<select id="mySelect">
    <option value="1">Yes</option>
    <option value="2">No</option>
</select>
<input type="button" id="demo" value = "Demo" />
<script type="text/javascript">
    $("#demo").live("click", function () {
        //Get reference of option with value = 1
        var option = $("#mySelect option[value=1]");
 
        //Get value of the referenced option
        alert("Option Value: " + option.val());
 
        //Get text or html of the referenced option
        alert("Option Text: " + option.html());
 
        //Check whether the referenced option is selected
        alert("Option IsSelected: " + option.attr("selected"));
    });
</script>