Lecturer Economics Past Papers 2011

Lecturer Economics Past Papers 2011 for preparation. ( PMS KPPSC MOD )

An ISO – Product curve slopes?

A) Downward to the left

B) Downward to the right

C) Upward to the left

D) Upward to the right

The capital-output ratio is determined by?

A) Sectoral allocation of capital

B) Level of economic activity

C) Human and natural resources

D) All of these

Who coined the phrase ‘demonstration effect’?

A) Restow

B) G. Myrdal

C) James Duessenberry

D) R. Nurkse

Which of the following was given a central place by Schumpeter his theory of development?

A) Capital accumulation

B) Role of the govt.

C) Need for balanced growth

D) Role of innovations

Which of the following models assumes a constant saving income ratio?

A) Kaldur model

B) Leontief model

C) Harrod domar model

D) John Robinson model

In the case of complementary goods ass indifference curve can be?

A) Convex

B) Concave

C) Straight line

D) L-Shaped

The law of diminishing marginal utility will be applicable If the good in use is?

A) Interior

B) Giffen

C) Superior

D) Same

According to Classical Theory utility?

A) Can not be expressed in number

B) Can be expressed in number

C) Can be tanked

D) None of these

In the Cournot model, each firm makes decisions regarding?

A) Price

B) Output

C) Cost

D) Advertisement

The situation of single buyer and single seller is called?

A) Monopoly

B) Multi plant monopolise

C) Bilateral monopoly

D) Price discrimination

The slope of the indifference curve at any point reflects?

A) Income level

B) Prices

C) Utility level

D) Marginal rate of substitution

For a few products such as insulin for diabetes, within a range of prices?

A) The demand curve can be upward-sloping

B) The supply curve can be upward-sloping

C) The supply curve could not be upward sloping

D) It is not possible to calculate either demand or supply elasticities

The cross-price elasticity of demand for orange juice concerning the price of apple juice?

A) Negative

B) Near infinity

C) Zero

D) Positive

An effective price ceiling usually results in?

A) Excess demand

B) Excess supply  

C) A new equilibrium at a lower-priced

D) A decrease in demand

An increase in supply shifts the supply curve.

A) Upward

B) To the right

C) To the left

D) Up and to the left

Tall, slender athletes play basketball while shorter, huskier ones play football because of?

A) The law of diminishing returns

B) The law of increasing costs

C) The law of comparative advantage

D) The law of decreasing cost

The invisible hand refers to the?

A) Unseen govt. control of the economy

B) The power of large corporations

C) Intangible goods produced in the country

D) The unseen coordination of market economic by the price system

Both the consumer in the economy are in equilibrium when MRS?

A) Differ

B) Falls

C) Same

D) Rises

The utility possibility curve shows the level of satisfaction.

A) Two consumers

B) Three consumer

C) Both A & B

D) None of these

The general equilibrium shows equilibrium in?

A) Single market

B) All markets

C) Both A and B

D) None of these

The classical and neo-classical theories of consumption and firm behavior are based on?

A) Certainty

B) Uncertainty

C) Neutrality

D) Preference

The economic models consist of?

A) A statement and assumption

B) Hypothesis

C) Predictions

D) All of these

Philips curve shows a relationship between prices and?

A) Wages

B) Costs

C) Inflation

D) Unemployment

The IS curve under monetarists is?

A) Steeper

B) Flatter

C) Both A and B

D) None of these

An underground worker is a worker?

A) Counted as being employed

B) Counted as being unemployed

C) Whose income is not fully reported to the Govt.

D) That has no skilled to offer in the Job market  

Paper money is called flat money because?

A) It is issued by the authority of govt.

B) It is convertible into gold

C) It can be easily printed

D) It is light weight

The equation of exchange PT = MV was given by?

A) Fisher

B) Crowther

C) Kuznt

D) Keynes

Purchasing power of money during deflation is?

A) Reduced

B) Constant

C) Increased

D) Fluctuating

Utility in economic means the capacity to?

A) Provide comforts

B) Satisfy human wants

C) Earn and income

D) Satisfy human motives

Quantity of money has relation with value of money?

A) Direct

B) Indirect

C) Inverse

D) No relation

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