[{"id":133510,"question":"Which one is the assumption of law of demand?","choices":[{"text":"price of the commodity should not change","value":"A"},{"text":"quantity demand should not change","value":"B"},{"text":"income of the consumer should not change","value":"C"},{"text":"none of the above","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":133509,"question":"Validity of economics theories can never be proved with 100 percent certainty, because","choices":[{"text":"ceteris paribus clause","value":"A"},{"text":"limited number of observation is possible","value":"B"},{"text":"very large number of economic theories proved false in the past","value":"C"},{"text":"b and c","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":133508,"question":"Scarcity means","choices":[{"text":"non availability of goods","value":"A"},{"text":"high price of goods","value":"B"},{"text":"less supply than demand","value":"C"},{"text":"high profit of the firms","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":133507,"question":"The basic economic problem to all societies is","choices":[{"text":"elimination of scarcity","value":"A"},{"text":"what how and for whom to produce","value":"B"},{"text":"equal distribution of wealth","value":"C"},{"text":"to develop agriculture","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":133506,"question":"Scarcity of goods means","choices":[{"text":"non availability of goods","value":"A"},{"text":"high price of goods","value":"B"},{"text":"People don't want to get such goods","value":"C"},{"text":"the good is available but it is not free","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":133505,"question":"Everyone should study economics is a","choices":[{"text":"positive statement","value":"A"},{"text":"normative statement","value":"B"},{"text":"true statement","value":"C"},{"text":"nonsense","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":133504,"question":"Prof. Marshall thinks","choices":[{"text":"Economics studies national welfare","value":"A"},{"text":"Economics studies personal welfare","value":"B"},{"text":"Economics studies total welfare","value":"C"},{"text":"Economics studies material welfare","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":133502,"question":"Select the correct statement","choices":[{"text":"Economics affects politics","value":"A"},{"text":"Economics affects history","value":"B"},{"text":"Geography affects economics","value":"C"},{"text":"all of the above are true","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":133500,"question":"Wealth of Nations was written by","choices":[{"text":"Adam Smith","value":"A"},{"text":"Malthus","value":"B"},{"text":"Marshall","value":"C"},{"text":"Newton","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":133498,"question":"Economic principle are also called","choices":[{"text":"economic law","value":"A"},{"text":"economic theory","value":"B"},{"text":"economic model","value":"C"},{"text":"all of the above","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":133496,"question":"Wealth of Nations was written in","choices":[{"text":"1976","value":"A"},{"text":"1876","value":"B"},{"text":"1776","value":"C"},{"text":"1676","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":133494,"question":"One or more persons living together and having a common budget is called","choices":[{"text":"union","value":"A"},{"text":"organisation","value":"B"},{"text":"household","value":"C"},{"text":"house members","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":133493,"question":"Market system means","choices":[{"text":"Socialism","value":"A"},{"text":"Capitalism","value":"B"},{"text":"a place where goods are traded","value":"C"},{"text":"all of the above","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":106700,"question":"Marginal revenue recommended by symbol","choices":[{"text":"MR","value":"A"},{"text":"MC","value":"B"},{"text":"AR","value":"C"},{"text":"None of these","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":106699,"question":"Choose the correct condition of equilibrium of firm","choices":[{"text":"MC = MR","value":"A"},{"text":"MC curve cuts MR curve from below","value":"B"},{"text":"Both a and b","value":"C"},{"text":"MC + MR - AR","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":106698,"question":"How many condition of equilibrium of firm","choices":[{"text":"2","value":"A"},{"text":"3","value":"B"},{"text":"4","value":"C"},{"text":"5","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":106697,"question":"The position of the firm when it is earning maximum of profit and Profit = Total Revenue - Total cost are called","choices":[{"text":"Perfect competition","value":"A"},{"text":"Under perfect competition","value":"B"},{"text":"Equilibrium of firm","value":"C"},{"text":"None of these","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":106696,"question":"A market competition from in which there are very large number of firms producing a homogeneous commodity are called","choices":[{"text":"Perfect competition","value":"A"},{"text":"Equilibrium of firm","value":"B"},{"text":"Under perfect competition","value":"C"},{"text":"None of these","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":106695,"question":"Choose the correct establish condition for equilibrium","choices":[{"text":"MR = MC","value":"A"},{"text":"MC intersects MR curve from below","value":"B"},{"text":"MC + MR","value":"C"},{"text":"Both a and b","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":106694,"question":"We establish ______ conditions for equilibrium","choices":[{"text":"2","value":"A"},{"text":"3","value":"B"},{"text":"4","value":"C"},{"text":"5","value":"D"},{"value":"E"}],"correctAnswer":1}]