Economics 2013-2014 ICSE Class 10 Question Paper Solution

Economics
Date: March 2014

Attempt All Question From Question 1 to Question 4

Attempt Any Four From Question 5 to Question 10

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

Briefly explain two methods that increase land productivity.

Concept: Factors of Production Land
Chapter: [0.01] The Productive Mechanism
[2]1.2

What is meant by price elasticity of demand?

Concept: Elasticity of Demand and Elasticity of Supply
Chapter: [0.022000000000000002] Elasticity of Demand and Elasticity of Supply
[2]1.3

Distinguish between sunk capital and floating capital

Concept: Factors of Production Capital
Chapter: [0.01] The Productive Mechanism
[2]1.4

Give two reasons for consumer exploitation in India.

Concept: Legal Measures Available to Protect Consumers from Being Exploited (COPRA, RTI)
Chapter: [0.05] Consumer Awareness
[2]1.5

Distinguish between an entrepreneur and an organiser.

Concept: Factors of Production Entrepreneur
Chapter: [0.01] The Productive Mechanism
[10]2
[2]2.1

State two factors affecting the market demand for a commodity.

Concept: Concept for Demand and Supply
Chapter: [0.021] Meaning of Demand and Supply
[2]2.2

Mention two factors that determine the supply of labour.

Concept: Factors of Production Labour
Chapter: [0.01] The Productive Mechanism
[2]2.3

What is meant by the term demand-pull inflation?

Concept: Concept for Law of demand and supply
Chapter: [0.021] Meaning of Demand and Supply
[2]2.4

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

Concept: Progressive Tax
Chapter: [0.031] Meaning and Scope of Public Finance
[2]2.5

Distinguish between a tax and a fee.

Concept: Concept for Taxes and Types
Chapter: [0.031] Meaning and Scope of Public Finance
[10]3
[2]3.1

Public expenditure in India has increased over the years. Explain four principal reasons for its increase.

Concept: Concept for Public Expenditure
Chapter: [0.032] Public Expenditure
[2]3.2

Distinguish between limited legal tender and unlimited legal tender.

Concept: Meaning and Functions of Money
Chapter: [0.040999999999999995] Money
[2]3.3

Define simple division of labour.

Concept: Factors of Production Labour
Chapter: [0.01] The Productive Mechanism
[2]3.4

Give the full form of COPRA

Concept: Legal Measures Available to Protect Consumers from Being Exploited (COPRA, RTI)
Chapter: [0.05] Consumer Awareness

How does COPRA benefit consumers?

Concept: Legal Measures Available to Protect Consumers from Being Exploited (COPRA, RTI)
Chapter: [0.05] Consumer Awareness
[2]3.5

Discuss any two contingent functions of money.

Concept: Meaning and Functions of Money
Chapter: [0.040999999999999995] Money
[10]4
[2]4.1

Explain "Banker to the Government" function of the Central Bank.

Concept: Central bank Function - Goverment Bank
Chapter: [0.042] Banking
[2]4.2

Name any two sources of external debt for India.

Concept: Concept for Public Debt
Chapter: [0.033] Public Debt
[2]4.3

State two differences between the tax on income and tax on the commodity.

Concept: Concept for Taxes and Types
Chapter: [0.031] Meaning and Scope of Public Finance
[2]4.4

Draw a supply curve.

Concept: Concept for Law of demand and supply
Chapter: [0.021] Meaning of Demand and Supply
[2]4.5

Briefly explain any one exception to the law of demand.

Concept: Concept for Law of demand and supply
Chapter: [0.021] Meaning of Demand and Supply
[10]5
[5]5.1

Define land.

Concept: Factors of Production Land
Chapter: [0.01] The Productive Mechanism

Explain four characteristics of land as a factor of production.

Concept: Factors of Production Land
Chapter: [0.01] The Productive Mechanism
[5]5.2

What is meant by the efficiency of labour?

Concept: Factors of Production Labour
Chapter: [0.01] The Productive Mechanism

Explain four factors that influence the efficiency of labour.

Concept: Factors of Production Land
Chapter: [0.01] The Productive Mechanism
[5]6
[5]6.1

What is meant by capital formation

Concept: Factors of Production Capital
Chapter: [0.01] The Productive Mechanism

Explain three important stages of capital formation.

Concept: Factors of Production Capital
Chapter: [0.01] The Productive Mechanism
[5]6.2

Draw a demand curve with the help of a hypothetical individual demand schedule.

Concept: Elasticity of Demand and Elasticity of Supply
Chapter: [0.022000000000000002] Elasticity of Demand and Elasticity of Supply
[10]7
[5]7.1

Define supply.

Concept: Concept for Demand and Supply
Chapter: [0.021] Meaning of Demand and Supply

Explain three reasons for the rightward shift of the supply curve.

Concept: Concept for Demand and Supply
Chapter: [0.021] Meaning of Demand and Supply
[5]7.2

(i) Define Public debt.
(ii) What are Redeemable debts?
(iii) Mention two examples of unproductive debt.

Concept: Concept for Public Debt
Chapter: [0.033] Public Debt

Explain four types of public debt

Concept: Concept for Public Debt
Chapter: [0.033] Public Debt
[10]8
[5]8.1

Define a commercial bank.

Concept: Commercial Banks: Functions
Chapter: [0.042] Banking

How do commercial banks mobilise deposits from the public?

Concept: Commercial Banks: Functions
Chapter: [0.042] Banking
[5]8.2

Discuss any three advantages of division of labour.

Concept: Factors of Production Labour
Chapter: [0.01] The Productive Mechanism
[5]9
[5]9.1

Define inflation.

Concept: Concept for Demand and Supply
Chapter: [0.021] Meaning of Demand and Supply

Explain four causes of inflation.

Concept: Concept for Demand and Supply
Chapter: [0.021] Meaning of Demand and Supply
[5]9.2

What is meant by quantitative credit control?

Concept: Quantitative and Qualitative Credit Control Measures Adopted by RBI
Chapter: [0.042] Banking
[10]10
[5]10.1

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

Concept: Understanding the Importance of Educating Consumers of Their Rights
Chapter: [0.05] Consumer Awareness
[5]10.2

With the help of suitable diagrams explain the following degree of elasticity of supply.

E_p =oo

E_p > 1

Concept: Elasticity of Demand and Elasticity of Supply
Chapter: [0.022000000000000002] Elasticity of Demand and Elasticity of Supply

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