CBSE Class 7 Social Science Understanding Markets (Class 7 NCERT New) Quiz 1

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

2. What is the local word for market in Kannada?

A Haat B Mārukatté C Mandi D Shandy

3. Which historical market was located near Virupaksha Temple?

A Surat B Hampi Bazaar C Varanasi D Delhi Haat

4. What is the essential condition for a transaction in a market?

A Advertisement B Negotiation C Agreement on price D Discount

5. What do buyers and sellers do to fix a price?

A Argue B Ignore C Negotiate and bargain D Fight

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

7. Which of the following is NOT a physical market?

A Weekly bazaar B Shopping mall C Flipkart app D Johari Bazaar

8. Which market operates through websites or apps?

A Retail market B International market C Online market D Wholesale market

9. What is a wholesaler?

A Sells goods in small quantity B Buys goods in bulk C Manufactures goods D Works in offices

10. What does a retailer do?

A Exports goods B Manufactures goods C Sells directly to consumers D Buys goods from consumers