MCQs-Chapter 12-Understanding Markets-Class 7 Social Science

 Multiple Choice Questions- Chapter 12-Understanding Markets(Theme E -Economic Life Around Us) Subject Social Science Class 7

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Multiple Choice Questions (MCQs):

1. What is a market?
   (a) Only online buying
   (b) Only physical shops
   (c) A place where buying and selling happens
   (d) A food court
   Ans: (c)

2. What is the local word for market in Kannada?
   (a) Haat
   (b) Mārukatté
   (c) Mandi
   (d) Shandy
   Ans: (b)

3. Which historical market was located near Virupaksha Temple?
   (a) Surat
   (b) Hampi Bazaar
   (c) Varanasi
   (d) Delhi Haat
   Ans: (b)

4. What is the essential condition for a transaction in a market?
   (a) Advertisement
   (b) Negotiation
   (c) Agreement on price
   (d) Discount
   Ans: (c)

5. What do buyers and sellers do to fix a price?
   (a) Argue
   (b) Ignore
   (c) Negotiate and bargain
   (d) Fight
   Ans: (c)

6. What happens if the seller fixes the price too high?
   (a) Buyers buy more
   (b) Buyers walk away
   (c) Price increases
   (d) Farmers gain
   Ans: (b)

7. Which of the following is NOT a physical market?
   (a) Weekly bazaar
   (b) Shopping mall
   (c) Flipkart app
   (d) Johari Bazaar
   Ans: (c)

8. Which market operates through websites or apps?
   (a) Retail market
   (b) International market
   (c) Online market
   (d) Wholesale market
   Ans: (c)

9. What is a wholesaler?
   (a) Sells goods in small quantity
   (b) Buys goods in bulk
   (c) Manufactures goods
   (d) Works in offices
   Ans: (b)

10. What does a retailer do?
    (a) Exports goods
    (b) Manufactures goods
    (c) Sells directly to consumers
    (d) Buys goods from consumers
    Ans: (c)

11. Cold storage is required for:
    (a) Books
    (b) Electronic items
    (c) Vegetables and fruits
    (d) Clothes
    Ans: (c)

12. What is a mandi?
    (a) Cold room
    (b) Storage
    (c) Market for farm produce
    (d) Website
    Ans: (c)

13. Surat is known for:
    (a) Spices
    (b) Electronics
    (c) Textile
    (d) Jewellery only
    Ans: (c)

14. Who is an aggregator in online markets?
    (a) Manufacturer
    (b) Transporter
    (c) A platform combining sellers
    (d) Farmer
    Ans: (c)

15. What is the role of the government in markets?
    (a) Exporting goods
    (b) Farming
    (c) Regulating prices and quality
    (d) Buying everything
    Ans: (c)

16. What is public good?
    (a) Only for rich
    (b) Needs payment to access
    (c) Available to all
    (d) Sold in malls
    Ans: (c)

17. Which certification is found on food packets?
    (a) ISI
    (b) BEE
    (c) FSSAI
    (d) AGMARK
    Ans: (c)

18. What does AGMARK certify?
    (a) Electricals
    (b) Packaged food
    (c) Agricultural products
    (d) Jewellery
    Ans: (c)

19. What happens when supply of onions drops?
    (a) Prices fall
    (b) Prices rise
    (c) No effect
    (d) Government buys all
    Ans: (b)

20. Which city is also famous for diamonds?
    (a) Mumbai
    (b) Delhi
    (c) Surat
    (d) Hyderabad
    Ans: (c)

21. What helps consumers choose the best product?
    (a) Fancy ads
    (b) Loud sellers
    (c) Quality marks and reviews
    (d) Packaging only
    Ans: (c)

22. The Indian government controls price of:
    (a) Toys
    (b) Medicines
    (c) Games
    (d) Chocolates
    Ans: (b)

23. What is the function of a distributor?
    (a) Creates apps
    (b) Connects producer to consumer
    (c) Sells to wholesalers
    (d) Buys from consumers
    Ans: (b)

24. What does the BEE star rating show?
    (a) Quality
    (b) Energy efficiency
    (c) Brand value
    (d) Warranty
    Ans: (b)

25. Ima Keithal is a:
    (a) Government office
    (b) School market
    (c) Women-led market in Manipur
    (d) Temple
    Ans: (c)

26. What happens in international markets?
    (a) Local buying
    (b) Buying and selling across countries
    (c) Online gaming
    (d) Road markets
    Ans: (b)

27. What is the role of manufacturers in the market chain?
    (a) Buy from shops
    (b) Distribute goods
    (c) Produce goods
    (d) Import goods
    Ans: (c)

28. Who are final users of goods?
    (a) Retailers
    (b) Wholesalers
    (c) Consumers
    (d) Manufacturers
    Ans: (c)

29. What is an example of a non-economic function of markets?
    (a) Selling fruits
    (b) Family bonds with shopkeepers
    (c) Pricing
    (d) Export
    Ans: (b)

30. Online reviews help in:
    (a) Price control
    (b) Certification
    (c) Quality assessment
    (d) Manufacturing
    Ans: (c)

31. Government checks weights to:
    (a) Save money
    (b) Reduce cost
    (c) Avoid cheating consumers
    (d) Increase tax
    Ans: (c)

32. Price is affected by:
    (a) Number of buyers
    (b) Bargaining only
    (c) Demand and supply
    (d) Retailer mood
    Ans: (c)

33. Which of these is an example of retail market?
    (a) Factory
    (b) Wholesale market
    (c) Grocery store
    (d) Warehouse
    Ans: (c)

34. How do people assess quality in online shopping?
    (a) Random selection
    (b) Luck
    (c) Online reviews and ratings
    (d) Discount offers
    Ans: (c)

35. Which of the following is NOT a role of markets?
    (a) Connecting buyers and sellers
    (b) Fixing weather
    (c) Distributing goods
    (d) Promoting trade
    Ans: (b)

36. Which certification applies to construction materials?
    (a) FSSAI
    (b) ISI
    (c) BEE
    (d) AGMARK
    Ans: (b)

37. Who ensures fair wages for workers?
    (a) Market
    (b) Government
    (c) Retailer
    (d) Consumer
    Ans: (b)

38. Which of these is NOT part of the supply chain?
    (a) Wholesaler
    (b) Manufacturer
    (c) Politician
    (d) Retailer
    Ans: (c)

39. What does demand mean?
    (a) Number of sellers
    (b) Consumer’s willingness to buy
    (c) Importing goods
    (d) Raising prices
    Ans: (b)

40. What is the government’s role regarding plastic pollution?
    (a) Ignore it
    (b) Promote it
    (c) Ban harmful plastics
    (d) Sell plastic
    Ans: (c)

True / False:

1. Online markets require physical presence.
   False

2. Retailers buy goods in large quantities from consumers.
   False

3. The FSSAI mark ensures food safety.
   True

4. Ima Keithal is a market run entirely by men.
   False

5. Markets influence not just economy but also culture and relationships.
   True

Assertion and Reasoning:

(A) Both true, R explains A.

(B) Both true, R doesn’t explain A.

(C) A true, R false.

(D) A false, R true.

1. A: Markets connect people and ideas.
   R: Markets allow people to trade and interact.
   Ans: A

2. A: Online markets can be accessed anytime.
   R: They operate without a fixed location.
   Ans: A

3. A: The price of a good depends only on the seller’s decision.
   R: The government fixes all prices.
   Ans: D

4. A: ISI mark is used for food products.
   R: It is issued by FSSAI.
   Ans: D

5. A: Wholesalers store goods in cold storage sometimes.
   R: Some products like fruits need low temperatures.
   Ans: A

6. A: Government ensures price fairness.
   R: It sets price limits and wages.
   Ans: A

7. A: Markets help producers understand customer needs.
   R: Producers change products based on demand.
   Ans: A

8. A: Surat is a tech hub.
   R: It exports mobile phones.
   Ans: D

9. A: Public goods are provided by retailers.
   R: They earn more profit.
   Ans: D

10. A: BEE ratings are useful for electronics.
    R: They indicate how much energy the product saves.
    Ans: A

Match the Following:

Column A	Column B
1. AGMARK	(a) Combines offers from sellers
2. ISI	(b) Sells to consumers
3. Retailer	(c) Agricultural products
4. Aggregator	(d) Preserves perishable goods
5. Cold storage	(e) Electrical appliances

Answers: 1→c, 2→e, 3→b, 4→a, 5→d

Fill in the Blanks: 

1. A market is a place where ______ and ______ take place.
   Ans: buying, selling

2. ______ is the platform that brings sellers together in online markets.
   Ans: Aggregator

3. ______ mark is used for packaged food safety.
   Ans: FSSAI

4. Markets can be physical or ______.
   Ans: online

5. ______ goods are accessible to all members of society.
   Ans: Public

6. ______ helps producers know what buyers want.
   Ans: Demand

7. Ima Keithal is located in ______.
   Ans: Manipur

8. ______ buys goods in bulk and sells to retailers.
   Ans: Wholesaler

9. ______ helps maintain temperatures in storage.
   Ans: Cold storage

10. ______ is the agency responsible for energy efficiency ratings.
    Ans: BEE (Bureau of Energy Efficiency)

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