Question Paper
Class / Subject: Class 7 (CBSE) · Social Science
Chapter: Chapter 12 — Chapter 12: Understanding Markets
Time Allowed: 32 minutes
Max Marks: 16
1. What is a market? [1]
(A) A place where buyers and sellers exchange goods
(B) Only a building
(C) Only a farm
(D) Nothing specific
2. What is an example of a traditional market? [1]
(A) A local bazaar
(B) An online marketplace only
(C) A bank
(D) A school
3. What is an example of a modern market? [1]
(A) An online marketplace
(B) Only a physical bazaar
(C) A farm
(D) A school
4. What can markets be classified as, based on reach? [1]
(A) Local, national or global
(B) Only local
(C) Only global
(D) Only national
5. What do markets help determine? [1]
(A) Prices through supply and demand
(B) Nothing important
(C) Only weather
(D) Only population
6. What often happens in traditional markets? [1]
(A) Bargaining over prices
(B) No interaction at all
(C) Only fixed prices always
(D) No prices at all
7. Why are markets important to an economy? [1]
(A) They enable efficient exchange of goods and services
(B) They have no importance
(C) Only for entertainment
(D) No reason
8. What allows buyers and sellers to interact without meeting? [1]
(A) Online marketplaces
(B) Only traditional bazaars
(C) Nothing allows this
(D) Only barter
9. What is a retail market? [1]
(A) Sells goods directly to consumers in small quantities
(B) Sells only to other businesses
(C) Sells nothing to consumers
(D) Only online sales
10. What is a wholesale market? [1]
(A) Sells goods in large quantities, often to retailers
(B) Sells only to individual consumers
(C) Only sells services
(D) Only sells online
11. What is a competitive market? [1]
(A) Has many buyers and sellers
(B) Has only one seller
(C) Has no buyers
(D) Has no sellers
12. What is a monopoly market? [1]
(A) Has only one seller controlling the market
(B) Has many sellers
(C) Has no sellers
(D) Has no competition rules
13. What is a specialised market? [1]
(A) Focuses on specific goods, like vegetables
(B) Sells everything
(C) Sells nothing specific
(D) Only sells services
14. What is a general market? [1]
(A) Sells a variety of different products
(B) Sells only one product
(C) Sells nothing
(D) Only sells services
15. What can differ based on market type? [1]
(A) Prices and availability
(B) Nothing changes
(C) Only colours
(D) Only location
16. Why understand different market types? [1]
(A) It helps understand how the economy functions
(B) No reason
(C) Only for tests
(D) It's not useful