Category: PPSC Economics Lecturer Test Past Papers

(A) Better than Extreme
(B) Lower than Extreme
(C) Worst than Extreme
(D) None of these

Answer: (A) Better than Extreme
Convexity means averages are better than extreme.

(A) Technology
(B) Energy
(C) Tax
(D) Labour

Answer: (D) Labour
The dominant factor of production is labour.

(A) GDP
(B) GNP
(C) NDP
(D) NNP

Answer: (A) GDP
All goods and services produced by a country in specified period of time is called Gross Domestic Product (GDP).

(A) Government
(B) Market force
(C) Demand of goods
(D) Planning authority

Answer: (B) Market force
The central problems of market economy are solved by market force.

(A) Microeconomics
(B) Macroeconomics
(C) Public Economics
(D) None of these

Answer: Microeconomics
Welfare economics is a branch of economics that uses the techniques of microeconomics to evaluate welfare at the aggregate level.