CBSE Class 7 Social Science Understanding Markets (Class 7 NCERT New) Quiz 4

1. Which certification applies to construction materials?

A FSSAI B ISI C BEE D AGMARK

2. What does demand mean?

A Number of sellers B Consumer’s willingness to buy C Importing goods D Raising prices

3. What are the two types of markets?

A Goods and services B Physical and intangible C Perfect competition and monopoly D Oligopoly and monopolistic competition

4. What characterizes perfect competition?

A Many producers sell the same product. B Only one supplier exists. C A few large firms dominate the market. D Products are similar but different.

5. What is an oligopoly?

A A market with many producers. B A market with only a few large firms. C A market with one supplier. D A market with no competition.

6. What is monopolistic competition?

A Many businesses sell similar but different products. B Only one supplier exists. C A few large firms dominate the market. D Products are identical.

7. What is a monopoly?

A A market structure with one supplier. B A market with many producers. C A market with no competition. D A market with a few large firms.

8. What is the labor market?

A A place where employers look for employees. B A market for goods and services. C A financial market. D A market with only one supplier.

9. What does the financial market consist of?

A Money market and capital market. B Goods and services market. C Labor market. D Monopolistic competition.

10. Which of the following is an example of a market?

A A football match B A school classroom C An online clothing website D A weather forecast