[{"id":148183,"question":"Price floor results in:","choices":[{"text":"All of the given options","value":"A"},{"text":"Excess supply.","value":"B"},{"text":"Equilibrium","value":"C"},{"text":"Excess demand","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":148182,"question":"An increase in supply is shown by:","choices":[{"text":"Shifting the supply curve to the left","value":"A"},{"text":"Shifting the supply curve to the right","value":"B"},{"text":"Upward movement along the supply curve","value":"C"},{"text":"Downward movement along the supply curve","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":148181,"question":"A good for which income and quantity demanded are inversely related is known as:","choices":[{"text":"Inferior good","value":"A"},{"text":"Complementary good","value":"B"},{"text":"Normal good","value":"C"},{"text":"None of the given options","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":148180,"question":"The total cost (TC) function is given as: TC = 200 + 5Q. What is the fixed cost?","choices":[{"text":"5Q","value":"A"},{"text":"5","value":"B"},{"text":"5 + (200/Q)","value":"C"},{"text":"200","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":148179,"question":"Which of the following is TRUE for a Giffen good?","choices":[{"text":"Its marginal utility is zero","value":"A"},{"text":"Its demand curve is perfectly elastic","value":"B"},{"text":"Its substitution effect is positive","value":"C"},{"text":"Its demand curve is positively sloped","value":"D"},{"value":"E"}],"correctAnswer":2}]