GAT Subject Test (Economics)

National Testing Service 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?


Florence Nightingale was ___ in the development of modern medicine, ___ such practices as sanitization of hospital wards and isolation of actively infected patients.


His habit of spending more than he earned left him in a state of perpetual------ but he------------hoping to see a more affluent day


Known for his commitment to numerous worthy causes, the philanthropist deserved------ for his-----------


You should --------this paragraph in order to make your essay more-----


A------glance pays-----attention to details


Surprisingly enough, it is more difficult to write about the--------than about the---and strange.


A-----response is one that is made with----------.


3. A----is a-------.


Consumption of red meat has ____ because its fat content has become a worrisome and ____ matter.


It takes ____ character to ____ the extremities of the arctic region.


Throughout the animal kingdom, ____ bigger than the elephant.


Although its publicity has been ___, the film itself is intelligent, well-acted, handsomely produced and altogether ___


The Inuit natives of Alaska's North Slope worry that ___ oil exploration might ___their sensitive natural environment.


In the given sentence, identify the gerund phrase: "Running marathons in extreme weather conditions requires immense determination and endurance."


Identify the logical fallacy in the following argument: "I've never seen a black swan; therefore, black swans do not exist."


Choose the word that best completes the analogy: Adorn: Decorate :: _______ : Amass


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 name of the flagship program launched by the Government of Pakistan in 2022 to provide subsidized loans to small and medium-sized enterprises (SMEs)?