9 Questions
Is a controlled market one where there is intervention by the state or other agencies in determining what goods are to be produced, distributed, or the prices at which they may be obtained?
True
Do some governments intervene in the market and set ceiling prices on basic items such as bread, milk, cheese, flour etc.?
True
In a free market, manufacturers are not free to produce whatever products they presume would be demanded by consumers without any intervention by the state.
False
Is a controlled market one where the price of a good is determined by the forces of demand and supply?
False
Do some governments intervene in the market and set ceiling prices on basic items such as bread, milk, cheese, flour etc. to keep prices affordable for lower socio-economic groups?
True
In a free market, the demand and supply interact to form prices without any interference from the state or other agencies?
True
Is a controlled market one where there is no intervention by the state or other agencies in influencing suppliers or consumers?
False
Do some governments set ceiling prices on basic items to keep prices affordable for lower socio-economic groups?
True
In a free market, the price of a good is determined by the forces of demand and supply?
True
Test your knowledge on controlled markets and government intervention with this quiz! Learn about the different forms of intervention and their effects on the economy. Explore the benefits and drawbacks of controlled markets and how they compare to free markets. Challenge yourself and see how much you know about this important economic concept.
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