Economics Set 1 2021-2022 ICSE Class 10 Question Paper Solution

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Economics [Set 1]
Marks: 40 Academic Year: 2021-2022
Date: April 2022
Duration: 1h30m
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Note :

  1. Answers to this Paper must be written on the paper provided separately.
  2. You will not be allowed to write during the first 10 minutes.
  3. This time is to be spent reading the question paper.
  4. The time given at the head of this Paper is the time allowed for writing the answers.
  5. Attempt all questions from Section A and any three questions from Section B.
  6. The intended marks for questions or parts of questions are given in brackets [ ].

SECTION - A : (Attempt all questions)
[10] 1 | Choose the correct answers to the questions from the given options. (Do not copy the question, Write the correct answer only.)
[1] 1.i

Inflation means __________ rise in price.

Continuous

Sustainable

No

High

Concept: Introduction of Inflation
Chapter: [0.021] Meaning of Demand and Supply [0.05] Inflation
[1] 1.ii

The debt which yields income to the government is called as ______.

Gross

Productive

Unproductive

Internal

Concept: Effects of Inflation
Chapter: [0.021] Meaning of Demand and Supply [0.05] Inflation
[1] 1.iii

Capital expenditure is ______ in nature.

Non-recurring

Recurring

Simple

Complex

Concept: Concept for Public Expenditure
Chapter: [0.045] Public Finance
[1] 1.iv

Public Distribution system is an _______ measure of government to protect the consumers.

Administrative

Technical

Collateral

Demonstrative

Concept: Understanding the Importance of Educating Consumers of Their Rights
Chapter: [0.06] Consumer Awareness
[1] 1.v

Under Right to Information any citizen of India may request information from a ______ authority.

Public

Private

Personal

Professional

Concept: Legal Measures Available to Protect Consumers from Being Exploited (COPRA, RTI)
Chapter: [0.06] Consumer Awareness
[1] 1.vi

Public debt whose principal amount is not refunded by the government is ______.

Redeemable debt

Irredeemable debt

Social

Public

Concept: Concept for Public Debt
Chapter: [0.045] Public Finance
[1] 1.vii

Goods and Services Tax (GST) is an example of ______.

Direct tax

Indirect tax

Income tax

Local tax

Concept: Concept of Public Revenue
Chapter: [0.045] Public Finance
[1] 1.viii

Revenue which is derived by the government from Railway fares is ______.

Commercial revenue

Administrative revenue

Social revenue

Welfare revenue

Concept: Concept of Public Revenue
Chapter: [0.045] Public Finance
[1] 1.ix

Overdraft facility is available on ______.

Saving account

Current account

Posting account

Time deposit

Concept: Central Bank: Functions
Chapter: [0.043] Central Bank
[1] 1.x

Bank having power of note issue in India is ______.

State Bank of India

Reserve Bank of India

Canara Bank

Federal bank

Concept: Central Bank: Functions
Chapter: [0.043] Central Bank
SECTION - B : (Attempt any three questions)
[10] 2
[2] 2.i

What is meant by consumer awareness?

Concept: Understanding the Importance of Educating Consumers of Their Rights
Chapter: [0.06] Consumer Awareness
[2] 2.ii

Define public debt.

Concept: Concept for Public Debt
Chapter: [0.045] Public Finance
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[3] 2.iii

Mention two differences between fixed deposits and demand deposits.

Concept: Commercial Banks: Functions
Chapter: [0.042] Commercial Banks
[3] 2.iv

Explain any three duties of a consumer.

Concept: Consumer Duties
Chapter: [0.06] Consumer Awareness
[10] 3
[2] 3.i

Differentiate between creeping and running inflation.

Concept: Stages of Inflation
Chapter: [0.05] Inflation
[2] 3.ii

Why is central bank called as a ‘lender of last resort’ for a commercial bank?

Concept: Central Bank: Functions
Chapter: [0.043] Central Bank
[3] 3.iii

Explain two rights of a consumer.

Concept: Concept of Consumer Rights
Chapter: [0.06] Consumer Awareness
[3] 3.iv

Differentiate between revenue and capital expenditure. (Three points)

Concept: Concept for Public Expenditure
Chapter: [0.045] Public Finance
[10] 4
[2] 4.i

Define public expenditure.

Concept: Concept for Public Expenditure
Chapter: [0.045] Public Finance
[2] 4.ii

What does public finance mean?

Concept: Meaning and Scope of Public Finance
Chapter: [0.045] Public Finance
[3] 4.iii
[1.5] 4.iii.a

Which are the sources of public revenue?

Concept: Concept of Public Revenue
Chapter: [0.045] Public Finance
[1.5] 4.iii.b

Explain the term Internal debt.

Concept: Concept for Public Debt
Chapter: [0.045] Public Finance
[3] 4.iii.c

Explain any three causes of cost-push inflation.

Concept: Types of Inflation
Chapter: [0.05] Inflation
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[3] 4.iv

Explain any three causes of cost-push inflation.

Concept: Types of Inflation
Chapter: [0.05] Inflation
[10] 5
[2] 5.i

Explain the term progressive tax.

Concept: Progressive Tax
Chapter: [0.045] Public Finance
[2] 5.ii

What does Consumer price index mean?

Concept: Consumer Price Index (CPI)
Chapter: [0.05] Inflation
[3] 5.iii
[1] 5.iii.a

Give the full form of COPRA.

Concept: Legal Measures Available to Protect Consumers from Being Exploited (COPRA, RTI)
Chapter: [0.06] Consumer Awareness
[2] 5.iii.b

Mention any two features of COPRA.

Concept: Legal Measures Available to Protect Consumers from Being Exploited (COPRA, RTI)
Chapter: [0.06] Consumer Awareness
[3] 5.iv
[1.5] 5.iv.a

Define inflation.

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

Explain the following:

Hyper inflation

Concept: Stages of Inflation
Chapter: [0.05] Inflation
[10] 6
[2] 6.i

Explain the term food basket.

Concept: Food Basket
Chapter: [0.05] Inflation
[2] 6.ii

What are the demerits of indirect tax?

Concept: Concept of Public Revenue
Chapter: [0.045] Public Finance
[3] 6.iii

Explain two rights of a consumer.

Concept: Concept of Consumer Rights
Chapter: [0.06] Consumer Awareness
[3] 6.iv

Why are the consumers exploited by retailers?

Concept: Consumer is Exploitation
Chapter: [0.06] Consumer Awareness

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