Class 7 Exam > Class 7 Notes > Social Science Class 7 - New NCERT > Unit Test : Understanding Markets
Unit Test : Understanding Markets | Social Science Class 7 - New NCERT PDF Download
Attempt all questions. Time: 1 hour, M.M. 30
- Question numbers 1 to 5 carry 1 mark each.
- Question numbers 6 to 8 carry 2 marks each.
- Question numbers 9 to 11 carry 3 marks each.
- Question numbers 12 to 13 carry 5 marks each.
Q.1. The Hampi Bazaar was located opposite the ________ temple. (1 mark)
Q.2. Which certification mark is used for agricultural products? (1mark)
a) FSSAI
b) ISI
c) AGMARK
d) BEE Star
Q.3. Which of the following is a public good provided by the government?(1 mark)
a) Mobile phones
b) Public parks
c) Clothing
d) Groceries
Q.4. The largest importer of vegetable oils in 2024 was ________. (1 mark)
Q.5. The ________ market involves trade across national boundaries. (1 mark)
Q.6. How do buyers and sellers determine the price in a market? (2 marks)
Q.7. What role do wholesalers play in the supply chain? (2 marks)
Q.8. Why are BEE Star ratings important for electronic appliances? (2 marks)
Q.9. How does the government ensure quality and safety in markets? (3 marks)
Q.10. Explain the socio-cultural role of markets like Ima Keithal in Imphal. (3 marks)
Q.11. How do online markets differ from physical markets in transactions? (3 marks)
Q.12. Analyze the role of markets in connecting economic and non-economic activities. (5 marks)
Q.13. Evaluate the government’s role in balancing market fairness and efficiency. (5 marks)
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FAQs on Unit Test : Understanding Markets - Social Science Class 7 - New NCERT
| 1. What are the basic principles of supply and demand in markets? |  |
Ans.The basic principles of supply and demand are fundamental concepts in economics that explain how prices are determined in a market. Supply refers to the quantity of a good or service that producers are willing to sell at various prices, while demand is the quantity that consumers are willing to buy at those prices. When demand increases and supply remains constant, prices tend to rise. Conversely, if supply increases while demand remains constant, prices tend to fall. The interaction between supply and demand determines the market equilibrium price.
| 2. How do market structures affect competition and pricing? | |
Ans.Market structures, such as perfect competition, monopolistic competition, oligopoly, and monopoly, significantly influence competition and pricing. In perfect competition, many sellers offer identical products, leading to lower prices. Monopolistic competition features many sellers with differentiated products, allowing for some price control. Oligopolies consist of a few large firms that can set prices collaboratively, while monopolies are dominated by a single seller, leading to higher prices and less choice for consumers. Each structure affects how businesses operate and how prices are set.
| 3. What role do consumers play in the market? | |
Ans.Consumers play a crucial role in the market as their preferences and purchasing decisions drive demand for goods and services. Their choices influence what products are produced, how much is produced, and at what price. When consumers show a strong preference for a particular product, businesses are motivated to increase supply to meet that demand. Additionally, consumer feedback can lead to improvements in product quality and innovation as businesses strive to satisfy their customers.
| 4. What are the effects of government intervention in markets? | |
Ans.Government intervention in markets can take various forms, such as regulations, taxes, subsidies, or price controls. These interventions can help correct market failures, protect consumers, and promote fair competition. For example, regulations can ensure product safety and environmental protection. However, government intervention may also lead to unintended consequences, such as reduced efficiency or increased prices. Understanding the balance between government oversight and market freedom is essential for fostering a healthy economy.
| 5. How do global markets influence local economies? | |
Ans.Global markets influence local economies through trade, investment, and the flow of capital. When countries engage in international trade, local businesses can access larger markets, leading to increased sales and potential growth. Conversely, local economies can be affected by global economic conditions, such as fluctuations in demand for exports or changes in import prices. Additionally, foreign investment can create jobs and drive technological advancements, while economic downturns in larger economies can negatively impact local markets. Understanding these dynamics is crucial for comprehending the interconnected nature of the global economy.
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