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

1. What is one of the benefits of a market for society?

A It decreases competition among sellers B It encourages innovation and better products C It reduces the availability of goods D It promotes only local products

2. Which type of market allows goods to be bought from international sellers?

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

3. Which of these is an example of a public good?

A A private restaurant B A public park C A commercial store D A private gym

4. “Our product is quite similar to others in the market, but we highlighted the differences well, so it was easy to sell.”

A Supplier markets B Internal markets C Recruitment markets D Customer markets

5. "We had links with people who liked our services, and word-of-mouth recommendations really increased our sales"

A Internal markets B Referral markets C Recruitment markets D Supplier markets

6. “A whole range of people inside the organization have an effect on the success of our company.”

A Referral markets B Influence markets C Recruitment markets D Internal markets

7. “Our staff are the main reason for our success. We are always careful about who we hire.”

A Recruitment markets B Influence markets C Internal markets D Supplier markets

8. “Most of our contracts come from local governments, so it’s important we maintain good relationships with them.”

A Recruitment markets B Customer markets C Influence markets D Internal markets

9. “It’s more important to keep our existing customers happy than to focus on finding new ones.”

A Influence markets B Recruitment markets C Internal markets D Customer markets

10. A factor other than price that affects demand:

A Determinant of supply B Income effect C Determinant of demand D Diminishing marginal utility