[{"id":180812,"question":"Given the demand curve, a rise in supply will.","choices":[{"text":"Increase quantity supplied","value":"A"},{"text":"Price will fall","value":"B"},{"text":"Price will rise","value":"C"},{"text":"Both (a) and (b)","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":180810,"question":"Equilibrium price of a product is determined by:","choices":[{"text":"The gomverment","value":"A"},{"text":"An industrialist","value":"B"},{"text":"Market competition","value":"C"},{"text":"An agriculturist","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":180795,"question":"When the price of a product increase by 100 percent and as a consequence, its quantity supplied increase by 125 percent, Its elasticity of supply will be.","choices":[{"text":"Less than unity","value":"A"},{"text":"Greater than unity","value":"B"},{"text":"Equal to unity","value":"C"},{"text":"Equal to zero","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":180792,"question":"When there is big change in quantity supplied resulting from a minor change inits price,its elasticity of supply will be.","choices":[{"text":"Equal to unity","value":"A"},{"text":"Less than unity","value":"B"},{"text":"Equal to zero","value":"C"},{"text":"Greater than unity","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":180788,"question":"With an increase in cost of production, price of the product rises while supply of the product will.","choices":[{"text":"Fall","value":"A"},{"text":"Rise","value":"B"},{"text":"Remain unchanged","value":"C"},{"text":"Non of the three","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":180785,"question":"A change in price brings in quantity supplied. it will be.","choices":[{"text":"Rise in supply","value":"A"},{"text":"Contraction of supply","value":"B"},{"text":"Fall in supply","value":"C"},{"text":"Extension of supply","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":180782,"question":"One of the following is not an assumption of law of supply.","choices":[{"text":"Political system should not changed","value":"A"},{"text":"Cost of production should not changed","value":"B"},{"text":"Production technique should not changed","value":"C"},{"text":"Cost of raw material should not changed","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":180779,"question":"A producers has one thousand tons of rice to be offered for sale at a certain price in future, it will be called.","choices":[{"text":"Supply of output","value":"A"},{"text":"Production","value":"B"},{"text":"Buffer stock","value":"C"},{"text":"Stock","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":180777,"question":"Perfectly inelastic supply curve is:","choices":[{"text":"Parallel to vertical axis","value":"A"},{"text":"Parallel to horizontal axis","value":"B"},{"text":"Rises upward to the right","value":"C"},{"text":"Falls downward to the right","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":180775,"question":"In case of a fall in supply.","choices":[{"text":"Quantity supplied falls at the same price.","value":"A"},{"text":"Quantity supplied rises at the same price.","value":"B"},{"text":"Quantity supplied remain at the lower price.","value":"C"},{"text":"None of the three","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":180772,"question":"A fall fall in supply will take place due to a:","choices":[{"text":"Business collusion","value":"A"},{"text":"Bumper crop","value":"B"},{"text":"Fall in custom duty","value":"C"},{"text":"Fall in income","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":180770,"question":"Extension of supply will take place as a consequence of:","choices":[{"text":"Change in price","value":"A"},{"text":"Change in population","value":"B"},{"text":"Change in technology","value":"C"},{"text":"Change in money supply","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":180767,"question":"Which one will be termed as supply of a product.","choices":[{"text":"One tone potato in cold storage","value":"A"},{"text":"One ton rice offered for sale in market","value":"B"},{"text":"One ton rice brought for sale in market at a certain price.","value":"C"},{"text":"None of the three","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":180765,"question":"When the supply curve of a product is parallel to the vertical axis, it would mean that;","choices":[{"text":"Different quantities of a product are supplied at the same price.","value":"A"},{"text":"Different quantities of a product are supplied at different price.","value":"B"},{"text":"Same quantities of a product are supplied at different price.","value":"C"},{"text":"None of three","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":180760,"question":"The product which have close substitute their demand is always.","choices":[{"text":"More elastic","value":"A"},{"text":"Perfectly elastic","value":"B"},{"text":"Perfectly inelastic","value":"C"},{"text":"Less elastic","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":180759,"question":"Which one of the following pairs represent complementary demand for a product.","choices":[{"text":"Tea & coffe","value":"A"},{"text":"Butter & Margarine","value":"B"},{"text":"Shirt & shoes","value":"C"},{"text":"Shirt & trouser","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":180758,"question":"Elasticity of demand in case of minor change in price and quantity demand will be .","choices":[{"text":"Income elasticity of demand","value":"A"},{"text":"Cross elasticity of demand","value":"B"},{"text":"Point elasticity of demand","value":"C"},{"text":"Arc elasticity of demand","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":180757,"question":"If a change in demand is brought by a change in income, of demand will be.","choices":[{"text":"Income elasticity","value":"A"},{"text":"Price elasticity","value":"B"},{"text":"Cross elasticity","value":"C"},{"text":"Arcelasticity","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":180754,"question":"With a fall in price quantity demand changes in such a way that total expenditure of the consumer remain constant, elasticity of demand will be.","choices":[{"text":"Equal to unity","value":"A"},{"text":"Greater than unity","value":"B"},{"text":"Less than unity","value":"C"},{"text":"Equal to zero","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":180751,"question":"When the percentage change in quantity demanded is greater than the percentage change in price, elasticity of demand for the product will be.","choices":[{"text":"Equal to unity","value":"A"},{"text":"Less than unity","value":"B"},{"text":"Greater than unity","value":"C"},{"text":"Equal to zero","value":"D"},{"value":"E"}],"correctAnswer":3}]