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Quid-i- Azam University Islamabad Sample Paper Entry Test for Admission to MSc Economics

Quid-i- Azam University Islamabad Sample Paper Entry Test for Admission to MSc Economics


Sample Question Paper for Admission to MSc Economics*

1.      The value of marginal propensity to consume is always:

I: less than 0                                                    II: greater than 1

III: equal to 1                                                  IV: less than or equal to 1

2.      If demand and supply equations are Qd = 8 – P and Qs = 2 + 2P, then equilibrium Q is:

I: 5                               II: 4                             III: 3                            IV: none of them

3.      If consumption function is C = 40 + 0.6 Y, and investment function is I = 80 + 0.2 Y, then equilibrium national income in two sector economy is:

I: 600                           II: 6000                       III: 450                        IV: 300

4.      If the cost function is C = 3Q2 + 4Q + 5, then the marginal cost at Q = 3 is:

I: 20                             II: 22                           III: 44                          IV: 34

5.      If supply equation is Q = 10 + 3P, then elasticity of supply at P  = 10 is:

I: 1/4                            II: 3/4                          III: 3/2                         IV: 2/3

6.      If consumption function is C = 300 + 0.6 Y, then marginal propensity to save is:

I: 0.6                            II: 0.4                          III: 0.3                         IV: none of them

7.      If  3X + 9 = 18, then what is the value of  X + 3?

I: 3                               II: -3                            III: 6                            IV: 36

8.      1 + 1/2 + 1/3 + 1/4 + 1/5 = ?

I: 32/25                        II: 117/60                    III: 52/25                     IV: 137/60

9.      What is the value of X in the equation 5X = 1?

I: 1                               II: 2                             III: 0                            IV: none of them

10.    If  a > 0, b > 0 and a – b < 0, then:

I: a < b                         II: a + b < 0                 III: a > b                      IV: none of them

11.    Two-fifth of a certain number is 30.  What is the number?

I: 25                             II: 75                           III: 90                          IV: 150

  1. If a light flashes every 6 seconds, how many times will it flash in 3/4 of an hour?

I: 225                           II: 250                         III: 360                        IV: 450

13.    Which of the following is the largest value?

I: 20011                       II: 12011                     III: 1 × 2011               IV: 1 + 2011

  1. The average of two numbers is XY.  If one number is X, then the other number is:

I: Y                              II:  2Y                         III:  XY – X                IV: 2XY –X

15.    My broken calculator divides instead of multiplying and subtracts instead of adding.

If I type (12 × 3) + (4 × 2), then what answer will the calculator show?

I: 2                               II: 6                             III: 12                          IV: 28

  1. Saeed can mow a lawn in 20 minutes while Malik takes 10 minutes longer to mow the same lawn.  If they mow the lawn together, how many minutes will they take?

I: 10                             II: 12                           III: 15                          IV: more than 15

17.    Pencils sell for Rs.98 per dozen in wholesale markets and for Rs.30 per 3 pencils in retail markets.  What is the difference between per pencil price in rupees in wholesale and retail markets?

I: 1.17                          II: 1.33                                    III: 1.83                       IV: 2.00

18.    Zainab is building a doll house with a scale of 1 inch equals 12 inches.  She wants to put a sofa in the living room.  If a full size sofa is 72 inches, how long must be the living room?

I:  7.2 inches                II:  6 inches                 III: 5 inches                 IV: 4 inches

19.    The day before the day before yesterday is three days after Saturday. What day is it today?
I: Monday                   II: Tuesday                  III: Wednesday           IV: Friday

20.    If 165135 represents PEACE, then 1215225 should represent:

I:  lead                         II:  love                       III: loop                       IV: castle

21.    Library is to book as book is to:

I: copy                         II: cover                      III: page                      IV: none of them

22.    Given     T 8 # 1 7 F J 5 % E R @ 4 D A 2 B © Q K 3 1 ● U H 6 L   What is the seventh to the right of thirteenth from the right?

I:  F                             II:  1                            III: ●                           IV: 7

23.    In a certain code, EXTRA is written as % 5 # 73 and NOSE is written as 4 @ 8%, then how will STORE be written in this code?

I: 5#@7%                    II: 8#@%5                  III: 8#@7%                 IV: 8@75%

24.    Pointing to a photograph Seema said ‘He is the only grandson of my mother’s father-in-law.’ How is the man in photograph related to Seema?

I: father                       II: uncle                       III: cousin                   IV: brother


25.    The largest rubber producing country in the world is:

I: Malaysia                  II: Indonesia               III: Sri Lanka              IV: Brazil

26.    The county called the Land of Rising Sun is:

I: Japan                        II: Australia                 III: New Zealand        IV: Korea

27.    The permanent secretariat of SAARC is located at:

I: New Delhi               II: Islamabad               III: Kathmandu           IV: Dhaka

28.    The number of seats in Pakistan senate is:

I: 52                             II: 100                         III: 64                          IV: 242

29.    Nobel Prize for Economics was instituted in the year:

I: 1901                         II: 1936                       III: 1957                      IV: 1968

30.    In which country, Olympic Games 2012 are being held?

I: China                       II: Germany                III: United Kingdom  IV: USA

31.     Identify the correct meaning of COMPREHEND:

I: Understand              II: Compare                 III: Judge                    IV: Fear

32.     Identify the correct meaning of REPENT:

I: detect                       II: repeat                     III: forgive                  IV: violate

33.      Identify the correct meaning of PATRIOTIC:

I: loyal                         II: traitor                     III: passionate             IV: zealous

34.     Identify the word which has opposite meaning to the word UGLY:

I: strong                       II: short                       III: smart                     IV: tall

35.     Identify the word which has opposite meaning to the word TURBULENT:

I: stormy                      II: wild                                    III: tranquil                 IV: windy

  1. Identify the word which has opposite meaning to the word EXCEPTIONAL:

I: excellent                  II: ordinary                  III: special                   IV: extraordinary

Directions for questions 37 to 42 only:  Each sentence below has one or two blanks. Choose the right word or words from given 4 options to fill in the blanks.

37.     If no one _____ to the plan, we will start tomorrow.

I: objects                     II: minds                     III: argues                   IV: avoids

38.     Zaid lives __ Swan Road:

I: at                              II: on                           III: in                           IV: by

39.     During her matric exams, Fatima                       to study early in the morning.

I: used                         II: was used                III: is used                   IV: uses


  1. I have been dreaming to get admission in Quaid-i-Azam University ___ my childhood:

I: on                             II: since                       III: for                                     IV: at


  1. If Quaid-i-Azam ___ few more years, the current Pakistan____ a lot better place to live.

I: lives, will be                                                             II: lived, had become

III: had been living, would have been looking           IV: had lived, would have become

42.     They speak well                                     ?

I: do they                    II: are they                  III: don’t they                         IV: didn’t they

43.    On a linear demand curve, price elasticity is unity at:

I: mid point                 II: lower portion          III: upper portion        IV: nowhere

44.    A diabetic individual must take a prescribed amount of insulin regularly to avoid severe health risks. In this case, the individual’s demand curve for insulin would be:

I: horizontal (parallel to quantity axis)            II: negatively sloped

III: vertical (parallel to price axis)                   IV: positively sloped

45.    What happens to price of a product if its demand increases while its supply is perfectly inelastic?

I: increases                  II: decreases                III: no affect               IV: not clear

46.    When total utility derived from a commodity is maximum, then its marginal utility is:

I: also maximum          II: minimum                III: zero                       IV: positive

47.    The indifference curve for perfect substitutes is: 

I: convex to origin       II: concave to origin    III: linear                     IV: cannot be drawn

48.    A good with negative income effect is called: 

I: inferior                     II: substitute                III: complementary     IV: necessity of life

49.    Price consumption curve for a normal commodity is always:

I: negatively sloped                                         II: horizontal

III: positively sloped                                       IV: all above options are possible

50.    The difference between what a consumer is willing to pay and what he actually pays is called: 

I: consumer surplus     II: consumer savings   III: consumer profit    IV: producer surplus

51.    The branch of economics that analyses behavior of individual consumers and commodity markets is known as: 

I: microeconomics       II: consumer theory     III: market theory       IV: none of them

52.    Demand pull inflation increases maximally due to:

I: trade deficit                                                 II: currency devaluation

III: printing of money                                     IV: government borrowing

53.    In economic terminology, APC stands for:

I: average personal consumption                     II: average popular consumption

III: both I & II                                                IV: none of them

54.    GDP is the value of goods and services produced during a year:

I: by the nationals of a country                                               II: within the boundaries of a country

III: by the nationals within the boundaries of a country        IV: none of them

55.    If national income is measured by aggregate expenditures approach, then which one must not be counted in it?

I: private consumption                                    II: private investment

III: government borrowing                             IV: government expenditures

56.    Full employment means:

I: absolutely zero unemployment                    II: some involuntary frictional unemployment

III: willing ones are getting jobs                     IV: none of them

57.    Inflation can be best defined as:

I: goods are in short supply                             II: annual increase in general price level

III: increase in input prices                             IV: none of them

58.    For which market, IS curve represents all combinations of interest rate and national income that keep it in equilibrium:

I: money market                                              II: bonds’ market

III: labor market                                              IV: none of them

59.    Monetary policy affects macroeconomic performance by:

I: changing aggregate supply                          II: changing aggregate demand

III: changing consumer surplus                       IV: changing producer surplus

60.    Periods of unemployment corresponds to:   

I: points outside the PPF                                  II: points inside the PPF

III: points on the PPF                                      IV: none of them

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