(English Medium) ICSE Class 10 - CISCE Question Bank Solutions for Economic Applications

State two circumstances under which the demand curve slopes upwards to the right.

Give one point each of similarity and dissimilarity between Giffen goods and Veblen goods.

What are Giffen goods?

Other things remaining unchanged, change in supply due to increase in price is called ______.

Law of supply states that ______.

Explain two similarities between a Perfect market and an Imperfect market.

Explain any two similarities between a perfect market and a monopolistically competitive market.

The Law of Supply states that other things being constant ______.

Assertion (A): Law of Supply is a qualitative statement.

Reason (R): Law of Supply indicates the magnitude of change in the quantity supplied.

Explain the law of supply.

With the help of a diagram state whether supply of a good is directly or inversely related to price?

What does the Law of Supply state?

Shifting cultivation involves ______.

Land is considered a passive factor of production because ______.

Identify the active factors of production.

Explain one benefit of division of labour.

Briefly explain the impact of division of labour on cost of production by a firm.

Capital is a passive factor of production. Justify the statement.

State two active factors of production. Give reasons to support your answer.

Briefly explain two impacts of shifting cultivation on the eco-system.