Multiple choice questions: 1.1.1 Price set by government to ensure affordability to the poor is called... 1.1.2 In the case of merit goods, the market tends to ... these goods. 1.1.3 Governments set m

Here are the answers to the multiple-choice questions:

1.1.1: Price set by government to ensure affordability to the poor is called...
A maximum price (price ceiling) is set below the equilibrium price to make goods more affordable for consumers.
Answer: A

1.1.2: In the case of merit goods, the market tends to ... these goods.
Merit goods are often under-provided by the free market because individuals may underestimate their benefits or cannot afford them.
Answer: B

1.1.3: Governments set minimum prices which are ... market price.
Minimum prices (price floors) are set above the equilibrium market price to support producers.