Role of Government in Determination of Price and Quantity — Important Questions
NIOS · Class 10 · Economics
98 important questions from Role of Government in Determination of Price and Quantity for NIOS Class 10 Economics, with answers.
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Important Questions from Role of Government in Determination of Price and Quantity
Which forms are included under administered price?
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Control price, Support price, Token price, Dual price
Administered price has four forms: control price, support price, token price, and dual price.
Which goods are named as commodities with control price in India?
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Wheat, Rice, Sugar, Kerosene oil
Wheat, rice, sugar, and kerosene oil are named as commodities with control price in India.
What does rationing mean?
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Fixing quota per head per unit of time
Rationing means fixing a quota per head per unit of time to manage shortage caused by excess demand.
What problem can arise due to excess demand at ceiling price?
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Black marketing
Excess demand at ceiling price can lead to black marketing, where sellers illegally charge much higher prices.
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