MCQ Chapter 12 Understanding Markets Class 7 Social Science Advertisement 1. What is a market primarily defined as?A place where people produce goodsA place where people buy and sell goodsA place where people store goodsA place where people repair goodsQuestion 1 of 202. What was the Hampi Bazaar known for during the Vijayanagara Empire?Limited trade of grains onlyProsperous trade with a variety of productsOnly trading precious stonesTrading only animalsQuestion 2 of 203. What is the role of price in a market transaction?It is irrelevant to buyers and sellersIt is the amount agreed upon by buyer and seller for a transactionIt is fixed by the government onlyIt is determined solely by the sellerQuestion 3 of 204. What happens if a seller sets the price of guavas too high?Buyers will always agree to the priceBuyers may not buy, leading to no transactionThe government will fix the priceThe seller will sell more guavasQuestion 4 of 205. Why are vegetables often sold cheaper late at night in weekly markets?To attract more sellersTo clear perishable stock before it spoilsTo increase the price the next dayTo compete with online marketsQuestion 5 of 206. What distinguishes a physical market from an online market?Physical markets only sell servicesPhysical markets involve in-person buyer-seller interactionsOnline markets are limited to local areasOnline markets require physical meetingsQuestion 6 of 207. What is a domestic market?A market where goods are traded internationallyA market within a country’s geographical boundariesA market for online transactions onlyA market for perishable goods onlyQuestion 7 of 208. What is an example of an international market activity?Buying paper from local millsExporting refined petroleum products to West AsiaSelling vegetables in a local haatPurchasing groceries online locallyQuestion 8 of 209. Who are wholesalers in the market supply chain?They sell goods directly to consumersThey buy goods in large quantities from producersThey manufacture goodsThey deliver goods to consumers’ homesQuestion 9 of 2010. What is the role of retailers in the market?They store goods in warehousesThey sell goods in small quantities to final consumersThey manufacture productsThey export goods internationallyQuestion 10 of 2011. What is the purpose of cold storage facilities in warehouses?To manufacture goodsTo preserve perishable goodsTo package goods for exportTo sell goods directly to consumersQuestion 11 of 2012. What is an aggregator in online markets?A website that manufactures goodsA platform combining offers from multiple sellers for consumersA retailer selling goods in storesA warehouse for storing goodsQuestion 12 of 2013. Why is Surat considered a textile hub?It only imports cottonIt has thousands of factories manufacturing textilesIt only sells finished garmentsIt focuses on diamond cuttingQuestion 13 of 2014. What role do wholesalers play in the Surat textile market?They manufacture textilesThey distribute products to retailers and assess demandThey sell directly to consumersThey import raw cottonQuestion 14 of 2015. How do ports and road networks contribute to Surat’s trading hub status?They limit trade to local areasThey facilitate transportation of goods for tradeThey store goods for wholesalersThey manufacture textilesQuestion 15 of 2016. What is a key economic role of markets in people’s lives?They limit access to goodsThey facilitate transactions between producers and consumersThey only provide servicesThey restrict trade to local areasQuestion 16 of 2017. Why might an artist like Aakriti struggle to sell her paintings?Paintings have too many buyersArtwork has fewer local buyers and sellersPaintings are sold at fixed pricesArtwork is only sold onlineQuestion 17 of 2018. How do markets benefit society through consumer preferences?By producing less efficient productsBy responding to demands, like energy-efficient refrigeratorsBy increasing prices of goodsBy limiting product varietyQuestion 18 of 2019. What is unique about Mother’s Market (Ima Keithal) in Imphal?It is run entirely by menIt is owned and run by about 3000 womenIt only sells imported goodsIt operates only onlineQuestion 19 of 2020. What non-economic role do markets play?They only focus on profitThey foster relationships between buyers and sellersThey limit social interactionsThey restrict trade to online platformsQuestion 20 of 20 Loading...
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