Q. Who are commonly found selling goods in a weekly market?
A). Traders with permanent shops
B). Big companies
C). Small traders without permanent shops
D). Government officials
Answer: C). Small traders without permanent shops
Explanation: Weekly markets mostly have small traders who cannot afford permanent shops and sell once a week.
Q. Why are goods in a weekly market generally cheaper?
A). Because traders sell stolen goods
B). Because traders have permanent shops
C). Because traders do not have to pay rent for shops
D). Because the government gives subsidies
Answer: C). Because traders do not have to pay rent for shops
Explanation: Weekly market sellers don’t pay rent for permanent shops, so their prices are lower.
Q. How often does a weekly market operate?
A). Every day
B). Once a week
C). Twice a month
D). Only during festivals
Answer: B). Once a week
Explanation: As the name suggests, a weekly market functions only one day each week.
Q. What is a common advantage for customers shopping in a weekly market?
A). Availability of luxury products
B). Wide variety of goods in one place
C). Fixed prices with no bargaining
D). Free delivery of goods
Answer: B). Wide variety of goods in one place
Explanation: Weekly markets offer many varieties of goods at one location, making shopping easier.
Q. Weekly markets help small traders because:
A). They have to pay high taxes
B). They do not need to pay for electricity and rent
C). They receive government salaries
D). They use permanent storage for goods
Answer: B). They do not need to pay for electricity and rent
Explanation: Sellers do not pay rent or maintain permanent shops, reducing their costs.
Q. What is a common feature of neighbourhood shops?
A). They sell goods only once a week
B). They sell goods door-to-door
C). They are located close to where people live
D). They sell only luxury goods
Answer: C). They are located close to where people live
Explanation: Neighbourhood shops are within walking distance and serve the daily needs of people living nearby.
Q. Which service is commonly provided by neighbourhood shops?
A). Free insurance
B). International shipping
C). Credit facility
D). Car servicing
Answer: C). Credit facility
Explanation: Many neighbourhood shops allow customers to buy goods on credit and pay later.
Q. What is a major feature of shopping complexes and malls?
A). They operate only one day a week
B). They contain many shops under one roof
C). They sell only food items
D). They do not allow branded products
Answer: B). They contain many shops under one roof
Explanation: Malls and complexes have multiple shops, often including branded stores, all in one building.
Q. Why are goods in malls usually more expensive?
A). Because malls receive government funding
B). Because shops pay high rent and maintenance charges
C). Because products are always imported
D). Because customers are not allowed to bargain
Answer: B). Because shops pay high rent and maintenance charges
Explanation: High rent, electricity, and maintenance costs lead to higher prices in malls
Q. How are malls different from neighbourhood shops?
A). Malls sell only second-hand items
B). Malls offer a wide variety of branded goods
C). Malls operate only during festivals
D). Malls sell goods at extremely low prices
Answer: B). Malls offer a wide variety of branded goods
Explanation: Malls have branded stores and a wider variety of goods compared to small neighbourhood shops.
Q. What does the term “chain of market” mainly describe?
A). A list of government departments
B). The process through which goods reach consumers from producers
C). The chain used for transporting goods
D). A type of shopping mall
Answer: B). The process through which goods reach consumers from producers
Explanation: The chain of market refers to the series of connections from producers to consumers.
Q. Who is usually the first link in the chain of market?
A). Consumers
B). Wholesalers
C). Producers
D). Retailers
Answer: C). Producers
Explanation: Producers create goods, so they are the starting point of the market chain.
Q. In the chain of market, which group sells directly to the final consumer?
A). Wholesalers
B). Retailers
C). Producers
D). Transporters
Answer: B). Retailers
Explanation: Retailers sell goods directly to consumers, completing the market chain.
Q. Retailers buy goods mainly from:
A). Consumers
B). Wholesalers
C). Manufacturers only
D). Delivery workers
Answer: B). Wholesalers
Explanation: Retailers usually purchase goods in bulk from wholesalers and sell in small quantities.
Q. Which of the following shows that markets are spread out in different forms?
A). People only buy from one shop
B). Goods can be purchased from vendors, shops, or the internet
C). Only producers sell goods
D). Goods are sold only once a week
Answer: B). Goods can be purchased from vendors, shops, or the internet
Explanation: Markets exist as weekly markets, neighbourhood shops, brand stores, and online platforms.
Q. What does the idea “markets are everywhere” mainly suggest?
A). Markets exist only in big cities
B). Buying and selling happens in many different places
C). Markets are limited to shopping malls
D). Online markets do not exist
Answer: B). Buying and selling happens in many different places
Explanation: Markets can be physical or online, large or small, showing that buying and selling occurs everywhere.
Q. How does a market become unfair for small producers?
A). They receive too much government help
B). Big companies can influence prices and competition
C). Consumers always prefer small producers
D). They sell at very high prices
Answer: B). Big companies can influence prices and competition
Explanation: Large companies control supply chains and pricing, making it difficult for small producers to compete