All Courses
Get the App Signup / Login
Sign in Open App
Class 7 Exam  >  Class 7 Tests  >  International Social Studies Olympiad (ISSO) for Class 7  >  Olympiad Test: Markets Around Us - 2 - Class 7 MCQ

Olympiad Test: Markets Around Us - 2 - Class 7 MCQ


Test Description

10 Questions MCQ Test International Social Studies Olympiad (ISSO) for Class 7 - Olympiad Test: Markets Around Us - 2

Olympiad Test: Markets Around Us - 2 for Class 7 2024 is part of International Social Studies Olympiad (ISSO) for Class 7 preparation. The Olympiad Test: Markets Around Us - 2 questions and answers have been prepared according to the Class 7 exam syllabus.The Olympiad Test: Markets Around Us - 2 MCQs are made for Class 7 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Olympiad Test: Markets Around Us - 2 below.
Solutions of Olympiad Test: Markets Around Us - 2 questions in English are available as part of our International Social Studies Olympiad (ISSO) for Class 7 for Class 7 & Olympiad Test: Markets Around Us - 2 solutions in Hindi for International Social Studies Olympiad (ISSO) for Class 7 course. Download more important topics, notes, lectures and mock test series for Class 7 Exam by signing up for free. Attempt Olympiad Test: Markets Around Us - 2 | 10 questions in 10 minutes | Mock test for Class 7 preparation | Free important questions MCQ to study International Social Studies Olympiad (ISSO) for Class 7 for Class 7 Exam | Download free PDF with solutions
Olympiad Test: Markets Around Us - 2 - Question 1
Save

Online marketing is to home delivery as traditional market is to __________.

Detailed Solution for Olympiad Test: Markets Around Us - 2 - Question 1
Just as online marketing often culminates in the home delivery of products, traditional markets require the physical presence of buyers and sellers for the exchange of goods and services, highlighting the contrast between digital and physical marketplaces.
Olympiad Test: Markets Around Us - 2 - Question 2
Save

The Internet allows people to buy things without physically going to the market by placing orders __________.

Detailed Solution for Olympiad Test: Markets Around Us - 2 - Question 2
Online shopping has revolutionized the retail industry by enabling consumers to make purchases via the internet, offering convenience and a wide range of products without the necessity of visiting physical stores.
1 Crore+ students have signed up on EduRev. Have you? Download the App
Olympiad Test: Markets Around Us - 2 - Question 3
Save

Cotton farmer is to local trader as weaver is to __________.

Detailed Solution for Olympiad Test: Markets Around Us - 2 - Question 3
In the supply chain, just as local traders often purchase produce directly from cotton farmers, wholesalers play a similar role for weavers by buying their finished goods and supplying them to retailers, thus acting as an intermediary in the market.
Olympiad Test: Markets Around Us - 2 - Question 4
Save

Who are often the sufferers in the market?
Detailed Solution for Olympiad Test: Markets Around Us - 2 - Question 4

Workers and labourers often face challenges in the market, such as low wages and poor working conditions, as they are at the bottom of the economic hierarchy, with their well-being frequently compromised in the pursuit of higher profits by others in the supply chain.

Olympiad Test: Markets Around Us - 2 - Question 5
Save
The trader who buys goods in huge quantities from the producer and sells them to retailers is known as a __________.
Detailed Solution for Olympiad Test: Markets Around Us - 2 - Question 5
A wholesaler plays a crucial role in the distribution chain by purchasing goods in bulk from producers at a lower price and selling them in smaller quantities to retailers, thereby bridging the gap between production and retail.
Olympiad Test: Markets Around Us - 2 - Question 6
Save
Where does a garment-exporting factory near Delhi send the shirts it produces?
Detailed Solution for Olympiad Test: Markets Around Us - 2 - Question 6
A garment-exporting factory near Delhi typically engages in international trade by sending its products, such as shirts, to foreign buyers, often in the US and Europe, showcasing the global nature of the textile and apparel industry.
Olympiad Test: Markets Around Us - 2 - Question 7
Save
In the context of cotton farming, what is the primary reason farmers often have to sell their produce at low prices?
Detailed Solution for Olympiad Test: Markets Around Us - 2 - Question 7
Farmers' financial dependency on local traders, often due to loans or advances taken at high interest rates, compels them to sell their produce at low prices, a situation exacerbated by the power dynamics and lack of alternative market access, illustrating the vulnerabilities within agricultural supply chains.
Olympiad Test: Markets Around Us - 2 - Question 8
Save

What is the arrangement between the merchant and the weaver, where the merchant supplies raw materials and receives the finished product?
Detailed Solution for Olympiad Test: Markets Around Us - 2 - Question 8

The putting-out system is a historical production arrangement where merchants outsource the processing of raw materials to independent craftsmen like weavers, who then return the finished goods, allowing merchants to control both the supply of materials and the distribution of products.

Olympiad Test: Markets Around Us - 2 - Question 9
Save
Match the Market Terms with their Definitions:
a. Weekly Market
b. Shopping Complex
c. Wholesaler
d. Putting-Out System
i. Held on a specific day of the week, no permanent shops.
ii. Multi-storied air-conditioned building with shops on different floors.
iii. Trader who buys in bulk from the producer and sells to retailers.
iv. Merchant supplies raw materials to weavers and receives finished products.
Detailed Solution for Olympiad Test: Markets Around Us - 2 - Question 9
Option A correctly matches the Market Terms with their definitions.
Olympiad Test: Markets Around Us - 2 - Question 10
Save
Match the Economic Terms with their Explanations:
a. Wholesaler
b. Putting-Out System
c. Market Chain
d. Ginning Mill
i. Trader who buys in bulk from the producer and sells to retailers.
ii. Merchant supplies raw materials to weavers and receives finished products.
iii. Series of markets connected like links in a chain.
iv. Factory where seeds are removed from cotton bolls.
Detailed Solution for Olympiad Test: Markets Around Us - 2 - Question 10
Option A correctly matches the Economic Terms with their definitions.
7 docs|41 tests
Join Course
Information about Olympiad Test: Markets Around Us - 2 Page
In this test you can find the Exam questions for Olympiad Test: Markets Around Us - 2 solved & explained in the simplest way possible. Besides giving Questions and answers for Olympiad Test: Markets Around Us - 2, EduRev gives you an ample number of Online tests for practice

Top Courses for Class 7

Download as PDF

Top Courses for Class 7

Important Questions for Olympiad Test: Markets Around Us - 2

Find all the important questions for Olympiad Test: Markets Around Us - 2 at EduRev.Get fully prepared for Olympiad Test: Markets Around Us - 2 with EduRev's comprehensive question bank and test resources. Our platform offers a diverse range of question papers covering various topics within the Olympiad Test: Markets Around Us - 2 syllabus. Whether you need to review specific subjects or assess your overall readiness, EduRev has you covered. The questions are designed to challenge you and help you gain confidence in tackling the actual exam. Maximize your chances of success by utilizing EduRev's extensive collection of Olympiad Test: Markets Around Us - 2 resources.

Olympiad Test: Markets Around Us - 2 MCQs with Answers

Prepare for the Olympiad Test: Markets Around Us - 2 within the Class 7 exam with comprehensive MCQs and answers at EduRev. Our platform offers a wide range of practice papers, question papers, and mock tests to familiarize you with the exam pattern and syllabus. Access the best books, study materials, and notes curated by toppers to enhance your preparation. Stay updated with the exam date and receive expert preparation tips and paper analysis. Visit EduRev's official website today and access a wealth of videos and coaching resources to excel in your exam.

Online Tests for Olympiad Test: Markets Around Us - 2 International Social Studies Olympiad (ISSO) for Class 7

Practice with a wide array of question papers that follow the exam pattern and syllabus. Our platform offers a user-friendly interface, allowing you to track your progress and identify areas for improvement. Access detailed solutions and explanations for each test to enhance your understanding of concepts. With EduRev's Online Tests, you can build confidence, boost your performance, and ace Olympiad Test: Markets Around Us - 2 with ease. Join thousands of successful students who have benefited from our trusted online resources.
© EduRev
Education Revolution
Follow Us
Signup to see your scores go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup