NCERT Class 7 Understanding Markets MCQs for UPSC

1. What is a market?

1. A.A place or system where buyers and sellers exchange goods and services
2. B.A building used only by government
3. C.A warehouse without buyers
4. D.A system of taxation

2. What are buyers in a market also called?

1. A.Consumers
2. B.Producers
3. C.Wholesalers
4. D.Regulators

3. What are people who make or provide goods and services called?

1. A.Producers
2. B.Consumers
3. C.Retailers
4. D.Inspectors