[{"id":100514,"question":"Land as used in economics","choices":[{"text":"is a free gift of nature","value":"A"},{"text":"is unlimited in quantity","value":"B"},{"text":"is not hirable","value":"C"},{"text":"excludes oceans","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":100513,"question":"Economic development of a country requires","choices":[{"text":"skilled lobour","value":"A"},{"text":"diplomacy","value":"B"},{"text":"abundant natural resources","value":"C"},{"text":"a and c of aboce","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":100512,"question":"Land means","choices":[{"text":"sea","value":"A"},{"text":"surface of earth","value":"B"},{"text":"natural forests","value":"C"},{"text":"all natural resources","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":100511,"question":"The three broad types of productive resources are","choices":[{"text":"money, profit and interest","value":"A"},{"text":"capital, labour and natural resources","value":"B"},{"text":"labour, stock shares and deposits","value":"C"},{"text":"technology, landl and markets","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":100510,"question":"Labour is hirable but you cannot hire","choices":[{"text":"capital","value":"A"},{"text":"land","value":"B"},{"text":"manager","value":"C"},{"text":"entrepreneur","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":100509,"question":"Demand and supply forces determine market price","choices":[{"text":"only in perfect competition","value":"A"},{"text":"only in monopoly market","value":"B"},{"text":"in both markets","value":"C"},{"text":"none of the above","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":100508,"question":"When demand is perfectly elastic, an increase in supply will result in","choices":[{"text":"decrease in quantity sold","value":"A"},{"text":"increase in quantity sold","value":"B"},{"text":"fall in price","value":"C"},{"text":"b and c above","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":100507,"question":"Demands and supply curves cross at","choices":[{"text":"always at 60 degree","value":"A"},{"text":"at 90 degree","value":"B"},{"text":"at equal angle","value":"C"},{"text":"at any angle","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":100506,"question":"Markets where firms supply goods and services demanded by households are","choices":[{"text":"factor market","value":"A"},{"text":"product market","value":"B"},{"text":"open markets","value":"C"},{"text":"resource markets","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":100505,"question":"Market equilibrium means","choices":[{"text":"number of buyers and sellers are equal","value":"A"},{"text":"demand and supply of commodity are equal","value":"B"},{"text":"no price is changing","value":"C"},{"text":"prices rise very slowly","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":100504,"question":"If equilibrium price rises but equilibrium quantity is unchanged, the cause is","choices":[{"text":"supply and demand both increase equally","value":"A"},{"text":"supply and demand decrease equally","value":"B"},{"text":"supply curve is vertical and demand increases","value":"C"},{"text":"supply increases and demand is same","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":100503,"question":"If price is set above equilibrium level, there will be","choices":[{"text":"surplus commodity in the market","value":"A"},{"text":"shortage of commodity in the market","value":"B"},{"text":"supply curve will shift","value":"C"},{"text":"demand curve will shift","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":100502,"question":"If we know that quantities bought and sold are equal, we can conclude that","choices":[{"text":"quantities demanded and supplied are also equal","value":"A"},{"text":"the market is in equilibrium","value":"B"},{"text":"there will be no tendency for a price change","value":"C"},{"text":"all of the above","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":100501,"question":"The price and sales of sugar both increase. What could be the cause of this?","choices":[{"text":"a decrease in the income of the consumers.","value":"A"},{"text":"a decrease in the tax on sugar","value":"B"},{"text":"An increase in the wages of workers in the sugar industry","value":"C"},{"text":"An increase in the price of sugar substitutes","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":100500,"question":"A rise in supply and demand in equal proportion will result in","choices":[{"text":"increase in equilibrium price and decrease in equilibrium quantity","value":"A"},{"text":"decreases in equilibrium price and increases in equilibrium quantity","value":"B"},{"text":"no change in equilibrium price and increases in equilibrium quantity","value":"C"},{"text":"increases in equilibrium price and no change in equilibrium quantity","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":100499,"question":"Ten rupees is the equilibrium price for good Z. If govt. fixes price at Rs. 5, there is","choices":[{"text":"a shortage","value":"A"},{"text":"a surplus","value":"B"},{"text":"excess supply","value":"C"},{"text":"loss","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":100498,"question":"Equilibrium","choices":[{"text":"is a state that can never be achieved in economics","value":"A"},{"text":"is an important idea for predicting economics changes","value":"B"},{"text":"is a stable condition","value":"C"},{"text":"is an unstable condition","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":100497,"question":"In market equilibrium, supply is vertical line. The downward sloping demand curve shifts to the right. Then","choices":[{"text":"price will fall","value":"A"},{"text":"price remains same","value":"B"},{"text":"price will rise","value":"C"},{"text":"quantity rises","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":100496,"question":"An increases in the price of mutton provides information which","choices":[{"text":"tells consumers to buy more mutton","value":"A"},{"text":"tells consumers to buy more chicken","value":"B"},{"text":"tells producers to produce more mutton","value":"C"},{"text":"b and c of above","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":100495,"question":"Price of a product is determined in a free market","choices":[{"text":"by demand for the product","value":"A"},{"text":"by supply of the product","value":"B"},{"text":"by both demand and supply","value":"C"},{"text":"by the government","value":"D"},{"value":"E"}],"correctAnswer":3}]