Question:
China adopted _________ strategy in which farmers and industries bought and sold certain quantities at government fixed prices, while remaining transactions occurred at market prices.
China adopted _________ strategy in which farmers and industries bought and sold certain quantities at government fixed prices, while remaining transactions occurred at market prices.
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Dual pricing → Part fixed price + part market price
Updated On: Mar 19, 2026
- Dual Pricing
- Special Economic Zones
- Great Proletarian Cultural Revolution
- Great Leap Forward
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The Correct Option is A
Solution and Explanation
Concept: Economic Reforms in China
China introduced several reform strategies to transition from a centrally planned economy to a market-oriented system.
Step 1:Understand the strategy
Step 2:Identify the strategy
This system is known as: \[ \text{Dual Pricing System} \]
Step 3:Purpose
China introduced several reform strategies to transition from a centrally planned economy to a market-oriented system.
Step 1:Understand the strategy
- Part of output was sold at government-fixed prices
- Remaining output was sold at market-determined prices
Step 2:Identify the strategy
This system is known as: \[ \text{Dual Pricing System} \]
Step 3:Purpose
- Gradual transition to market economy
- Encouraged production and efficiency
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