MCQ practice · SSC Bangladesh and Global Studies Board questions · Chapter 10: The National Resources and the Economic Systems
The features of the said economic system-
- i. the consumer can buy goods as needed
- ii. a competitive market system
- iii. the price of goods is fixed automatically
Think it through first, then pick an option.
- a i and ii
- b i and iii
- c ii and iii
- d i, ii and iii
Answer and explanation
Correct answer: d i, ii and iii
True statements: i: the consumer decides what and how much to buy; ii: there is open competition among many producers; iii: the price is fixed by the action of demand and supply
Why the other options are wrong
- a i and ii: iii is true (the price is fixed by the action of demand and supply), so it cannot be left out.
- b i and iii: ii is true (there is open competition among many producers), so it cannot be left out.
- c ii and iii: i is true (the consumer decides what and how much to buy), so it cannot be left out.
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