Post Utme Summit University 2017 Commerce Question 21

Practice objective / multiple choice question 21 from the 2017 Post Utme Summit University Commerce examination.

Post Utme Summit University 2017 Commerce Objective / Multiple Choice
Question 21 POST_UTME_SUMMIT_UNIVERSITY • 2017 • COMMERCE • objective

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

Answer Options

A. The government controls the means of production
B. The price is determined by the law of supply and demand
Correct Answer C. The government sets the price
D. The market is free to operate
Correct Answer
C
Correct Option:
The government sets the price

About This Question

This is Post Utme Summit University 2017 Commerce Question 21. It is one of the objective questions from the 2017 Post Utme Summit University Commerce examination.

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