SPSC - Lecturer Economics 2024 Past Paper with Answers

Practice the SPSC - Lecturer Economics 2024 past paper with 49 solved MCQs, answers and topic coverage.

49 solved MCQs across 1 approved paper

The Antonym of EXPAND is ______?Answer: Both A and B The synonym of ARROGANT is?Answer: Both A and B The Antonym of Ubiquitous is?Answer: Both A and B The Synonym of Abhor is?Answer: Hate The Synonym of Lethargy is?Answer: Laxity The monetary base consists of the?Answer: Reserves plus currency in circulation Which one is the synonym for "humble"?Answer: Modest How much_____where you live?Answer: Do houses cost MFN is the abbreviation of?Answer: The most favored nation If Fiscal Policy is trying to promote stability and economic growth through tax cuts, what type of policy is Fiscal policy using?Answer: Expansionary Fiscal Policy The natural rate of unemployment is?Answer: The unemployment rate that exists when the economy is at full employment If the elasticity of demand for a product is -0.5, this means that ::?Answer: Demand is inelastic In monopolistic competition, long-run equilibrium involves?Answer: Zero economic profit At any level of output where short run average cost curve is tangent to the long run average cost curve then we also have?Answer: LMC = SMC What is the similar meaning word of "Virtue"?Answer: Goodness The standard deviation of a data set tells us?Answer: The average distance from the mean Theory of comparative advantage was presented by?Answer: David Ricardo The Solow Growth Model predicts that?Answer: Poor nations will grow faster than rich nations What is the correct formula for GDP Deflator?Answer: Nominal GDP / Real GDP Which of the following could cause the aggregate demand curve to shift to the left?Answer: Contractionary demand management policies In production theory, the short run is a period?Answer: During which at least one resource is fixed In monopolistic competition, product differentiation refers to?Answer: Offering products that are similar but not identical Inferior goods are the goods which?Answer: Have negative income elasticity If the household consumes along the budget constraint where MUx/Px > MUy/Py then assuming normal preferences, we are sure that?Answer: The household could increase his total utility by consuming more of X and less of Y The period of the business cycle in which read GDP is increasing is called the?Answer: Expansion The term "crowding out" refers to?Answer: The decrease in private investment that occurs when government borrowing increases The difference between the Gross value added and Net value added is?Answer: Depreciation What does the term "lender of last resort" refer to in the context of central banking?Answer: A bank providing loans to commercial banks during times of financial crisis A purely competitive firm will produce where P = MC because this?Answer: Maximizes profits All profit-maximizing firm will hire more labour up to the point where the?Answer: Last unit of labour adds equally to total revenue and total cost