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Economics 2012-2013 ICSE Class 10 Question Paper Solution

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Economics
2012-2013 March
Marks: 80

Attempt All Question From Question 1 to Question 4

Attempt Any Four Question From Question 5 to Question 10


[10]1 | State whether the following statements are true or false. Give reasons.
[2]1.1

Discuss any five advantages of having a bank account.

Concept: Commercial Banks: Functions
Chapter: [4.02] Banking
[2]1.2

What is the difference between the impact of taxation and incidence of taxation?

Concept: Concept for Taxes and Types
Chapter: [3.01] Meaning and Scope of Public Finance
[2]1.3

What is meant by cost-push inflation?

Concept: Concept for Demand and Supply
Chapter: [2.01] Meaning of Demand and Supply

State two factors causing cost-push inflation.

Concept: Concept for Demand and Supply
Chapter: [2.01] Meaning of Demand and Supply
[2]1.4

The bus fare between two cities is reduced. How will this affect the demand curve for bus travel between the two cities?

Concept: Concept for Law of demand and supply
Chapter: [2.01] Meaning of Demand and Supply
[2]1.5

Differentiate the following with examples:

Real capital and debt capital

Concept: Factors of Production Capital
Chapter: [1] The Productive Mechanism
[10]2
[2]2.1

State Distinguish between the simple division of labour and complex division of labour?

Concept: Factors of Production Labour
Chapter: [1] The Productive Mechanism
[2]2.2

What is meant by expenditure tax? Give an example.

Concept: Concept for Taxes and Types
Chapter: [3.01] Meaning and Scope of Public Finance
[2]2.3

How does money solve the problem of lack a common measure of value that existed under the barter system?

Concept: Concept for Barter System
Chapter: [4.01] Money
[2]2.4

How does the nature of a good effect its elasticity of demand?

Concept: Elasticity of Demand and Elasticity of Supply
Chapter: [2.02] Elasticity of Demand and Elasticity of Supply
[2]2.5

Explain briefly the five agency functions of a commercial bank.

Concept: Commercial Banks: Functions
Chapter: [4.02] Banking
[10]3
[2]3.1

Explain three causes of low efficiency of labour in India.

Concept: Factors of Production Labour
Chapter: [1] The Productive Mechanism
[2]3.2

Mention any two forms of consumer exploitation.

Concept: Legal Measures Available to Protect Consumers from Being Exploited (COPRA, RTI)
Chapter: [5] Consumer Awareness
[2]3.3

Define public debt

Concept: Concept for Public Debt
Chapter: [3.03] Public Debt
[2]3.4

Indirect taxes are regressive in nature. How can they be made progressive?

Concept: Concept for Taxes and Types
Chapter: [3.01] Meaning and Scope of Public Finance
[2]3.5

Distinguish between demand deposits and fixed deposits.

Concept: Concept of Credit Creation
Chapter: [4.02] Banking
[10]4
[2]4.1

Indicate the degree of elasticity of a supply curve parallel to the X-axis.

Concept: Elasticity of Demand and Elasticity of Supply
Chapter: [2.02] Elasticity of Demand and Elasticity of Supply
[2]4.2

Distinguish between creeping inflation and running inflation.

Concept: Concept for Demand and Supply
Chapter: [2.01] Meaning of Demand and Supply
[2]4.3

How does money act as a standard of deferred payment?

Concept: Meaning and Functions of Money
Chapter: [4.01] Money
[2]4.4

Briefly explain the importance of public expenditure in the industrial development of developing countries.

Concept: Concept for Public Expenditure
Chapter: [3.02] Public Expenditure
[2]4.5

Distinguish between statutory liquidity ratio and cash reserve ratio.

Concept: Quantitative and Qualitative Credit Control Measures Adopted by RBI
Chapter: [4.02] Banking
[10]5
[5]5.1

What is meant by an increase in demand?

Concept: Concept for Demand and Supply
Chapter: [2.01] Meaning of Demand and Supply

Discuss any four factors affecting price elasticity of demand.

Concept: Elasticity of Demand and Elasticity of Supply
Chapter: [2.02] Elasticity of Demand and Elasticity of Supply
[5]5.2

Define land.

Concept: Factors of Production Land
Chapter: [1] The Productive Mechanism

Explain the importance of land as a factor of production.

Concept: Factors of Production Land
Chapter: [1] The Productive Mechanism
[10]6
[5]6.1

Define supply.

Concept: Concept for Demand and Supply
Chapter: [2.01] Meaning of Demand and Supply

State the law of supply.

Concept: Concept for Law of demand and supply
Chapter: [2.01] Meaning of Demand and Supply
[5]6.2

Define a consumer.

Concept: Concept of Consumer Rights
Chapter: [5] Consumer Awareness

Explain the importance of educating consumers of their rights.

Concept: Concept of Consumer Rights
Chapter: [5] Consumer Awareness
[10]7
[5]7.1

Name the institution which enjoys the monopoly of note issue

Concept: Central Bank: Functions;
Chapter: [4.02] Banking

Briefly explain two qualitative methods of credit control adopted by this institution.

Concept: Quantitative and Qualitative Credit Control Measures Adopted by RBI
Chapter: [4.02] Banking
[5]7.2

Define labour.

Concept: Factors of Production Labour
Chapter: [1] The Productive Mechanism

Explain four important characteristics of labour as a factor of production.

Concept: Factors of Production Labour
Chapter: [1] The Productive Mechanism
[10]8
[5]8.1

What is meant by food adulteration? Give an example.

Concept: Awareness of Food Adulteration and Its Harmful Effects
Chapter: [5] Consumer Awareness

Mention two harmful effects of food adulteration

Concept: Awareness of Food Adulteration and Its Harmful Effects
Chapter: [5] Consumer Awareness

Name any one measure formulated to prevent the problem of food adulteration in India.

Concept: Awareness of Food Adulteration and Its Harmful Effects
Chapter: [5] Consumer Awareness
[5]8.2

Explain two methods adopted by Commercial banks to advance loans to the general public.

Concept: Commercial Banks: Functions
Chapter: [4.02] Banking
[10]9
[5]9.1

Why is the income of an entrepreneur residual in nature? Discuss any three functions of an entrepreneur.

Concept: Factors of Production Entrepreneur
Chapter: [1] The Productive Mechanism
[5]9.2

Distinguish between Voluntary debt and compulsory debt

Concept: Concept for Public Debt
Chapter: [3.03] Public Debt

Distinguish between Regressive tax and degressive tax

Concept: Concept for Regressive Tax
Chapter: [3.01] Meaning and Scope of Public Finance
[10]10
[5]10.1

Define a tax. Explain briefly two merits and two demerits of direct taxes.

Concept: Merits and Demerits of Taxes
Chapter: [3.01] Meaning and Scope of Public Finance
[5]10.2

Define inflation.

Concept: Concept for Demand and Supply
Chapter: [2.01] Meaning of Demand and Supply

Discuss the effects of inflation on Fixed income groups

Concept: Concept for Demand and Supply
Chapter: [2.01] Meaning of Demand and Supply

Discuss the effects of inflation on Producers.

Concept: Concept for Demand and Supply
Chapter: [2.01] Meaning of Demand and Supply

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