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):

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)
What is the local word for market in Kannada?
(a) Haat
(b) Mārukatté
(c) Mandi
(d) Shandy
Ans: (b)
Which historical market was located near Virupaksha Temple?
(a) Surat
(b) Hampi Bazaar
(c) Varanasi
(d) Delhi Haat
Ans: (b)
What is the essential condition for a transaction in a market?
(a) Advertisement
(b) Negotiation
(c) Agreement on price
(d) Discount
Ans: (c)
What do buyers and sellers do to fix a price?
(a) Argue
(b) Ignore
(c) Negotiate and bargain
(d) Fight
Ans: (c)
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)
Which of the following is NOT a physical market?
(a) Weekly bazaar
(b) Shopping mall
(c) Flipkart app
(d) Johari Bazaar
Ans: (c)
Which market operates through websites or apps?
(a) Retail market
(b) International market
(c) Online market
(d) Wholesale market
Ans: (c)
What is a wholesaler?
(a) Sells goods in small quantity
(b) Buys goods in bulk
(c) Manufactures goods
(d) Works in offices
Ans: (b)
What does a retailer do?
(a) Exports goods
(b) Manufactures goods
(c) Sells directly to consumers
(d) Buys goods from consumers
Ans: (c)
Cold storage is required for:
(a) Books
(b) Electronic items
(c) Vegetables and fruits
(d) Clothes
Ans: (c)
What is a mandi?
(a) Cold room
(b) Storage
(c) Market for farm produce
(d) Website
Ans: (c)
Surat is known for:
(a) Spices
(b) Electronics
(c) Textile
(d) Jewellery only
Ans: (c)
Who is an aggregator in online markets?
(a) Manufacturer
(b) Transporter
(c) A platform combining sellers
(d) Farmer
Ans: (c)
What is the role of the government in markets?
(a) Exporting goods
(b) Farming
(c) Regulating prices and quality
(d) Buying everything
Ans: (c)
What is public good?
(a) Only for rich
(b) Needs payment to access
(c) Available to all
(d) Sold in malls
Ans: (c)
Which certification is found on food packets?
(a) ISI
(b) BEE
(c) FSSAI
(d) AGMARK
Ans: (c)
What does AGMARK certify?
(a) Electricals
(b) Packaged food
(c) Agricultural products
(d) Jewellery
Ans: (c)
What happens when supply of onions drops?
(a) Prices fall
(b) Prices rise
(c) No effect
(d) Government buys all
Ans: (b)
Which city is also famous for diamonds?
(a) Mumbai
(b) Delhi
(c) Surat
(d) Hyderabad
Ans: (c)
What helps consumers choose the best product?
(a) Fancy ads
(b) Loud sellers
(c) Quality marks and reviews
(d) Packaging only
Ans: (c)
The Indian government controls price of:
(a) Toys
(b) Medicines
(c) Games
(d) Chocolates
Ans: (b)
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)
What does the BEE star rating show?
(a) Quality
(b) Energy efficiency
(c) Brand value
(d) Warranty
Ans: (b)
Ima Keithal is a:
(a) Government office
(b) School market
(c) Women-led market in Manipur
(d) Temple
Ans: (c)
What happens in international markets?
(a) Local buying
(b) Buying and selling across countries
(c) Online gaming
(d) Road markets
Ans: (b)
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)
Who are final users of goods?
(a) Retailers
(b) Wholesalers
(c) Consumers
(d) Manufacturers
Ans: (c)
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)
Online reviews help in:
(a) Price control
(b) Certification
(c) Quality assessment
(d) Manufacturing
Ans: (c)
Government checks weights to:
(a) Save money
(b) Reduce cost
(c) Avoid cheating consumers
(d) Increase tax
Ans: (c)
Price is affected by:
(a) Number of buyers
(b) Bargaining only
(c) Demand and supply
(d) Retailer mood
Ans: (c)
Which of these is an example of retail market?
(a) Factory
(b) Wholesale market
(c) Grocery store
(d) Warehouse
Ans: (c)
How do people assess quality in online shopping?
(a) Random selection
(b) Luck
(c) Online reviews and ratings
(d) Discount offers
Ans: (c)
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)
Which certification applies to construction materials?
(a) FSSAI
(b) ISI
(c) BEE
(d) AGMARK
Ans: (b)
Who ensures fair wages for workers?
(a) Market
(b) Government
(c) Retailer
(d) Consumer
Ans: (b)
Which of these is NOT part of the supply chain?
(a) Wholesaler
(b) Manufacturer
(c) Politician
(d) Retailer
Ans: (c)
What does demand mean?
(a) Number of sellers
(b) Consumer’s willingness to buy
(c) Importing goods
(d) Raising prices
Ans: (b)
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:

Online markets require physical presence.
False
Retailers buy goods in large quantities from consumers.
False
The FSSAI mark ensures food safety.
True
Ima Keithal is a market run entirely by men.
False
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.

A: Markets connect people and ideas.
R: Markets allow people to trade and interact.
Ans: A
A: Online markets can be accessed anytime.
R: They operate without a fixed location.
Ans: A
A: The price of a good depends only on the seller’s decision.
R: The government fixes all prices.
Ans: D
A: ISI mark is used for food products.
R: It is issued by FSSAI.
Ans: D
A: Wholesalers store goods in cold storage sometimes.
R: Some products like fruits need low temperatures.
Ans: A
A: Government ensures price fairness.
R: It sets price limits and wages.
Ans: A
A: Markets help producers understand customer needs.
R: Producers change products based on demand.
Ans: A
A: Surat is a tech hub.
R: It exports mobile phones.
Ans: D
A: Public goods are provided by retailers.
R: They earn more profit.
Ans: D
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:

A market is a place where ______ and ______ take place.
Ans: buying, selling
______ is the platform that brings sellers together in online markets.
Ans: Aggregator
______ mark is used for packaged food safety.
Ans: FSSAI
Markets can be physical or ______.
Ans: online
______ goods are accessible to all members of society.
Ans: Public
______ helps producers know what buyers want.
Ans: Demand
Ima Keithal is located in ______.
Ans: Manipur
______ buys goods in bulk and sells to retailers.
Ans: Wholesaler
______ helps maintain temperatures in storage.
Ans: Cold storage
______ is the agency responsible for energy efficiency ratings.
Ans: BEE (Bureau of Energy Efficiency)

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