7th Std Social Science Term 3 Solution | Lesson.8 Market and Consumer Protection

7th Std Social Science Term 3 Solution | Lesson.8 Market and Consumer Protection

I. Choose the correct answer

1. In which case a consumer cannot complain against the manufacturer for a defective product?

1. Date of expiry unspecified
2. Price of the commodity
3. Batch number of the commodity
4. Address of the manufacturer

Ans : Batch number of the commodity

2. Consumer’s face various problems from the producer’s end due to

1. Unfair trade practices
2. Wide range of goods
3. Standard quality goods
4. Volume of production

Ans : Unfair trade practices

3. Consumers must be provided with adequate information about a product to make

1. Investment in production
2. Decision in sale of goods
3. Credit purchase of goods
4. Decision in purchase of goods

Ans : Decision in purchase of goods

4. The system of consumer courts at the national, state, and district levels, looking into consumers grievances against unfair trade practices of businessmen and providing necessary compensation, is called

1. Three tier system
2. One tier system
3. Two tier system
4. Four tier system

Ans : Three tier system

5. Mixing other extraneous material of inferior quality with a superior quality material is called

1. Purification
2. Adulteration
3. Refinement
4. Alteration

Ans : Adulteration

II. Fill in the Blanks.

1. A set up where two or more parties engage in _______ of goods, services and information is called a market.

Ans : buying and selling

2. In regulated Markets, there is some oversight by appropriate______ authorities.

Ans : government

3. __________refers to a market structure in which there is a single producer or seller that has a control on the entire market.

Ans : Monopoly

4. _____statue is regarded as the ‘Magna Carta’ in the field of consumer protection for checking unfair trade practices.

Ans : COPRA

III. Match the following

1. The Consumer Protection Act	1955
2. The Legal Metrology Act	1986
3. The Bureau of Indian Standards Act	2009
4. The Essential Commodities Act	1996
Ans : 1 – D, 2 – C, 3 – B, 4 – A

IV. Consider the following statement and tick the appropriate answer

1. Assertion (A) : In local Markets the buyers and sellers are limited to the local region or area.

Reason (R) : A market is not restricted to one physical or geographical location.

1. Both, A and R, are true and R is the correct explanation of A
2. Both, A and R, are true but R is not the correct explanation of A
3. If A is true but R is false
4. If A is false but R is true

Ans : Both, A and R, are true but R is not the correct explanation of A