Understanding Markets — Practice

Q1. According to the chapter, a market is a place where people

• A. Buy and sell goods
• B. Only manufacture goods
• C. Only store goods in warehouses
• D. Only transport goods between cities

Q2. The chapter notes that a market is called 'haat' in Hindi. What is the Kannada word for market?

• A. Mandi
• B. Marukatte
• C. Keithal
• D. Bazaar

Q3. In economics, a 'need' is defined in the chapter as something a person

• A. Desires but is not essential for survival
• B. Requires to survive, such as food, water, clothing and shelter
• C. Buys only on special occasions
• D. Produces at home and never buys in the market

Q4. In the chapter's, a 'want' refers to something that a person

• A. Requires to survive
• B. Desires but is not essential for survival
• C. Cannot buy in any market
• D. Inherits from elders

Q5. The Hampi Bazaar described in the chapter belonged to which empire and century?

• A. Mughal Empire, 18th century
• B. Vijayanagara Empire, 16th century
• C. Maurya Empire, 3rd century BCE
• D. Chola Empire, 11th century

Q6. Which Portuguese traveller called Hampi 'the best-provided city in the world'?

• A. Vasco da Gama
• B. Domingos Paes
• C. Fernao Nuniz
• D. Duarte Barbosa

Q7. On, 'price' is defined as the amount at which

• A. The government tells the seller to sell
• B. A buyer is willing to buy and a seller is willing to sell particular goods or services
• C. A wholesaler sells in bulk to a retailer only
• D. Goods are exported to another country

Q8. In the guava-cart story the seller first fixes the price at ₹80/kg. According to Fig. 12.5, what happens?

• A. Buyers crowd to buy at that price
• B. Buyers walk away and refuse to buy at that high price
• C. The government immediately fixes a lower price
• D. The seller doubles the price to ₹160/kg

Q9. A physical market is described as one where buyers can

• A. Meet the seller only through a mobile app
• B. Meet the seller physically and purchase goods or services in exchange for money
• C. Buy goods only from other countries
• D. Trade only stocks and shares

Q10. 'export' is defined as

• A. Buying goods from other countries and bringing them into one's own country
• B. Selling goods or services produced in one country to a buyer in another country
• C. Storing goods in a godown for a year
• D. Selling goods at a weekly haat within a state

Q11. Wholesalers in physical markets buy goods

• A. In small quantities directly from the final consumer
• B. In large quantities from the producer or manufacturer of the product
• C. Only from online aggregators based abroad
• D. Only at year-end clearance sales

Q12. 'cold storage' refers to specialised warehouses designed to maintain

• A. High temperatures to ripen fruits faster
• B. Specific low temperatures to preserve perishable goods
• C. Constant darkness so paintings do not fade
• D. Dry conditions for storing electrical machinery

Q13. Priya looks at a packet of gram flour and notices an 'FSSAI' logo. The full form of FSSAI is

• A. Food Safety and Standards Authority of India
• B. Food Supply and Sales Agency of India
• C. Federation of Small Sellers and Agriculturists of India
• D. Farmer Support and Soil Authority of India

Q14. The ISI mark is issued by which agency?

• A. Food Safety and Standards Authority of India (FSSAI)
• B. Bureau of Indian Standards (BIS)
• C. Bureau of Energy Efficiency (BEE)
• D. Reserve Bank of India (RBI)

Q15. 'Ima Keithal' or Mother's Market in Imphal, Manipur, is unique because

• A. Only men are allowed to run the shops
• B. About 3000 women own and run all the shops in this market
• C. It is a fully online market with no physical shops
• D. It sells only imported goods from South-East Asia