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Economics 2016-2017 ICSE Class 10 Question Paper Solution

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Economics
Marks: 80Date: 2017-04-12
Duration: 2h

Attempt all Questions From Question 1 to Question 4

Attempt any four questions From Question 5 to Question 10


[10]1
[2]1.1

How does land differ from other factors of production with respect to its supply?

Concept: Factors of Production Land
Chapter: [1] The Productive Mechanism
[2]1.2

What is meant by cost-push inflation?

Concept: Concept for Demand and Supply
Chapter: [2.01] Meaning of Demand and Supply
[2]1.3

With the help of a diagram define perfectly elastic demand

Concept: Elasticity of Demand and Elasticity of Supply
Chapter: [2.02] Elasticity of Demand and Elasticity of Supply
[2]1.4

Identify the type of division of labour in an automobile industry. Explain.

Concept: Factors of Production Labour
Chapter: [1] The Productive Mechanism
[2]1.5

With suitable examples differentiate between complementary goods and substitute goods.

Concept: Concept for Demand and Supply
Chapter: [2.01] Meaning of Demand and Supply
[10]2
[2]2.1

Why is supply directly proportional to price?

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

Explain briefly anyone determinant of an exceptional demand curve.

Concept: Elasticity of Demand and Elasticity of Supply
Chapter: [2.02] Elasticity of Demand and Elasticity of Supply
[2]2.3

What is meant by unproductive public debt?

Concept: Concept for Public Debt
Chapter: [3.03] Public Debt
[2]2.4

Mention one contingent function of money.

Concept: Meaning and Functions of Money
Chapter: [4.01] Money
[2]2.5

Explain briefly the impact of the cost of production on the elasticity of supply.

Concept: Elasticity of Demand and Elasticity of Supply
Chapter: [2.02] Elasticity of Demand and Elasticity of Supply
[10]3
[2]3.1

How does proportional tax differ from progressive tax?

Concept: Progressive Tax
Chapter: [3.01] Meaning and Scope of Public Finance
[2]3.2

Capital depreciates. Explain

Concept: Factors of Production Capital
Chapter: [1] The Productive Mechanism
[2]3.3

What is meant by the double coincidence of wants? How does money overcome this problem?

Concept: Concept for Barter System
Chapter: [4.01] Money
[2]3.4

Explain COPRA. What is its objective?

Concept: Legal Measures Available to Protect Consumers from Being Exploited (COPRA, RTI)
Chapter: [5] Consumer Awareness
[2]3.5

Indirect taxes sometimes helps in social reforms. Explain.

Concept: Concept for Taxes and Types
Chapter: [3.01] Meaning and Scope of Public Finance
[10]4
[2]4.1

Distinguish between fixed capital and floating capital.

Concept: Factors of Production Capital
Chapter: [1] The Productive Mechanism
[2]4.2

How does money act as a standard of deferred payment?

Concept: Meaning and Functions of Money
Chapter: [4.01] Money
[2]4.3

Define public expenditure.

Concept: Concept for Public Expenditure
Chapter: [3.02] Public Expenditure
[2]4.4

What is meant by consumer awareness?

Concept: Understanding the Importance of Educating Consumers of Their Rights
Chapter: [5] Consumer Awareness
[2]4.5

Mention one difference between demand deposits and time deposits

Concept: Concept of Credit Creation
Chapter: [4.02] Banking
[10]5
[5]5.1

Define labour.

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

Suggest three methods to improve the efficiency of Indian labour.

Concept: Factors of Production Labour
Chapter: [1] The Productive Mechanism
[5]5.2

What is meant by capital formation

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

Explain three causes of low capital formation in India.

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

Mention an important difference between a Commercial Bank and the Central Bank.

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

Explain briefly three methods adopted by Commercial Banks to advance credit to borrowers.

Concept: Quantitative and Qualitative Credit Control Measures Adopted by RBI
Chapter: [4.02] Banking
[5]6.2

Define the term ‘Entrepreneur’.

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

Discuss three ways by which an entrepreneur promotes economic growth.

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

With the help of suitable diagram explain the meaning of rightward shift in the demand curve. Explain briefly any two of its determinants.

Concept: Elasticity of Demand and Elasticity of Supply
Chapter: [2.02] Elasticity of Demand and Elasticity of Supply
[5]7.2

Name the institution which enjoys the monopoly of note issue

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

Explain bankers bank function of a Central bank.

Concept: Central Bank Function - Banker's Bank
Chapter: [4.02] Banking

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

Concept: Central bank Function - Goverment Bank
Chapter: [4.02] Banking
[10]8
[5]8.1

State the law of supply.

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

Explain any three factors other than price which determines supply in the market.

Concept: Concept for Law of demand and supply
Chapter: [2.01] Meaning of Demand and Supply
[5]8.2

Explain the meaning of the following terms:

Impact

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

Explain the meaning of the following terms:

Shifting

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

Explain the meaning of the following terms:

Incidence

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

To which tax are these terms relevant? Explain any one merit and two demerits of this tax.

Concept: Merits and Demerits of Taxes
Chapter: [3.01] Meaning and Scope of Public Finance
[5]9
[5]9.1

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

Explain clearly three reasons as to why consumers are exploited.

Concept: Understanding the Importance of Educating Consumers of Their Rights
Chapter: [5] Consumer Awareness
[5]9.2

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
[10]10
[5]10.1
[2]10.1.1

What is meant by the term “Inflation’? What is its impact on debtors?

Concept: Concept for Demand and Supply
Chapter: [2.01] Meaning of Demand and Supply
[3]10.1.2

Explain the following: Creeping inflation

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

Explain the following: Walking inflation

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

Explain the following: Hyperinflation

Concept: Concept for Demand and Supply
Chapter: [2.01] Meaning of Demand and Supply
[5]10.2

With the help of a suitable example explain the meaning of geographical or territorial division of labour.

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

Discuss any three advantages of division of labour.

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

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