Practicing Class 7 SST MCQ and Class 7 Social Science Chapter 12 Understanding Markets MCQ Questions Online Test with Answers daily helps in time management.
Class 7 Understanding Markets MCQ with Answers
MCQ on Understanding Markets Class 7
Class 7 SST Chapter 12 Understanding Markets MCQ Questions with Answers
Question 1.
What is a market?
(a) A place for selling vegetables
(b) A place where people buy and sell goods and services
(c) An online platform
(d) A bank
Answer:
(b) A place where people buy and sell goods and services
Question 2.
Hampi Bazaar was located in which Indian state?
(a) Tamil Nadu
(b) Maharashtra
(c) Karnataka
(d) Gujarat
Answer:
(c) Karnataka
Question 3.
Which of the following is NOT a type of market?
(a) Physical market
(b) Online market
(c) Fun market
(d) International market
Answer:
(c) Fun market
Question 4.
Price in a market is decided by?
(a) The government alone
(b) Demand and supply interaction
(c) Only sellers
(d) Auction only
Answer:
(b) Demand and supply interaction
Question 5.
What is the role of a retailer?
(a) Selling in bulk
(b) Manufacturing goods
(c) Selling goods to final consumers
(d) Exporting goods
Answer:
(c) Selling goods to final consumers
Question 6.
Which of the following is a certification for food safety?
(a) ISI
(b) AGMARK
(c) FSSAI
(d) BEE
Answer:
(c) FSSAI
Question 7.
What does BEE Star rating indicate?
(a) Size of the product
(b) Energy efficiency
(c) Colour quality
(d) Shelf life
Answer:
(b) Energy efficiency
Question 8.
Which type of market requires physical presence of both buyer and seller?
(a) Online market
(b) International market
(c) Physical market
(d) Stock market
Answer:
(c) Physical market
Question 9.
What is the role of the government in markets?
(a) To advertise products
(b) To ensure fair practices and protect consumers
(c) To sell goods directly
(d) To fix prices of all products
Answer:
(b) To ensure fair practices and protect consumers
Question 10.
What is an aggregator?
(a) A wholesaler
(b) A mobile app or website selling goods from different sellers
(c) A bank
(d) A transporter
Answer:
(b) A mobile app or website selling goods from different sellers
Understanding Markets Class 7 Assertion-Reason Type Questions
There are two statements marked as Assertion (A) and Reason (R). Mark your answer as per the codes provided below:
Question 1.
Assertion (A): Retailers sell goods in small quantities.
Reason (R): Retailers deal directly with final consumers.
Codes:
(a) Both A and R are true and R is the correct explanation of A.
(b) Both A and R are true but R is not the correct explanation of A.
(c) A is true but R is false.
(d) A is false but R is true.
Answer:
(a) Both A and R are true, and R is the correct explanation of A.
Explanation: Because retailer directly deals with the final consumers and sell them products in small quantities.
Question 2.
Assertion (A): Online markets eliminate the need for physical infrastructure.
Reason (R): Online markets only deliver digital products.
Codes:
(a) Both A and R are true and R is the correct explanation of A.
(b) Both A and R are true but R is not the correct explanation of A.
(c) A is true but R is false.
(d) A is false but R is true.
Answer:
(c) A is true but R is false.
Explanation: R is false as online markets deal in almost all kind of goods.
Question 3.
Assertion (A): Government fixes the minimum support price for some crops.
Reason (R): This ensures that farmers do not suffer losses.
Codes:
(a) Both A and R are true and R is the correct explanation of A.
(b) Both A and R are true but R is not the correct explanation of A.
(c) A is true but R is false.
(d) A is false but R is true.
Answer:
(a) Both A and R are true, and R is the correct explanation of A.
Explanation: To ensure that the farmers do not suffer losses therefore government fixes minimum support price.
Understanding Markets Class 7 Fill in the blanks
Question 1.
The Hampi Bazaar was a flourishing market during the …………… Empire.
Answer:
Vijayanagara
Question 2.
…………… is the amount at which a buyer is willing to buy and a seller is willing to sell.
Answer:
Price
Question 3.
Online markets allow buyers and sellers to interact without …………… contact.
Answer:
Physical
Question 4.
…………… is the certification mark for food safety in India..
Answer:
FSSAI
Question 5.
Markets help in the exchange of ………. and ………….
Answer:
Goods, Services
Question 6.
The ……….. buys goods in large quantities and sells to retailers.
Answer:
Wholesaler
Question 7.
………. markets operate across national borders.
Answer:
International
Question 8.
The textile hub of surat receives raw cotton from states like …………
Answer:
Maharashtra
Question 9.
A ……….. helps in transporting goods from producers to retailers.
Answer:
Distributor
Question 10.
…………. is the certification for agricultural products.
Answer:
AGMARK
Understanding Markets Class 7 True or False
Question 1.
Markets only exist in cities.
Answer:
False
Reason: Markets exist everywhere, in cities, towns, villages.
Question 2.
Retailers sell goods to other retailers.
Answer:
False
Reason: Retailers sell goods to consumers.
Question 3.
Price is fixed by the seller alone.
Answer:
False
Reason: Price of a product is fixed by the manufacturer on demand and supply.
Question 4.
Cold storage is used for storing grains.
Answer:
True
Reason: Cold storage is used to store grains to be sold later, though it is also used to store other perishable goods.
Question 5.
Government has no role in market regulation.
Answer:
False
Reason: Government keeps an eye on the market and act when required.
Question 6.
Surat is known for the diamond industry.
Answer:
True
Reason: Surat is an established centre for diamond industry and is famous for it.
Question 7.
FSSAI certification is mandatory for food items.
Answer:
True
Reason: FSSAI is responsible for food safety and marking standards for food industry.
Question 8.
Markets only exist in physical form.
Answer:
False
Reason: Virtual markets exist, enabling transactions through digital payment apps.
Question 9.
Buyers always prefer the cheapest product.
Answer:
False
Reason: Buyers look out product quality and durability.
Question 10.
Public goods like parks are provided by the government.
Answer:
True
Reason: They are accessible to everyone without exception.
Understanding Markets Class 7 Match the following
| Column A | Column B |
| A. Physical Market | (i) Deals in bulk quantities |
| B. Online Market | (ii) Lies within the national boundary |
| C. Domestic Market | (iii) Goods and services flow across countries |
| D. International Market | (iv) Buyers and sellers meet virtually |
| E. Wholesale Market | (v) Requires physical presence of buyers and sellers |
(a) A-(i), B-(iii), C-(v), D-(ii), E-(iv)
(b) A-(v), B-(iv), C-(ii), D-(iii), E-(i)
(c) A-(ii), B-(iii), C-(v), D-(iv), E-(i)
(d) A-(iv), B-(iii), C-(v), D-(i), E-(iv)
Answer:
(b) A-(v), B-(iv), C-(ii), D-(iii), E-(i)