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Class 7 Exam  >  Class 7 Tests  >  Test: Market Around Us - Class 7 MCQ

Test: Market Around Us - Class 7 MCQ


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20 Questions MCQ Test - Test: Market Around Us

Test: Market Around Us for Class 7 2024 is part of Class 7 preparation. The Test: Market Around Us questions and answers have been prepared according to the Class 7 exam syllabus.The Test: Market Around Us MCQs are made for Class 7 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Market Around Us below.
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Test: Market Around Us - Question 1
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What is a market primarily defined as?

Detailed Solution for Test: Market Around Us - Question 1
A market is primarily defined as a place where buyers and sellers meet to exchange goods and services in return for money. It is a fundamental concept in economics where transactions take place between individuals or entities. This exchange mechanism facilitates the flow of goods and services in an economy, allowing individuals to obtain the products they need while enabling producers to sell their goods.
Test: Market Around Us - Question 2
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Who are the three main participants involved in the market process?

Detailed Solution for Test: Market Around Us - Question 2
The three primary participants involved in the market process are buyers, sellers, and intermediaries. Buyers are individuals or entities looking to acquire goods or services, sellers are those offering products for sale, and intermediaries facilitate the transaction process between buyers and sellers. Intermediaries can include agents, brokers, or other third parties that help in the exchange of goods and services.
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Test: Market Around Us - Question 3
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What are individuals called who are involved in the production of goods and services in a market?

Detailed Solution for Test: Market Around Us - Question 3
Individuals engaged in the production of goods and services in a market are known as producers. Producers play a crucial role in bringing goods and services to the market for consumers to purchase. They are responsible for creating and supplying products to meet the demands of consumers.
Test: Market Around Us - Question 4
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In the context of markets, what is the primary mode of exchange for goods and services?
Detailed Solution for Test: Market Around Us - Question 4
In the context of markets, the primary mode of exchange for goods and services is money. Money serves as a universal medium of exchange that allows buyers and sellers to trade various goods and services efficiently. Unlike barter systems where goods are exchanged directly, money simplifies transactions by providing a common measure of value that is widely accepted in market transactions.
Test: Market Around Us - Question 5
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What role does money play in market transactions?
Detailed Solution for Test: Market Around Us - Question 5
Money plays multiple roles in market transactions. It serves as a medium of exchange, facilitating the buying and selling of goods and services. Additionally, money acts as a unit of account, providing a common measure of value for comparing the worth of different products. Moreover, money functions as a store of value, allowing individuals to save purchasing power for future transactions and investments.
Test: Market Around Us - Question 6
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What is the primary role of traders in the market ecosystem?
Detailed Solution for Test: Market Around Us - Question 6
Traders act as intermediaries between producers and consumers in the market ecosystem. They play a crucial role in facilitating the exchange of goods and services by connecting producers with consumers. Traders help ensure that products reach the intended market and assist in establishing efficient channels for distribution.
Test: Market Around Us - Question 7
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How are markets classified based on the size and range of goods and services traded?
Detailed Solution for Test: Market Around Us - Question 7
Markets are classified based on the size and range of goods and services traded. This classification considers factors such as the variety of products available, the scale of trade activities, and the diversity of goods and services offered within a particular market. By categorizing markets in this way, stakeholders can better understand the dynamics of trade and commerce within different market environments.
Test: Market Around Us - Question 8
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What is the primary definition of retail trade?
Detailed Solution for Test: Market Around Us - Question 8
Retail trade is defined as selling products to consumers for their personal and daily use. It involves transactions made directly with the end-users of the products, distinguishing it from wholesale or business-to-business transactions.
Test: Market Around Us - Question 9
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How can retail stores enhance the shopping experience for customers through store layout and decor?
Detailed Solution for Test: Market Around Us - Question 9
Retail stores can improve the shopping experience for customers by creating a pleasant and attractive store environment through thoughtful store layout and appealing decor. This can include elements such as comfortable seating areas, attractive displays, well-organized product placements, and engaging visual merchandising techniques. A welcoming and visually appealing store atmosphere can help attract customers, encourage longer browsing times, and ultimately lead to increased sales.
Test: Market Around Us - Question 10
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What is a strategy that retail stores can utilize to ensure easy accessibility for customers?
Detailed Solution for Test: Market Around Us - Question 10
One strategy that retail stores can employ to ensure easy accessibility for customers is by providing services like free home delivery. This convenience feature allows customers to shop from the comfort of their homes and have their purchases delivered directly to their doorstep. This can be particularly beneficial for customers who may have limited mobility, busy schedules, or prefer the convenience of online shopping.
Test: Market Around Us - Question 11
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How can retailers present their products innovatively and attractively to appeal to customers?
Detailed Solution for Test: Market Around Us - Question 11
Retailers can present their products innovatively and attractively by utilizing window displays to showcase products. Window displays are a crucial visual marketing tool that can capture the attention of passersby, draw customers into the store, and create a strong first impression. By creatively arranging and showcasing products in window displays, retailers can effectively communicate their brand identity, showcase new arrivals or promotions, and entice customers to enter the store to explore further.
Test: Market Around Us - Question 12
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What type of retailers are commonly found in urban areas and often engage in door-to-door marketing and online shopping?
Detailed Solution for Test: Market Around Us - Question 12
Mobile Traders or Vendors are commonly found in urban areas and engage in door-to-door marketing. They offer convenience to customers by bringing goods directly to them. Online shopping is also popular among these vendors, allowing customers to browse and order goods online with payments typically made through credit or debit cards. This mode of shopping provides flexibility and ease of access to a wide range of products.
Test: Market Around Us - Question 13
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What is a service that can contribute to customer satisfaction and loyalty in retail stores?
Detailed Solution for Test: Market Around Us - Question 13
Providing after-sales support is a service that can significantly contribute to customer satisfaction and loyalty in retail stores. Offering excellent after-sales support, such as addressing customer inquiries, providing assistance with product issues, and offering hassle-free returns or exchanges, can help build trust with customers and enhance their overall shopping experience. By demonstrating a commitment to customer care beyond the point of sale, retailers can foster long-term relationships with customers and encourage repeat business.
Test: Market Around Us - Question 14
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What type of retailers typically offer a wide range of products under one roof and are known for their organized layout and diverse product categories?
Detailed Solution for Test: Market Around Us - Question 14
Shopping Malls are retail establishments that offer a wide range of products under one roof. They are known for their organized layout, diverse product categories, and amenities such as food courts, entertainment areas, and parking facilities. Shopping malls provide a one-stop shopping experience for customers, making them popular destinations for shopping and leisure activities.
Test: Market Around Us - Question 15
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Which type of retailer focuses on selling a specific category of products catering to a particular target market or niche market segment?
Detailed Solution for Test: Market Around Us - Question 15
Specialty Stores are retailers that focus on selling a specific category of products catering to a particular target market or niche market segment. These stores offer a unique selection of products within their specialized category, providing customers with a curated shopping experience. By focusing on a specific niche, specialty stores can attract customers looking for specialized products and personalized service.
Test: Market Around Us - Question 16
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In the retail industry, what type of retailer is characterized by having multiple outlets operating under the same brand name and offering consistent products and services across all locations?
Detailed Solution for Test: Market Around Us - Question 16
Franchise Outlets in the retail industry are characterized by having multiple outlets operating under the same brand name. These outlets offer consistent products and services across all locations, maintaining a standardized customer experience. Franchising allows for rapid expansion and brand recognition, as well as providing entrepreneurs with a proven business model and support from the franchisor.
Test: Market Around Us - Question 17
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What is one of the main functions of wholesalers in the supply chain process?
Detailed Solution for Test: Market Around Us - Question 17
One of the primary functions of wholesalers is to extend credit facilities to retailers. This helps retailers manage their cash flow and inventory effectively. Wholesalers often provide credit terms to retailers, allowing them to purchase goods on credit and pay for them at a later date, which is crucial for maintaining a smooth flow of goods in the market.
Test: Market Around Us - Question 18
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In the context of marketing produce, where do farmers often sell their goods to earn better profits and avoid exploitation by intermediaries?
Detailed Solution for Test: Market Around Us - Question 18
Farmers often sell their produce in markets like mandis to earn better profits and avoid exploitation by intermediaries. Mandis provide farmers with a platform to directly sell their goods to a wider customer base, reducing the involvement of middlemen and ensuring that farmers receive fair prices for their produce.
Test: Market Around Us - Question 19
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What are some factors that consumers consider when selecting a market to purchase goods?
Detailed Solution for Test: Market Around Us - Question 19
Consumers typically consider factors such as convenient location and product availability when selecting a market to purchase goods. Being able to easily access the market and find the products they need plays a significant role in consumer decision-making.
Test: Market Around Us - Question 20
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What role do weekly markets (haats) and intermediaries play in the selling of farmers' produce?
Detailed Solution for Test: Market Around Us - Question 20
Weekly markets (haats) and intermediaries play a crucial role in selling farmers' produce to wholesalers or processing units. These markets act as key points of sale where farmers can connect with potential buyers, including wholesalers and processing units, to sell their goods in bulk.
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