination
  3. Excess capacity
  4. Homogeneous products
If the elasticity of demand for a product is -0.5, this means that ::?
  1. Demand is perfectly elastic
  2. Demand is inelastic
  3. Demand is unit elastic
  4. Demand is elastic
If Fiscal Policy is trying to promote stability and economic growth through tax cuts, what type of policy is Fiscal policy using?
  1. Expansionary Fiscal Policy
  2. Restrictive Fiscal Policy
  3. Easy Money Policy
  4. Tight Money Policy
MFN is the abbreviation of?
  1. The most favored nation
  2. The most favorite nation
  3. The most friendly nation
  4. None of these
How much_____where you live?
  1. Do houses cost
  2. Does houses cost
  3. Does cost houses
  4. Do cost house
Which one is the synonym for “humble”?
  1. Modest
  2. Headstrong
  3. Timeless
  4. None of these
The monetary base consists of the?
  1. Reserve at the Federal Reserve plus vault cash
  2. Deposits of member banks at the Federal reserve
  3. Euro-dollars and foreign deposits at the Federal Reserve
  4. Reserves plus currency in circulation

Also Read:  SPSC Past Papers MCQs for all previous years online

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