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Economics Set 1 2017-2018 ICSE Class 10 Question Paper Solution

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Economics [Set 1]
Marks: 80Academic Year: 2017-2018
Date: March 2018

Attempt all Question From Question 1 to Question 4

Attempt any four questions From Question 5 to Question 10


[10]1
[2]1.1

Give two reasons as to why the division of labour is an advantage to the producer?

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

Define the term cementer awareness.

Concept: Understanding the Importance of Educating Consumers of Their Rights
Chapter: [0.05] Consumer Awareness
[2]1.3

Why do small farmers suffer during inflation?

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

Which are thence sources of public revenue?

Concept: Concept of Public Revenue
Chapter: [0.031] Meaning and Scope of Public Finance
[2]1.5

Define the term labour as a factor of production.

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

Explain any one factor that affects the supply of a commodity.

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

What do you understand by the term 'near money'?

Concept: Meaning and Functions of Money
Chapter: [0.040999999999999995] Money
[2]2.3

A list of goods is given below. Stale whether it is fixed capital or circulating capital

  1. Machines
  2. Raw material
  3. Fuel
  4. Office furniture
Concept: Concept for Demand and Supply
Chapter: [0.021] Meaning of Demand and Supply
[2]2.4

With the help of an example explain the term productive debt.

Concept: Concept for Public Debt
Chapter: [0.033] Public Debt
[2]2.5

Explain any two characteristics of capital.

Concept: Factors of Production - Capital
Chapter: [0.01] The Productive Mechanism
[10]3
[2]3.1

How is land different from labour?

Concept: Factors of Production - Land
Chapter: [0.01] The Productive Mechanism
[2]3.2

Draw a diagram showing a perfectly elastic demand curve

Concept: Elasticity of Demand and Elasticity of Supply
Chapter: [0.022000000000000002] Elasticity of Demand and Elasticity of Supply
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[2]3.3

With help of an example explain the term complementary goods.

Concept: Concept for Demand and Supply
Chapter: [0.021] Meaning of Demand and Supply
[2]3.4

Name any two sources of external debt for India.

Concept: Concept for Public Debt
Chapter: [0.033] Public Debt
[2]3.5

Differentiate between creeping and running inflation.

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

Mention two ways by which efficiency of labour can be improved.

Concept: Factors of Production - Labour
Chapter: [0.01] The Productive Mechanism
[2]4.2

What does the term 'nationalisation of banks' mean?

Concept: Nationalisation Vs. Privatisation of Banks
Chapter: [0.042] Banking
[2]4.3

Why is India considered to be in a virtual debt trap?

Concept: Concept for Public Debt
Chapter: [0.033] Public Debt
[2]4.4

Give any two reasons for giving the monopoly right of note issue to the Central Bank.

Concept: Quantitative and Qualitative Credit Control Measures Adopted by RBI
Chapter: [0.042] Banking
[2]4.5

Mention any two duties of a consumer.

Concept: Understanding the Importance of Educating Consumers of Their Rights
Chapter: [0.05] Consumer Awareness
[10]5
[5]5.1

Give any five differences between product and process-based division of labour.

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

Explain any five rights of the consumers as accepted by the Indian law.

Concept: Legal Measures Available to Protect Consumers from Being Exploited (COPRA, RTI)
Chapter: [0.05] Consumer Awareness
[10]6
[5]6.1

How do the manufacturers and traders exploit the consumers?

Concept: Awareness of Food Adulteration and Its Harmful Effects
Chapter: [0.05] Consumer Awareness
[5]6.2

Explain the role of an entrepreneur in the economic development of the country.

Concept: Factors of Production Entrepreneur
Chapter: [0.01] The Productive Mechanism
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[10]7
[5]7.1

How is a commercial bank different from a central bank?

Concept: Nationalisation Vs. Privatisation of Banks
Chapter: [0.042] Banking
[5]7.2

What are the merits of an indirect tax?

Concept: Concept for Taxes and Types
Chapter: [0.031] Meaning and Scope of Public Finance
[10]8
[5]8.1

With the help of a graph explain the relatively inelastic demand for a commodity.

Concept: Elasticity of Demand and Elasticity of Supply
Chapter: [0.022000000000000002] Elasticity of Demand and Elasticity of Supply
[5]8.2

Discuss any five advantages of having a bank account.

Concept: Commercial Banks: Functions
Chapter: [0.042] Banking
[10]9
[5]9.1

Explain any five characteristics of the tax.

Concept: Concept for Taxes and Types
Chapter: [0.031] Meaning and Scope of Public Finance
[5]9.2
[1]9.2.1

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
[4]9.2.2

Discuss any three causes of demand-pull inflation.

Concept: Concept for Law of demand and supply
Chapter: [0.021] Meaning of Demand and Supply
[10]10
[5]10.1
[1]10.1.1

Define the term demand.

Concept: Concept for Demand and Supply
Chapter: [0.021] Meaning of Demand and Supply
[3]10.1.2

Explain any three factors that affect the demand for a commodity.

Concept: Elasticity of Demand and Elasticity of Supply
Chapter: [0.022000000000000002] Elasticity of Demand and Elasticity of Supply
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[1]10.1.3

Why are articles of distinction or the Veblen are effect an exception to the law of demand?

Concept: Concept for Law of demand and supply
Chapter: [0.021] Meaning of Demand and Supply
[5]10.2

Discuss any five reasons for the growth of public expenditure in India.

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