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Question Paper Solutions - Economics 2017 - 2018 ICSE Class 10

SubjectEconomics
Year2017 - 2018 (March)

Attempt all Question From Question 1 to Question 4

Attempt any four questions From Question 5 to Question 10


Marks: 80
[10]1
[2]1.1

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

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

Define the term cementer awareness.

Chapter: [5] Consumer Awareness
Concept: Understanding the Importance of Educating Consumers of Their Rights
[2]1.3

Why do small farmers suffer during inflation?

Chapter: [1] The Productive Mechanism
Concept: Factors of Production Land
[2]1.4

Which are thence sources of public revenue?

Chapter: [3.01] Meaning and Scope of Public Finance
Concept: Concept of Public Revenue
[2]1.5

Define the term labour as a factor of production.

Chapter: [1] The Productive Mechanism
Concept: Factors of Production Labour
[10]2
[2]2.1

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

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

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

Chapter: [4.01] Money
Concept: Meaning and Functions of 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
Chapter: [2.01] Meaning of Demand and Supply
Concept: Concept for Demand and Supply
[2]2.4

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

Chapter: [3.03] Public Debt
Concept: Concept for Public Debt
[2]2.5

Explain any two characteristics of capital.

Chapter: [1] The Productive Mechanism
Concept: Factors of Production Capital
[10]3
[2]3.1

How is land different from labour?

Chapter: [1] The Productive Mechanism
Concept: Factors of Production Land
[2]3.2

Draw a diagram showing a perfectly elastic demand curve

Chapter: [2.02] Elasticity of Demand and Elasticity of Supply
Concept: Elasticity of Demand and Elasticity of Supply
[2]3.3

With help of an example explain the term complementary goods.

Chapter: [2.01] Meaning of Demand and Supply
Concept: Concept for Demand and Supply
[2]3.4

Name any two sources of external debt for India.

Chapter: [3.03] Public Debt
Concept: Concept for Public Debt
[2]3.5

Differentiate between creeping and running inflation.

Chapter: [4.01] Money
Concept: Meaning and Functions of Money
[10]4
[2]4.1

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

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

What does the term 'nationalisation of banks' mean?

Chapter: [4.02] Banking
Concept: Nationalisation Vs. Privatisation of Banks
[2]4.3

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

Chapter: [3.03] Public Debt
Concept: Concept for Public Debt
[2]4.4

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

Chapter: [4.02] Banking
Concept: Quantitative and Qualitative Credit Control Measures Adopted by RBI
[2]4.5

Mention any two duties of a consumer.

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

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

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

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

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

How do the manufacturers and traders exploit the consumers?

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

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

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

How is a commercial bank different from a central bank?

Chapter: [4.02] Banking
Concept: Nationalisation Vs. Privatisation of Banks
[5]7.2

What are the merits of an indirect tax?

Chapter: [3.01] Meaning and Scope of Public Finance
Concept: Concept for Taxes and Types
[10]8
[5]8.1

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

Chapter: [2.02] Elasticity of Demand and Elasticity of Supply
Concept: Elasticity of Demand and Elasticity of Supply
[5]8.2

Discuss any five advantages of having a bank account.

Chapter: [4.02] Banking
Concept: Commercial Banks: Functions
[10]9
[5]9.1

Explain any five characteristics of the tax.

Chapter: [3.01] Meaning and Scope of Public Finance
Concept: Concept for Taxes and Types
[5]9.2
[1]9.2.1

What is meant by the term demand-pull inflation?

Chapter: [2.01] Meaning of Demand and Supply
Concept: Concept for Law of demand and supply
[4]9.2.2

Discuss any three causes of demand-pull inflation.

Chapter: [2.01] Meaning of Demand and Supply
Concept: Concept for Law of demand and supply
[10]10
[5]10.1
[1]10.1.1

Define the term demand.

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

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

Chapter: [2.02] Elasticity of Demand and Elasticity of Supply
Concept: Elasticity of Demand and Elasticity of Supply
[1]10.1.3

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

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

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

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