Tag: price rise/inflation

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Multiple choice social science prices and cost of living value and price utility, value and price price rise/inflation

Prices rate is determined on the basis of demand and supply, such kind of an economy is?

  1. Market driven economy

  2. Closed economy

  3. Seller driven economy

  4. None of the above
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

The demand and supply of a commodity prevails in the market, so if their are changes in the price of the commodity due to change in its demand and supply in the market then it is said that market influences the price rate in the economy.

Multiple choice social science prices and cost of living value and price utility, value and price price rise/inflation

Administered prices means:

  1. Prices fixed by private sector under the guidance of government

  2. Prices fixed by consumer forums

  3. Prices fixed by the Government and private sector

  4. Prices level fixed by the Government
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Administered prices are prices set by a government authority rather than being determined solely by market forces of supply and demand. This is often done to protect consumers or ensure stability in essential goods.