Class 7 Social Science Chapter 12: Understanding Markets — practice questions with answers
Free practice for Class 7 Social Science, Chapter 12: Understanding Markets. Try the solved questions below, then take a free test with instant marking and explanations.
27 questions10 easy, 13 medium, 4 hardNCERT · CBSE · State boards
Sample questions with solutions
Q1. In economics, food, water, clothing and shelter are examples of ______.
- needs
- wants
- luxuries
- services
Show answer
Answer: A. needs
Why: Needs are required to survive; wants are desired but not essential. [p.250]
Why: Needs are required to survive; wants are desired but not essential. [p.250]
Q2. A new video game is an example of a ______.
- want
- need
- raw material
- tax
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Answer: A. want
Why: A want is desired but not essential for survival. [p.250]
Why: A want is desired but not essential for survival. [p.250]
Q3. What is a market?
- A place, physical or online, where people buy and sell goods and services
- Only a big mall
- A factory
- A bank
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Answer: A. A place, physical or online, where people buy and sell goods and services
Why: A market is also called bazaar, haat or mārukatté; it may be physical or online. [p.250]
Why: A market is also called bazaar, haat or mārukatté; it may be physical or online. [p.250]
Q4. The Hampi Bazaar was a prosperous market of which empire?
- Vijayanagara Empire
- Maurya Empire
- Gupta Empire
- Chola Empire
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Answer: A. Vijayanagara Empire
Why: It lay opposite the Virupaksha temple in Karnataka. [p.250]
Why: It lay opposite the Virupaksha temple in Karnataka. [p.250]
Q5. Which service usually needs in-person contact and cannot be provided online?
- Tailoring
- Booking a movie ticket
- Buying a book
- Paying a bill
Show answer
Answer: A. Tailoring
Why: Some services like tailoring require in-person contact. [p.255]
Why: Some services like tailoring require in-person contact. [p.255]
Q6. Who buys goods in large quantities from producers and sells them to retailers?
- Wholesalers
- Consumers
- Farmers
- Banks
Show answer
Answer: A. Wholesalers
Why: Wholesalers buy in bulk from producers. [p.257]
Why: Wholesalers buy in bulk from producers. [p.257]
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How many practice questions are there for Class 7 Social Science Chapter 12: Understanding Markets?
27 questions (10 easy, 13 medium, 4 hard). A few are solved on this page; the free test shows the answer and explanation for every question after you submit.
Is this chapter from the NCERT book?
Yes — it follows the NCERT Class 7 Social Science syllabus, used by CBSE and many state boards.