Joy, your answers look fine to me in terms of normal, everyday speech but there are other possibilities as well. Your 'answer' (question!) "What would you prefer" is correct but perhaps your teacher is looking for something more precise, such as offering two alternatives, like tea or coffee, in the question. 'Would you prefer tea or coffee?" In the second one, again I think your question is fine in everyday speech but your teacher might be looking for you to use a quantity in your question to match the quantity ("not very much") in the answer. So, the second one might be more correct as "How much do you know about the Australian market?"

1. Which would you prefer? Thr second sentence is correct.

hi Joy, Here is my answer. 1) What would you prefer to drink? 2) Do you know about the Australian market? Good luck with your homework.

I think for question 1, you need to give options. 'Prefer' is used to ask which one the person likes more - it is a comparison. You could ask 'Would you prefer tea or coffee?' Or 'We have tea and coffee. Which would you prefer?' In grammatically correct English, you should use 'which' because it refers to particular things. 'What' asks a more general question, without specifying options. e.g. What is your favourite colour? e.g. Here are two colours. Which is your favourite? For question 2, as the answer implies a quantity, maybe the question should be 'How much do you know...?' I hope this helps :)

I would add... How much do you know about the Australian market?