Classification of Markets 1

Q.

Explain the four requirements for production of goods and services

Q.

Consumers needs and wants are fulfilled through______.

1. Market offerings
2. Retailer
3. Consumer
4. Wholesaler
5. Government

Q. What are the classification of market based on geographical locations.

Q. Choose the correct option that is true about ideal market.
Statement 1: Perfect competition is a type of ideal market.

Statement 2: An ideal market can be found anywhere.

Statement 3: In an ideal market, similar products are sold and bought.

1. Only statement 2 is correct.
2. Only statements 1 and 3 are correct.
3. Only statements 1 and 2 are correct.
4. Only statements 2 and 3 are correct.

Q. Assertion (A): Land, capital and labour are known as ‘factors of production’.

Reason (R): They are not essential to produce finished products.

Choose the correct option.

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. A is true and R is false.
4. A is false and R is true.

Q. Choose the incorrect statement in terms of 'features of a market'.

1. For any market, only the sellers must have knowledge about the market because they sell the goods.
2. In economic terms, the market does not refer to any particular place or geographical location.
3. A market refers to a whole area of operation of demand and supply.
4. There must be a group of buyers and sellers of the commodity to constitute a market.

Q. Which type of market is localised and restricted to a particular district or a cluster of a few smaller states?

1. National Market
2. Regional Market
3. International Market
4. Local Market

Q. A fisherman would daily sell fresh fishes in the nearby market in Varun's locality. Varun had to buy the fish by morning because, by afternoon, the fisherman would sell all the fishes, and head back home. The fisherman would then sell newly caught fishes the next day. What kind of market is the fisherman a part of?

1. Local Market
2. International Market
3. Long Period Market
4. Very Short Period Market

Q. Which among the following is not a 'factor of production'?

1. Buyers
2. Land
3. Capital
4. Labour

Q. Make the correct pair.

1. Durable products
2. No competition
3. Time period
4. National Market
5. Long Market
6. Monopoly

Q. Pradeep and his son, Vinay, went to the market beside their house to buy few fresh vegetables. On the way back home, Vinay demanded his favourite fruit from the vendor nearby. What kind of market were they in?

1. Regional Market
2. Local Market
3. National Market
4. International Market

Q. Choose the most appropriate option(s).

1. A product market is a place where the labour, capital, and land are bought and sold.
2. A factor market is a place where the labour, capital, and land are bought and sold.
3. A product market is a place where goods and services are bought and sold.
4. A factor market is a place where goods and services are bought and sold.

Q. Which is not a type of market based on time period?

1. Very Short Period Market
2. Short Period Market
3. Long Perid Market
4. Unregulated Market

Q. Choose the correct option.

Statement 1: The potential buyers and sellers must be physically present in the market during transaction.

Statement 2: According to economics, a market must be a geographic location and must exist physically.

Statement 3: Both sellers and buyers must be aware about the demand of products, consumer choices, preferences, fashion trends, etc.

1. Statements 2 and 3 are true.
2. Statements 1 and 3 are true.
3. Statements 1 and 2 are true.
4. Only statement 3 is true.

Q. Pick the odd one out.

1. National Market
2. International Market
3. Regulated Market
4. Regional Market

Q. National markets are for durable products like jute, tea, etc.

1. True
2. False

Q. (A): The markets that are spread across the globe are called National Markets.

(B): Jute, sugar, textiles, spices, tea, etc. are the Indian products that have international market.

Choose the correct option.

1. Both A and B are true and A leads to B.
2. Both A and B are true and B leads to A.
3. A is true and B is false.
4. A is false and B is true.

Q.

According to Kotler, an attractive target market for a business needs to be as follows:

1. Measurable, specific, attractive, important

2. Profitable, sustainable, unique, realistic

3. Specific, social, economic, structured

4. Realistic, accessible, significant, measurable

5. Accessible, actionable, measurable, substantial

6. None of the above is correct