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Economics Set 1 2018-2019 ICSE Class 10 Question Paper Solution

Economics [Set 1]
Marks: 80Academic Year: 2018-2019
Date: March 2019

Section A (40 Marks)
[10]1 | Attempt all questions from this section
[2]1.a

What are normal goods? Give two examples.

Concept: Meaning and Functions of Money
Chapter: [0.040999999999999995] Money
[2]1.b

State any two features of the Consumer Protection Act.

Concept: Concept of Consumer Rights
Chapter: [0.05] Consumer Awareness
[2]1.c

A businessman stocks potatoes in the cold storage during the winter and releases that stock during summer. Will this be considered as production? Give a reason for your answer.

Concept: Factors of Production Entrepreneur
Chapter: [0.01] The Productive Mechanism
[2]1.d

Mention two ways by which a worker benefits from the division of labour.

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

Give two assumptions of the law of supply.

Concept: Concept for Demand and Supply
Chapter: [0.021] Meaning of Demand and Supply
[10]2
[2]2.a

Briefly explain any two merits of direct taxes.

Concept: Meaning and Scope of Public Finance
Chapter: [0.031] Meaning and Scope of Public Finance
[2]2.b

Expand the term RTI. How does this help a citizen of India?

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

Define price elasticity of demand.

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

What is food adulteration? Mention any one harmful effect of food adulteration.

Concept: Awareness of Food Adulteration and Its Harmful Effects
Chapter: [0.05] Consumer Awareness
[2]2.e

What is a degressive tax? 

Concept: Concept for Degressive Tax
Chapter: [0.031] Meaning and Scope of Public Finance
[10]3
[2]3.a

If a buyer buys less of a commodity when his income falls, how will his demand curve change? Illustrate your answer with a diagram.

Concept: Evolution of Money
Chapter: [0.040999999999999995] Money
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[2]3.b

State two factors that affect the productivity of the land.

Concept: Factors of Production Land
Chapter: [0.01] The Productive Mechanism
[2]3.c

Give two differences between recurring deposits and fixed deposits.

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

What is an overdraft facility?

Concept: Meaning and Scope of Public Finance
Chapter: [0.031] Meaning and Scope of Public Finance
[2]3.e

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

Concept: Concept for Public Expenditure
Chapter: [0.032] Public Expenditure
[10]4
[2]4.a

Draw a well-labelled diagram showing the price elasticity of supply of a commodity starting from the origin.

Concept: Elasticity of Demand and Elasticity of Supply
Chapter: [0.022000000000000002] Elasticity of Demand and Elasticity of Supply
[2]4.b

What is the land in Economics?

Concept: Factors of Production Land
Chapter: [0.01] The Productive Mechanism
[2]4.c

Define supply.

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

Indirect taxes are regressive in nature. How can they be made progressive?

Concept: Concept for Taxes and Types
Chapter: [0.031] Meaning and Scope of Public Finance
[2]4.e

The income earned by an entrepreneur is residual in nature. Explain.

Concept: Factors of Production Entrepreneur
Chapter: [0.01] The Productive Mechanism
Section - B (40 Marks)
[40]5 | Attempt any four questions from this section
[5]5.a

(i) State the law of demand. 
(ii) Briefly explain any two reasons for its occurrence.

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

Define inflation. Explain its impact on the producers and salaried class.

Concept: Introduction of Inflation
Chapter: [0.021] Meaning of Demand and Supply
[10]6
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[5]6.a

(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
[5]6.b

Briefly explain the following with reference to the barter system of exchange.

(i) Lack of common measure of value.
(ii) Lack of standard of deferred payments.

Concept: Concept for Barter System
Chapter: [0.040999999999999995] Money
[10]7
[5]7.a

Explain the following functions of the Central Bank :
(i) Fiscal agent of the government.
(ii) Advisor to the government.

Concept: Central Bank Function - Banker's Bank
Chapter: [0.042] Banking
[5]7.b

Explain any five characteristics of the land.

Concept: Factors of Production Land
Chapter: [0.01] The Productive Mechanism
[10]8
[5]8.a

Discuss the risk-bearing and decision-making functions of an entrepreneur.

Concept: Factors of Production Entrepreneur
Chapter: [0.01] The Productive Mechanism
[5]8.b

What is Cost-Push inflation? Briefly explain three causes of cost-push inflation.

Concept: Effects of Inflation
Chapter: [0.021] Meaning of Demand and Supply
[10]9
[5]9.a

(i) Define Tax. 
(ii) Give three differences between direct taxes and indirect taxes.

Concept: Concept for Taxes and Types
Chapter: [0.031] Meaning and Scope of Public Finance
[5]9.b

(i) Define capital formation. 
(ii) Briefly discuss the process of capital formation.

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

Define and draw the following : 
(i) Relatively elastic supply
(ii) Relatively inelastic demand.

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

Briefly discuss any two quantitative measures adopted by the Reserve Bank of India to control credit.

Concept: Quantitative and Qualitative Credit Control Measures Adopted by RBI
Chapter: [0.042] Banking
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CISCE previous year question papers Class 10 Economics with solutions 2018 - 2019

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