ECONOMICS
MARKETS AND PRICES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Supply management
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Rationing
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Disequilibrium
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Resource Allocation
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Detailed explanation-1: -The government can pursue two main types of rationing in economics to tackle crises: non-price rationing and price rationing.
Detailed explanation-2: -rationing, government policy consisting of the planned and restrictive allocation of scarce resources and consumer goods, usually practiced during times of war, famine, or some other national emergency.
Detailed explanation-3: -There are two basic types of non-price rationing, although actual practice often involves some mixture of both. These are queue rationing, and allocation schemes.
Detailed explanation-4: -One of the most common is first-come-first-served. One example of this rationing device occurs when tickets for a popular band go on sale, and the tickets are sold to those who are first in line (at a real or virtual box office). Another commonly used rationing device is brute force.