Post Utme Madonna University 2019 Commerce Question 11

Practice objective / multiple choice question 11 from the 2019 Post Utme Madonna University Commerce examination.

Post Utme Madonna University 2019 Commerce Objective / Multiple Choice
Question 11 POST_UTME_MADONNA_UNIVERSITY • 2019 • COMMERCE • objective

In a market economy, the law of supply and demand determines the price of a commodity. However, in a planned economy, the government sets the price of a commodity. Which of the following is a characteristic of a planned economy?

Answer Options

A. The government controls the production and distribution of goods.
B. The market forces of supply and demand determine the price of goods.
Correct Answer C. The government sets the price of goods and services.
D. The economy is based on private ownership of resources.
Correct Answer
C
Correct Option:
The government sets the price of goods and services.

About This Question

This is Post Utme Madonna University 2019 Commerce Question 11. It is one of the objective questions from the 2019 Post Utme Madonna University Commerce examination.

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