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

How does proportional tax differ from progressive tax?

Mention one way by which consumers are exploited in the market. 

Explain clearly three reasons as to why consumers are exploited.

Progressive taxation is suitable for the Indian economy. Give reasons to support your answer.

Public Distribution system is an _______ measure of government to protect the consumers.

Explain the term progressive tax.

Mention one exception to the law of demand. Give one point only.

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

Explain the following diagram with reference to the concept of Giffen goods.

The demand curve can slope upwards from left to right. Give one argument in support of this statement.

Why are prestige good an exception to the law of demand?

Law of supply does not apply to ______.

The supply of perishable goods like milk, vegetables, fish is ______.

Discuss any two exceptions to the law of supply.

State one exception to the law of supply.

What is meant by the contraction in demand?

What is meant by an increase in demand?

Distinguish between regressive tax and degressive tax.

Explain any three duties of a consumer.

If Coke and Fanta are close substitutes to each other, a rise in price of Coke will lead to ______ for Fanta.

If the rate of tax falls with an increase in income, it is called as ______.