Identify the correct option with reference to the following statement :
“Farmers and industrial units were required to transact fixed quantities of raw materials and finished goods on the basis of prices fixed by the government, while the rest were purchased and sold at market price.”
Identify the correct option with reference to the following statement :
“Farmers and industrial units were required to transact fixed quantities of raw materials and finished goods on the basis of prices fixed by the government, while the rest were purchased and sold at market price.”
Show Hint
- Great Leap Forward
- Dual Pricing Policy
- Special Economic Zones (SEZs)
- Commune System
The Correct Option is B
Solution and Explanation
Farmers and industries had to deal in fixed quantities at government fixed prices.
The rest of their output was bought and sold at market prices.
Step 2: Recall the policy:
This is the Dual Pricing Policy of China, started after 1978.
It allowed two prices for one product: a state price for the quota and a market price for the rest.
Step 3: Why the other options are wrong:
(A) Great Leap Forward (1958): a drive for fast industry and farming growth. It had no market price at all.
(C) Special Economic Zones: regions where foreign firms get special rules. It is not a price policy.
(D) Commune System: people farmed together in communes. It is a form of farm organisation, not a price policy.
Final Answer:
The statement describes the Dual Pricing Policy, option (B).
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