MCQ Chapter 12 Understanding Markets Class 7 Social Science Advertisement 1. How does the government control prices to protect buyers?By setting minimum wages onlyBy setting maximum prices for essential goodsBy increasing prices of all goodsBy removing all price regulationsQuestion 1 of 202. Why does the government set minimum prices for agricultural products?To increase consumer costsTo ensure farmers do not incur lossesTo reduce the supply of cropsTo limit exportsQuestion 2 of 203. What happens when onion supply decreases in the market?Prices of onions decreasePrices of onions increaseOnions are exportedOnions are stored in warehousesQuestion 3 of 204. How does the government ensure consumer safety in markets?By removing all regulationsBy setting quality and safety standards for productsBy increasing product pricesBy limiting market accessQuestion 4 of 205. What is an example of a negative external effect of markets?Increased consumer trustPollution from factory productionLower product pricesImproved product qualityQuestion 5 of 206. Why does the government regulate single-use plastics?To increase their productionTo mitigate environmental pollution and health risksTo reduce their pricesTo promote their useQuestion 6 of 207. What are public goods provided by the government?Goods sold for profitGoods like public parks and roads available to allGoods only for private useGoods only for exportQuestion 7 of 208. How do consumers assess the quality of food products?By checking the weight onlyBy looking for the FSSAI logoBy checking the color of the productBy smelling the productQuestion 8 of 209. What does the ISI Mark indicate on a product?It is energy-efficientIt meets quality and safety standardsIt is an agricultural productIt is importedQuestion 9 of 2010. What is the purpose of the BEE Star rating on electronics?To indicate product weightTo show energy efficiencyTo certify agricultural productsTo mark imported goodsQuestion 10 of 2011. How do online reviews influence consumer decisions?They increase product pricesThey help consumers decide whether to buyThey limit product availabilityThey reduce product qualityQuestion 11 of 2012. What happens when a seller sets the price of guavas too low?Buyers will not purchaseThe seller may not make a profitThe government will interveneThe price will remain unchangedQuestion 12 of 2013. What is the role of distributors in the market?They manufacture goodsThey bridge the gap between wholesalers and retailersThey sell directly to consumersThey store goods in cold storageQuestion 13 of 2014. Why do garment stores offer discounts on woollen clothing at the end of winter?To increase productionTo clear inventory before the season changesTo raise prices laterTo limit exportsQuestion 14 of 2015. What is a characteristic of international markets?Trade occurs within a countryGoods are only sold locallyTrade involves exports and imports across bordersOnly services are tradedQuestion 15 of 2016. How do markets act as a cultural hub?By limiting social interactionsBy bringing people together to exchange ideas and traditionsBy focusing only on economic transactionsBy restricting trade to online platformsQuestion 16 of 2017. What is the significance of the AGMARK certification?It certifies electronicsIt ensures quality for agricultural productsIt indicates energy efficiencyIt marks imported goodsQuestion 17 of 2018. Why might farmers throw away tomatoes during a large harvest?To increase pricesDue to low demand and low pricesTo export them laterTo store them in warehousesQuestion 18 of 2019. What is a benefit of markets responding to consumer demand?Higher prices for all goodsProduction of goods like energy-efficient appliancesReduced product varietyLimited access to goodsQuestion 19 of 2020. How does the government ensure fair market practices?By removing all regulationsBy monitoring demand and supply interactionsBy increasing taxes on all goodsBy limiting market accessQuestion 20 of 20 Loading...
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