Not exactly Carnival Ware, but along the same lines! This type of simple, cast plaster figure was a cheaply made ornament (though quite decorative in its own right, especially nicely painted ones like yours), which were given away at fairs, fetes etc, and are generically known as 'Fairings'. The older ones from the early-late 19thC, which were usually earthenware or low-grade porcelain, are widely collected and can be quite valuable. Yours looks to date from around the 1950s, and these were often made by 'homeworkers'. They were simple to make as all that was needed was a rubber mould, a bag of plaster-of-paris and some paint, and as they were generally produced by amateur hands, such as housewifes making a little pin money, the quality of the finish varied greatly from very poor to very good. Yours looks to be one of the better ones, and though the value is very subjective, a collector would possibly pay upwards of ?20.00 for an example as nice as this, supposing that you could find the right collector..
