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Economics Set 1 2014-2015 (English Medium) ICSE Class 10 Question Paper Solution

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Economics [Set 1]
Marks: 80 CISCE
(English Medium)

Academic Year: 2014-2015
Date: March 2015
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  • Attempt all questions from section I
  • Attempt any four questions from Section II

Section-I
[10]1
[2]1.a

State any two factors that determine the Division of labour.

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Chapter:
[2]1.b

Mention two ways by which land differs from other factors of production.

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Chapter:
[2]1.c

Define an Indirect tax with the help of an example.

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Chapter:
[2]1.d

Which of the following is considered as labour in economics? Give a reason to support your answer.

  1. A professor working in a college.
  2. A social worker serving in an orphanage.
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Chapter:
[2]1.e

What is the significance of Capital in promoting economic growth?

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Chapter:
[10]2
[2]2.a

Define the following concept:

Cross Elasticity of Demand

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Chapter: [3] Elasticity of Demand
[2]2.b

Mention any two factors that cause a rightward shift of the demand curve.

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Chapter: [2] Elementary Theory of Demand
[2]2.c

Distinguish between Normal goods and Inferior goods. 

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Chapter: [2] Elementary Theory of Demand
[2]2.d

Draw a perfectly elastic supply curve.

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Chapter: [4] Theory of Supply
[2]2.e

Distinguish between Redeemable debt and Irredeemable debt.

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Chapter:
[10]3
[2]3.a

Explain the following:

Creeping inflation

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Chapter:
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[2]3.b

Direct taxes are progressive in nature. Briefly explain.

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Chapter:
[2]3.c

What is meant by the efficiency of labour?

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Chapter:
[2]3.d

State any two demerits of the Barter system of exchange?

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Chapter:
[2]3.e

Mention two differences between the Central Bank and a Commercial Bank. 

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Chapter:
[10]4
[2]4.a

Give two differences between recurring deposits and fixed deposits.

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Chapter:
[2]4.b

Write short note on:

Open Market Operations (OMO) 

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Chapter: [8] Central Bank
[2]4.c

Mention two causes of Consumer Exploitation. 

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Chapter: [14] Consumer Awareness
[2]4.d

What is meant by RTI?

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Chapter: [14] Consumer Awareness
[2]4.e

Distinguish between Fixed capital and Circulating capital quoting suitable examples. 

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Chapter:
SECTION-II
[10]5
[5]5.a

Define Division of labour. Explain three benefits of the Division of labour to producers.

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Chapter:
[5]5.b

Explain three causes of low capital formation in India.

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Chapter:
[10]6
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[5]6.a

Mention five qualities of a good entrepreneur.

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Chapter:
[5]6.b

Differentiate between decrease in demand and contraction of demand. 

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Chapter:
[10]7
[5]7.a

What is meant by shift in supply?

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Chapter:

Explain three determinants of a leftward shift of the supply curve.

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Chapter:
[5]7.b

What is the elasticity of demand?

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Chapter: [3] Elasticity of Demand

Explain the factors determining the elasticity of demand.

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Chapter: [3] Elasticity of Demand
[10]8
[5]8.a

What is meant by Public Expenditure? Explain three reasons for an increase in public expenditure in India.

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Chapter:
[5]8.b

Define a tax. Explain briefly three merits of a Direct tax.

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Chapter:
[10]9
[5]9.a

Explain the secondary functions of money.

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Chapter:
[5]9.b

What is meant by cost-push inflation?

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Chapter:

Briefly explain three determinants of Cost-push inflation.

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Chapter:
[10]10
[5]10.a

With reference to the Central Bank, explain the following: 

Monopoly of note issue

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Chapter:

What is meant by the following function of the Central bank:

Lender of the last resort

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Chapter:
[5]10.b

An alert consumer is a safe consumer. Give reasons to support your answer.

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Chapter: [14] Consumer Awareness

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