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Controlled Markets and Government Intervention Quiz

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Controlled Markets and Government Intervention Quiz

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Questions and Answers

Which of the following is true about a controlled market?

Entrepreneurs have no margin of profit in a controlled market
The state has no intervention in determining what goods are to be produced or the prices at which they may be obtained
In a controlled market, manufacturers are free to produce whatever products they presume would be demanded by consumers
Goods get their prices only by direction from the state (correct)

What is the intention of government intervention in setting ceiling prices on basic items in a controlled market?

To keep prices within an unaffordable range for individuals in the lower socio-economic group
To allow entrepreneurs to make excessive profits
To allow a reasonable margin of profit to entrepreneurs and to keep prices within an affordable range for individuals in the lower socio-economic group (correct)
To eliminate the production of basic items such as bread, milk, cheese, flour etc.

What is a free market?

A market where only a selected few consumers have the power to determine the prices of goods
A market where manufacturers are not free to produce whatever products they presume would be demanded by consumers
A market where the state intervenes in influencing suppliers or consumers as to what and how much should be produced or consumed
A market where the prices of goods are determined by the forces of supply and demand without any interference by the state or other agencies (correct)

What is a controlled market?

A market where the state or other agencies intervene in determining what goods are produced, to whom they may be distributed, or the prices at which they may be obtained (D) Signup and view all the answers

What is the intention of government intervention in setting ceiling prices on basic items in a controlled market?

To allow a reasonable margin of profit to entrepreneurs and to keep prices within an affordable range for individuals in the lower socio-economic group (A) Signup and view all the answers

What is a free market?

A market where there is no interference by the state or other agencies in influencing suppliers or consumers as to what and how much should be produced or consumed (A) Signup and view all the answers