If an app I purchased gets removed from the App Store, does my app get deleted from my iphone?

If an app I purchased gets removed from the App Store, does my app get deleted from my iphone? - 1

No - you purchased it legitimately.

No, you keep the App, it stays on your phone until you delete it. A classic example of this is Flappy Bird - the owner of Flappy Bird deleted it from the App Store, but millions of people kept it. There are however, rare cases where the owner of the app can declare that in the next update, it is deleted off your phone, when this happens you are notified that the app does not exist any more, and you are wholly refunded for your purchase, the funds are credited to the form of payment you bought it with.

It should come up with an error and stop working but it probably won't be removed from the phone, you'll be the one to take it down as it no longer works.

No, don't worry. It will not be deleted

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