Which certification is used for electronic appliances to indicate energy efficiency?
- AISI
- BAGMARK
- CFSSAI
- ✓BEE Star Rating
Answer: D.
View full solution →Question types
Understanding Markets question types
71 questions across 8 question groups — pick any mix to generate a Social Studies paper with step-by-step answer keys.
71
Questions
8
Question groups
5
Question types
01
MCQ (1 Mark)
8 Q→02Assertion and Reason (1 Mark)
10 Q→03True Or False.[1 Marks Each]
10 Q→04Fill In The Blanks [1 Mark]
10 Q→05VSQ (2 Marks)
20 Q→06SHORT ANSWER QUESTIONS(3 Mark)
9 Q→07LONG ANS. QUESTIONS(5 Mark)
2 Q→08Match the Following.
2 Q→Sample Questions
Understanding Markets questions
One sample from each question group in this chapter. Select any group above to see the full set with answer keys.
What does “MSP” stand for in the context of agricultural markets?
- AMaximum Selling Price
- ✓Minimum Support Price
- CMarket Standard Price
- DMandatory Selling Policy
Answer: B.
View full solution →The concept of “consumer rights” includes:
- ARight to safety
- BRight to information
- CRight to choose
- ✓All of the above
Answer: D.
View full solution →Which government body in India ensures food quality and safety?
- AISI
- BAGMARK
- ✓FSSAI
- DBEE
Answer: C.
View full solution →What is the role of wholesalers in a market?
- AThey sell goods directly to consumers
- ✓They purchase goods in bulk from manufacturers and sell them to retailers
- CThey control the government price policies
- DThey only deal with agricultural products
Answer: B.
View full solution →Assertion (A): Farmers increase production when they get good prices for their crops.
Reason (R): Higher prices encourage farmers to produce more, anticipating similar demand in the future.
Reason (R): Higher prices encourage farmers to produce more, anticipating similar demand in the future.
- ABoth A and R are true, and R is the correct explanation of A.
- ✓Both A and R are true, and R is the correct explanation of A.
- CA is true, but R is false.
- DA is false, but R is true.
Answer: B.
View full solution →Assertion (A): The ISI mark is used for ensuring quality in food products.
Reason (R): ISI certification is given to industrial products for standardization.
Reason (R): ISI certification is given to industrial products for standardization.
- ✓Both A and R are true, and R is the correct explanation of A.
- BBoth A and R are true, and R is the correct explanation of A.
- CA is true, but R is false.
- DA is false, but R is true.
Answer: A.
View full solution →Assertion (A): Families sometimes prefer to buy from supermarkets even at higher prices.
Reason (R): Factors like cleanliness, packaging, and shopping experience influence purchasing decisions.
Reason (R): Factors like cleanliness, packaging, and shopping experience influence purchasing decisions.
- ✓Both A and R are true, and R is the correct explanation of A.
- BBoth A and R are true, and R is the correct explanation of A.
- CA is true, but R is false.
- DA is false, but R is true.
Answer: A.
View full solution →Assertion (A): The barter system was an efficient way of trading goods.
Reason (R): The barter system made it easy to exchange goods without any challenges.
Reason (R): The barter system made it easy to exchange goods without any challenges.
- ✓Both A and R are true, and R is the correct explanation of A.
- BBoth A and R are true, and R is the correct explanation of A.
- CA is true, but R is false.
- DA is false, but R is true.
Answer: A.
View full solution →Assertion (A): Some farmers throw away their tomato produce due to oversupply.
Reason (R): Excess supply lowers prices drastically, making it unprofitable for farmers to sell.
Reason (R): Excess supply lowers prices drastically, making it unprofitable for farmers to sell.
- ABoth A and R are true, and R is the correct explanation of A.
- ✓Both A and R are true, and R is the correct explanation of A.
- CA is true, but R is false.
- DA is false, but R is true.
Answer: B.
View full solution →The government sets MSP to protect farmers.
Wholesalers deal directly with final consumers.
The barter system is still widely used for trade today.
The government plays no role in controlling prices in a market.
Online shopping is an example of a virtual market.
The government body that ensures consumer protection in India is ______.
A seller who purchases products in bulk and sells them to retailers is called a ______.
The government sets a ______ to protect farmers from loss when crop prices fall.
The force that determines prices in a competitive market is ______.
The organization responsible for certifying agricultural products in India is ______.
Choose any 5 products and check out the label with the certification signs discussed in the chapter. Did you find products that did not have a logo? Why do you think this is so?
Have you heard about or visited a school carnival fair organized by your school or any other school? Discuss with your friends and teachers about the kind of activities organized by students there. How do they conduct selling and negotiation with the buyers?
There are some districts in India that are famous for growing tomatoes. However, during some seasons, the situation is not good for farmers. With a large quantity of harvest, there are reports of farmers throwing away their produce and all their hard work going to waste. Why do you think farmers do this? What role can wholesalers play in such situations? What are the possible ways of ensuring that the tomatoes are not wasted, and the farmers are also not at a loss?
Look at the real life situation that a retail seller of vegetables encountered: A family came to shop for vegetables. The price of beans that the seller on the cart was offering was? ₹30/kg. The lady started to bargain with the seller to bring the price down to ₹25/kg. The seller protested and refused to sell at that price saying he would make a loss at that price. The lady walks away. The family then goes to a super bazaar nearby. They buy vegetables in the super bazaar where they pay ₹40/kg for the beans that is neatly packed in a plastic bag. What are the reasons that the family does this? Are there factors that affect buying and selling which are not directly connected to price?
Prices are generally determined by the interaction between demand from buyers and supply by sellers. Can you think of products where prices are high despite lesser number of buyers demanding the product? What could be the reasons for that?
What are the main features of a market? Recall a recent visit to a market to purchase a product. What are the different features of a market that you observed during this visit?
There is a marbles competition in your neighbourhood with the team in the next street. You want to buy new marbles for the competition. You have 150 saved up. You go to a shop to buy the marbles. What are the qualities you would look for in the marbles so that you can win the competition?
Are there areas where government intervention needs to be reduced? Discuss with family or relatives.
What are the other areas where you can see the government being involved in the markets?
We have discussed different dimensions of markets.Can we imagine what life might be like without markets? What would happen if farmers did not bring rice, wheat, dal, vegetables and fruits to the market? What would happen if the producers of cloth in Surat could not procure inputs like cotton from markets?
Check out the BEE Star labels on the electronic devices in your home and make a chart of all the devices in an increasing order of their energy efficiency.
Observe the below illustration. What are these people discussing? Imagine you and your partner as a buyer and a seller of guavas. Prepare a set of dialogues between both of you and present it in your class as a skit.
| Colum ‘I’ | Colum ‘II’ |
| 1. Physical market | a. Goods and services flow outside the nation’s boundaries |
| 2. Online market | b. Lies within the boundaries of a nation |
| 3. Domestic market | c. Requires physical presence of buyers and sellers |
| 4. International market | d. Buyers and sellers meet virtually and can transact at any time |
| Column A | Column B |
| 1. FSSAI | (a) Industrial product standard |
| 2. AGMARK | (b) Agricultural products quality |
| 3. ISI | (c) Food safety |
| 4. Monopoly | (d) A single seller dominates the market |
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