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Economics Set 1 2014-2015 ICSE Class 10 Question Paper Solution

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Economics [Set 1]
Marks: 80Academic Year: 2014-2015
Date: March 2015
  • 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.

Concept: Factors of Production - Labour
Chapter: [0.01] The Productive Mechanism
[2]1.b

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

Concept: Factors of Production - Land
Chapter: [0.01] The Productive Mechanism
[2]1.c

Define an Indirect tax with the help of an example.

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

Concept: Factors of Production - Labour
Chapter: [0.01] The Productive Mechanism
[2]1.e

What is the significance of Capital in promoting economic growth?

Concept: Factors of Production - Capital
Chapter: [0.01] The Productive Mechanism
[10]2
[2]2.a

Define or explain the following concept:

Cross Elasticity of Demand

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

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

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

Distinguish between Normal goods and Inferior goods. 

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

Draw a perfectly elastic supply curve?

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

Distinguish between Redeemable debt and Irredeemable debt.

Concept: Concept for Public Debt
Chapter: [0.033] Public Debt
[10]3
[2]3.a

Explain the following: Creeping inflation

Concept: Concept for Demand and Supply
Chapter: [0.021] Meaning of Demand and Supply
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[2]3.b

Direct taxes are progressive in nature. Briefly explain.

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

What is meant by the efficiency of labour?

Concept: Factors of Production - Labour
Chapter: [0.01] The Productive Mechanism
[2]3.d

State any two demerits of the Barter system of exchange?

Concept: Concept for Barter System
Chapter: [0.040999999999999995] Money
[2]3.e

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

Concept: Nationalisation Vs. Privatisation of Banks
Chapter: [0.042] Banking
[10]4
[2]4.a

Give two differences between recurring deposits and fixed deposits.

Concept: Concept for Demand and Supply
Chapter: [0.021] Meaning of Demand and Supply
[2]4.b

Write short note on:

Open Market Operations (OMO) 

Concept: Central bank Function - Goverment Bank
Chapter: [0.042] Banking
[2]4.c

Mention two causes of Consumer Exploitation. 

Concept: Factors Causing Exploitation of Consumers
Chapter: [0.05] Consumer Awareness
[2]4.d

What is meant by RTI?

Concept: Legal Measures Available to Protect Consumers from Being Exploited (COPRA, RTI)
Chapter: [0.05] Consumer Awareness
[2]4.e

Distinguish between Fixed capital and Circulating capital quoting suitable examples. 

Concept: Factors of Production - Capital
Chapter: [0.01] The Productive Mechanism
SECTION-II
[10]5
[5]5.a

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

Concept: Factors of Production - Labour
Chapter: [0.01] The Productive Mechanism
[5]5.b

Explain three causes of low capital formation in India.

Concept: Factors of Production - Capital
Chapter: [0.01] The Productive Mechanism
[10]6
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[5]6.a

Mention five qualities of a good entrepreneur.

Concept: Factors of Production Entrepreneur
Chapter: [0.01] The Productive Mechanism
[5]6.b

Differentiate between Decrease in demand and Contraction of demand.

Concept: Concept for Law of demand and supply
Chapter: [0.021] Meaning of Demand and Supply
[10]7
[5]7.a

What is meant by Shift in supply? Explain three determinants of a leftward shift of the supply curve.

Concept: Concept for Law of demand and supply
Chapter: [0.021] Meaning of Demand and Supply
[5]7.b

What is ‘elasticity of demand’? Explain the factors determining elasticity of demand.

Concept: Elasticity of Demand
Chapter: [0.022000000000000002] Elasticity of Demand and Elasticity of Supply
[10]8
[5]8.a

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

Concept: Concept for Public Expenditure
Chapter: [0.032] Public Expenditure
[5]8.b

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

Concept: Merits and Demerits of Taxes
Chapter: [0.031] Meaning and Scope of Public Finance
[10]9
[5]9.a

Answer the following question.
Explain the secondary functions of money.

Concept: Function of Money - Secondary Functions
Chapter: [0.040999999999999995] Money
[5]9.b

What is meant by Cost-push inflation? Briefly explain three of its determinants.

Concept: Meaning and Functions of Money
Chapter: [0.040999999999999995] Money
[10]10
[5]10.a

With reference to the Central Bank, explain the following: 

  1. Monopoly of note issue
  2. Lender of the last resort.
Concept: Central Bank: Functions;
Chapter: [0.042] Banking
[5]10.b

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

Concept: Rise of Consumer Awareness
Chapter: [0.05] Consumer Awareness
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