Lecturer Economics

Punjab Public Service Commission Pakistan

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Who is the father of economics?


The branch of economics that deals with the allocation of resources is called ______.


Which of the following factors does NOT influence the demand for a good?


If the demand for a product increases while its supply remains constant, what will happen to the equilibrium price and quantity?


Which of the following statements about elasticity of demand is true?


Which of the following events would lead to a decrease in the equilibrium price of oranges?


When is the price elasticity of supply perfectly inelastic?


If both supply and demand increase but the increase in supply is larger, what will happen to equilibrium price and quantity?


Which of the following is an example of a substitute good?


Which of the following would lead to a rightward shift of the supply curve?


If the price elasticity of demand for a good is less than 1, the demand is considered


Macroeconomics distinguishes between the real economy and the


Until the First World War, the prices


Which of the following is NOT included in the calculation of Gross Domestic Product (GDP)?


Which of the following measures is used to adjust Gross Domestic Product (GDP) for inflation?


Which of the following transactions would be included in the calculation of Gross Domestic Product (GDP)?


Which of the following is NOT a component of the expenditure approach to calculating Gross Domestic Product (GDP)?


Which of the following is an example of a transfer payment?


Which of the following is NOT a limitation of Gross Domestic Product (GDP) as a measure of economic welfare?


In the circular flow of income, which sector consists of households?


What is the primary purpose of using Instrumental Variables (IV) in econometrics?


When is the use of a fixed-effects model preferable to a random-effects model in panel data analysis?


Which test is commonly used to detect autocorrelation in the residuals of a regression model?


Why is multicollinearity a problem in multiple regression analysis?


How to address heteroskedasticity in a regression model?


What is the main reason for a firm to engage in price discrimination?


When should a firm continue producing in the short run even if it is incurring losses?


Where is the optimal point of production for a firm operating under perfect competition in the long run?


How to determine the profit-maximizing output level for a monopolist?


Which factor can lead to economies of scale in production?