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Class 7 Exam  >  Class 7 Tests  >  International Social Studies Olympiad (ISSO) for Class 7  >  Olympiad Test: Markets Around Us - 1 - Class 7 MCQ

Olympiad Test: Markets Around Us - 1 - Class 7 MCQ


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10 Questions MCQ Test International Social Studies Olympiad (ISSO) for Class 7 - Olympiad Test: Markets Around Us - 1

Olympiad Test: Markets Around Us - 1 for Class 7 2024 is part of International Social Studies Olympiad (ISSO) for Class 7 preparation. The Olympiad Test: Markets Around Us - 1 questions and answers have been prepared according to the Class 7 exam syllabus.The Olympiad Test: Markets Around Us - 1 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 - 1 below.
Solutions of Olympiad Test: Markets Around Us - 1 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 - 1 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 - 1 | 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 - 1 - Question 1
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In the context of cotton farming, who usually takes advantage of the poor financial condition of farmers?

Detailed Solution for Olympiad Test: Markets Around Us - 1 - Question 1
Local traders often exploit the vulnerable financial position of farmers by offering loans at high-interest rates or purchasing their produce at unfairly low prices. This practice can lead to a cycle of debt and dependency for the farmers, impacting their livelihoods.
Olympiad Test: Markets Around Us - 1 - Question 2
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What term is used for a series of markets connected like links in a chain?

Detailed Solution for Olympiad Test: Markets Around Us - 1 - Question 2
The term 'market chain' refers to the interconnected series of markets through which goods pass from producers to consumers. This chain includes various intermediaries, such as wholesalers and retailers, facilitating the movement of goods and services across different regions.
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Olympiad Test: Markets Around Us - 1 - Question 3
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Who is the middleman between the producer and the final consumer in a chain of markets?

Detailed Solution for Olympiad Test: Markets Around Us - 1 - Question 3
Wholesalers act as intermediaries between producers and retailers by buying goods in bulk from producers and selling them in smaller quantities to retailers. This function is crucial in the distribution chain, enabling goods to reach various markets efficiently.
Olympiad Test: Markets Around Us - 1 - Question 4
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What is a weekly market known for?
Detailed Solution for Olympiad Test: Markets Around Us - 1 - Question 4
Weekly markets are temporary marketplaces that set up on specific days of the week, offering a variety of goods, often at more affordable prices than permanent retail stores. These markets play a crucial role in providing access to goods for people from various economic backgrounds.
Olympiad Test: Markets Around Us - 1 - Question 5
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The garments factory sets a standard of quality and time when producing shirts for __________ business from the US and Europe.
Detailed Solution for Olympiad Test: Markets Around Us - 1 - Question 5
When factories produce goods, such as shirts for businesses in the US and Europe, they engage in international trade. This requires adherence to specific standards of quality and timelines to meet the expectations of a global market and maintain competitive advantage.
Olympiad Test: Markets Around Us - 1 - Question 6
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Where can one find both branded and non-branded goods in urban areas?
Detailed Solution for Olympiad Test: Markets Around Us - 1 - Question 6
Shopping complexes and malls in urban areas are notable for their wide range of stores offering both branded and non-branded products. This variety caters to the diverse preferences and budgets of consumers, making malls a popular destination for shopping.
Olympiad Test: Markets Around Us - 1 - Question 7
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Ginning mill is to removing seeds from cotton bolls as putting-out system is to __________.
Detailed Solution for Olympiad Test: Markets Around Us - 1 - Question 7
Just as a ginning mill processes cotton by removing seeds from cotton bolls, the putting-out system facilitates textile production by supplying raw materials to artisans like weavers, who then create finished products. This comparison illustrates different stages in the production and supply chain of textiles.
Olympiad Test: Markets Around Us - 1 - Question 8
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The arrangement between the merchant and the weaver, where the merchant supplies raw materials and receives the finished product, is known as the __________ system.
Detailed Solution for Olympiad Test: Markets Around Us - 1 - Question 8
The putting-out system was a widespread practice in the textile industry, where merchants would provide raw materials like cotton or wool to weavers, who would then return the finished cloth. This system allowed merchants to bypass the guild system of the Middle Ages and maintain control over production and quality.
Olympiad Test: Markets Around Us - 1 - Question 9
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Shopping complexes in urban areas often have multi-storied air-conditioned buildings known as __________.
Detailed Solution for Olympiad Test: Markets Around Us - 1 - Question 9
Malls, characterized by their large, multi-storied, air-conditioned structures, represent a modern shopping environment in urban areas. They house a wide range of retail outlets, from high-end brands to local shops, along with entertainment and dining options, making them a popular destination for consumers.
Olympiad Test: Markets Around Us - 1 - Question 10
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Shops in the neighborhood may be permanent or __________ type.
Detailed Solution for Olympiad Test: Markets Around Us - 1 - Question 10
Neighborhood shopping areas often include a mix of permanent shops and hawker-type stalls. Hawker stalls, which can be mobile or temporary setups, offer a variety of goods and services, contributing to the local economy and providing consumers with convenient shopping options.
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