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Economics 2015-2016 ICSE Class 10 Question Paper Solution

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Economics
Marks: 80Date: 2016-03-30
Duration: 2h

Attempt all questions from Question 1 to Question 4

Attempt any four From Question 4 to Question 10


[10]1
[2]1.1

Define a direct tax. Give two examples.

Concept: Concept for Taxes and Types
Chapter: [3.01] Meaning and Scope of Public Finance
[2]1.2

State any two differences between an entrepreneur and other factors of production.

Concept: Factors of Production Entrepreneur
Chapter: [1] The Productive Mechanism
[2]1.3

How does money help in maximising utility?

Concept: Evolution of Money
Chapter: [4.01] Money
[2]1.4

Explain two rights of a consumer.

Concept: Concept of Consumer Rights
Chapter: [5] Consumer Awareness
[2]1.5

Mention one way by which the Government can reduce the inequalities of income and wealth in an economy.

Concept: Concept for Proportional Tax
Chapter: [3.01] Meaning and Scope of Public Finance
[10]2
[2]2.1

What is meant by the contraction in demand?

Concept: Concept for Demand and Supply
Chapter: [2.01] Meaning of Demand and Supply
[2]2.2

Mention two ways by which producers benefit from the division of labour.

Concept: Factors of Production Labour
Chapter: [1] The Productive Mechanism
[2]2.3

Mention the degree of price elasticity of demand for the following goods:

(1) cosmetics

(2) medicine

(3) school uniform

(4) air conditioners

Concept: Elasticity of Demand and Elasticity of Supply
Chapter: [2.02] Elasticity of Demand and Elasticity of Supply
[2]2.4

Explain briefly two factors affecting the productivity of the land.

Concept: Factors of Production Land
Chapter: [1] The Productive Mechanism
[2]2.5

A special virtue of indirect taxes is that they sometimes help in social reforms. Explain.

Concept: Concept for Taxes and Types
Chapter: [3.01] Meaning and Scope of Public Finance
[10]3
[2]3.1

Define bank rate.

Concept: Concept of Credit Creation
Chapter: [4.02] Banking
[2]3.2

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

Concept: Concept for Public Expenditure
Chapter: [3.02] Public Expenditure
[2]3.3

Complete the following demand schedule:

Price (in Rs) Quantity of mangoes demanded (in kgs)
350. 00 2
300.00  
250.00  
200.00  
150.00  
100.00  
Concept: Elasticity of Demand and Elasticity of Supply
Chapter: [2.02] Elasticity of Demand and Elasticity of Supply
[2]3.4

Draw a perfectly inelastic supply curve

Concept: Elasticity of Demand and Elasticity of Supply
Chapter: [2.02] Elasticity of Demand and Elasticity of Supply
[2]3.5

Explain three causes of low capital formation in India.

Concept: Factors of Production Capital
Chapter: [1] The Productive Mechanism
[10]4
[2]4.1

What is the impact of the level of technology on supply?

Concept: Concept for Demand and Supply
Chapter: [2.01] Meaning of Demand and Supply
[2]4.2

Explain the following: Creeping inflation

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

Why is creeping inflation considered good for an economy?

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

Mention two differences between fixed deposits and demand deposits.

Concept: Commercial Banks: Functions
Chapter: [4.02] Banking
[2]4.4

What is meant by a degressive tax system?

Concept: Concept for Degressive Tax
Chapter: [3.01] Meaning and Scope of Public Finance
[2]4.5

Define simple division of labour.

Concept: Factors of Production Labour
Chapter: [1] The Productive Mechanism
[10]5
[5]5.1

Define demand. Explain clearly two factors which determine demand.

Concept: Concept for Demand and Supply
Chapter: [2.01] Meaning of Demand and Supply
[5]5.2

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

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

Define public expenditure.

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

Explain two ways by which public expenditure promotes economic development.

Concept: Concept for Public Expenditure
Chapter: [3.02] Public Expenditure
[5]6.2

What is meant by the efficiency of labour?

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

Explain three causes of low efficiency of labour in India.

Concept: Factors of Production Labour
Chapter: [1] The Productive Mechanism
[10]7
[5]7.1

With the help of a diagram explain the meaning of the increase in supply and decrease in supply.

Concept: Concept for Demand and Supply
Chapter: [2.01] Meaning of Demand and Supply
[5]7.2

What is meant by consumer awareness?

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

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

Concept: Understanding the Importance of Educating Consumers of Their Rights
Chapter: [5] Consumer Awareness
[10]8
[5]8.1

Define money.

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

Explain the primary functions of money.

Concept: Meaning and Functions of Money
Chapter: [4.01] Money
[5]8.2

Mention five differences between a direct tax and an indirect tax.

Concept: Concept for Taxes and Types
Chapter: [3.01] Meaning and Scope of Public Finance
[10]9
[5]9.1

Explain briefly the five agency functions of a commercial bank.

Concept: Commercial Banks: Functions
Chapter: [4.02] Banking
[5]9.2

Define capital.

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

Differentiate the following with examples:

Real capital and debt capital

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

Differentiate the following with examples:

Money capital and sunk capital

Concept: Factors of Production Capital
Chapter: [1] The Productive Mechanism
[10]10
[5]10.1

What is meant by price elasticity of supply?

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

Explain three factors which determine the elasticity of supply.

Concept: Elasticity of Demand and Elasticity of Supply
Chapter: [2.02] Elasticity of Demand and Elasticity of Supply
[5]10.2

Explain the following:

Internal debt and external debt

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

Explain the following:

Productive debt and unproductive debt

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

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