Class 7 Economics – Chapter 2
MARKETS AROUND US
MCQs + Practice Worksheet
📝 PART A: MULTIPLE CHOICE QUESTIONS (MCQs)
Q1. A market is a place where:
A) Only goods are produced
B) Only services are provided
C) Buying and selling take place
D) People meet socially
Answer: C
Q2. Which of the following is a weekly market?
A) Shopping mall
B) Supermarket
C) Sunday bazaar
D) Online store
Answer: C
Q3. Why are prices lower in weekly markets?
A) Goods are old
B) Traders do not pay shop rent
C) Government fixes prices
D) Goods are of poor quality
Answer: B
Q4. Who sells goods directly to consumers?
A) Producer
B) Wholesaler
C) Retailer
D) Transporter
Answer: C
Q5. Which market provides goods on credit?
A) Weekly market
B) Shopping mall
C) Neighbourhood shop
D) Online market
Answer: C
Q6. The correct chain of markets is:
A) Retailer → Producer → Consumer
B) Producer → Retailer → Wholesaler
C) Producer → Wholesaler → Retailer → Consumer
D) Consumer → Producer → Retailer
Answer: C
Q7. Which market uses the internet?
A) Weekly market
B) Neighbourhood shop
C) Online market
D) Wholesale market
Answer: C
📄 PART B: VERY SHORT ANSWER QUESTIONS
Q1. What is a weekly market?
Answer: A market held once a week where small traders sell goods.
Q2. Who is a wholesaler?
Answer: A person who buys goods in large quantities from producers.
✍️ PART C: SHORT ANSWER QUESTIONS
Q1. Why are neighbourhood shops useful?
Answer:
Neighbourhood shops are near homes and open daily.
They provide goods on credit and are useful for daily needs.
Q2. What is meant by chain of markets?
Answer:
Chain of markets is the system through which goods move from producers to consumers through wholesalers and retailers.
🧠 PART D: THINK & ANSWER
Q. Why do poor people prefer weekly markets?
Answer:
Poor people prefer weekly markets because goods are cheaper.
There is no shop rent, so prices are low.
Many goods are available at one place.
For MCQs – read options carefully.
For short answers – write in 2–3 clear points.
Prepared by Shaktimatha Learning 🌟
Class 7 Economics • MCQs • Worksheets • Exam Ready
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