Understanding Markets Class 7 Fill in the Blanks
hardUnderstanding Markets Class 7 Fill in the Blanks
Understanding Markets Class 7 Fill in the Blanks
Question 1.
A place where people buy and sell goods is called a .............
Answer:
market
Question 2.
The government sets the maximum price that a seller can charge for certain goods, known as .............
Answer:
price ceiling
Question 3.
The ............ is a certification mark for agricultural products in India.
Answer:
AGMARK
Question 4.
The ............ market is where goods and services are bought and sold within a country.
Answer:
domestic
Question 5.
A ............ is a person or company that makes goods for sale.
Answer:
manufacturer
Understanding Markets Class 7 True or False
Question 1.
The government has no role in regulating market prices.
Answer:
False
Question 2.
Consumers can assess product quality through certification marks.
Answer:
True
Question 3.
Retailers sell goods in large quantities to consumers.
Answer:
False
Question 4.
Online markets require physical presence of buyers and sellers.
Answer:
False
Understanding Markets Class 7 Match the Following
Question 1.
Match the following types of markets with their characteristics.
| Column A | Column B |
| 1. Domestic market | A. Goods flow outside the nation |
| 2. International market | B. Deals in bulk quantities |
| 3. Wholesale market | C. Serves final consumers |
| 4. Retail market | D. Lies within national boundaries |
Answer:
| Column A | Column B |
| 1. Domestic market | D. Lies within national boundaries |
| 2. International market | A. Goods flow outside the nation |
| 3. Wholesale market | B. Deals in bulk quantities |
| 4. Retail market | C. Serves final consumers |