CBSE Class 7 Social Science Understanding Markets (Class 7 NCERT New) Quiz 6

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CBSE › Class 7 › Social Science › Understanding Markets (Class 7 NCERT New)

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1. What shape is a typical demand curve?

A Upward sloping B Downward sloping C Vertical D Horizontal

2. What does the supply curve usually show?

A As price rises, producers supply less B As price rises, producers supply more C As price rises, demand increases D As price falls, supply increases

3. The intersection of demand and supply is known as:

A Disequilibrium B Surplus C Equilibrium D Shortage

4. What is the primary function of a market?

A To provide education B To buy and sell goods and services C To offer loans D To promote traditions

5. What is one of the main problems with the barter system?

A Double Coincidence of wants B High transportation costs C Lack of demand for goods D Limited goods to exchange

6. Which of the following is an example of an online market?

A Haat B A local grocery store C An app for shopping D A farmer’s market

7. Which market is used for exchanging large quantities of goods?

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

8. What term refers to the amount of goods and services that sellers are willing to offer at different prices?

A Demand B Supply C Transaction D Price

9. Which of these products is commonly traded in domestic markets?

A Aircraft B Gold C Fruits and vegetables D Electronics

10. What is the role of government in markets?

A To ensure fair pricing and quality B To limit the supply of goods C To increase demand D To make all decisions for sellers

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