ICSE Class 10 Question Paper 2024 Economics

ICSE
QUESTION
PAPER
2024

U DY MA
S TE
E
R
S

IA
IC

L

ECONOMICS

Maximum Marks: 80

Time allowed: Two hours

Answers to this Paper must be written on the paper provided separately.

You will not be allowed to write during the first 15 minutes.

This time is to be spent in reading the question paper.

The time given at the head of this Paper is the time allowed for writing the answers.

Attempt all questions from Section A and any four questions from Section B.

The intended marks for questions or parts of questions are given in brackets [ ].

SECTION A (40 Marks)
(Attempt all questions from this Section.)

Question 1 [16]

Choose the correct answers to the questions from the given options.

(Do not copy the questions, write the correct answers only.)

(i) If the rate of tax falls with an increase in income, it is called as:

(a) Regressive

(b) Progressive

(c) Digressive

(d) Proportional

(ii) Which is an assumption to law of demand?

(a) No change in price of factor input

(b) No change in size and composition of population

(c) No change in number of firms operating in a market

(d) No change in goal of a firm

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(iii) Which is an essential feature of barter system?

(a) It is based on transfer of value

(b) It is based on double coincidence of wants

(c) It is based on unit of account

(d) It is based on store of value

(iv) If a labourer does not work for a day, his one day’s work will be lost forever.
It implies:

(a) Labour is less mobile

(b) Labour is perishable

(c) Labour is less efficient

(d) Labour is sensitive in nature

(v) With reference to Perfect competition form of market, choose the odd one out.

(a) Restricted entry

(b) Perfect knowledge

(c) Homogeneous products

(d) Perfect mobility

(vi) Identify the degree of elasticity of supply from the following graph:

(a) ES > 1

(b) ES < 1

(c) ES = 1

(d) ES = 0

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(vii) Maruti, Tata and Hyundai are examples of which form of market?

(a) Perfect competition

(b) Oligopoly

(c) Monopoly

(d) Duopoly

(viii) With price being same an increase in the price of inputs will lead to
__________ in the supply curve.

(a) Upward movement

(b) Rightward shift

(c) Downward movement

(d) Leftward shift

(ix) Which of the following is not an advantage of division of labour?

(a) Reduces cost of production

(b) Expansion of employment

(c) Low quality goods

(d) Inventions

(x) The State Electricity Board sells electricity at cheaper rates for domestic use
than for commercial use. Given statement shows an act of:

(a) Product differentiation

(b) Price discrimination

(c) Consumer exploitation

(d) Price determination

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(xi) The year 2023 was celebrated as ‘International Year of Millets’ and the
government decided to subsidize the production of millets. In such case the
supply curve will:

(a) Shift to the right

(b) Shift to the left

(c) Be horizontal

(d) Be vertical

(xii) Mr. Rao needs to pay license fee to the government to start his electric vehicle
shop and some documents to meet the safety norms.

The revenue earned by the government from this process will be called as
__________ revenue.

(a) Commercial

(b) Central

(c) GST

(d) Administrative

(xiii) The ‘Right’ which allows the consumer to receive due consideration at
appropriate forum relating to his / her welfare is:

(a) Right to education

(b) Right to seek redressal

(c) Right to be heard

(d) Right to be informed

(xiv) The elasticity of demand for school bag will be __________.

(a) Elastic

(b) Perfectly elastic

(c) Unitary elastic

(d) Inelastic

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(xv) When State Bank of India is under financial crisis and borrows money from
Central Bank at a certain rate against approved securities, it will be called as:

(a) Interest rate

(b) Lending rate

(c) Reverse lending

(d) Bank rate

(xvi) If Coke and Fanta are close substitutes to each other, a rise in price of Coke
will lead to ________ for Fanta.

(a) Decrease in demand

(b) Increase in demand

(c) Increase in quantity supplied

(d) No change in demand

Question 2

(i) Explain any two causes for the growth of public expenditure. [2]

(ii) What are funded debts? [2]

(iii) How can we define the term market in economics? [2]

(iv) ‘A state of running or hyperinflation in any economy is very harmful for [2]
production.’ Justify the statement with two reasons.

Question 3

(i) What is the formula for percentage method of calculating price elasticity of [2]
supply?

(ii) What is walking inflation? [2]

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(iii) What does RTI stand for? What provision is provided under this Act to the [2]
citizens of the country?

(iv) [2]
y y d

d

Price (`)
Price (`)

O x O x
Quantity dd(kgs) Quantity dd(kgs)

Picture 1 Picture 2

Analyse the given graphs and identify the type of elasticity of demand of:

(a) Picture 1

(b) Picture 2

Question 4

(i) What is the legal definition of money? [2]

(ii) How is internal debt different from external debt? (One point) [2]

(iii) State whether the following statement is true or false. Give reason for your [2]
answer.

The capital like printing machines, tools when used in process of production
are subject to depreciation.

(iv) Define the term public finance. [2]

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SECTION B (40 Marks)
(Attempt any four questions from this Section.)

Question 5
(i) (a) Define productivity of land. [5]

(b) Explain any three factors affecting productivity of land.

(ii) Give five points of difference between Commercial and Central Bank. [5]

Question 6
(i) (a) What is the meaning of creeping inflation? [5]

(b) Explain any three causes of demand-pull inflation.

(ii) (a) What is an overdraft facility? [5]

(b) Differentiate between demand deposits and fixed deposits. (Three
points)

Question 7
(i) State and explain the law of demand with the help of a hypothetical schedule [5]
and graph.

(ii) Read the following statements: [5]

State whether demand will be Elastic or Inelastic.

Give reasons for your answer.

(a) The demand for salt by households.

(b) A consumer prefers to postpone the purchase of a car to avail more of
year ending discount.

Question 8
(i) (a) Define labour as a factor of production. [5]
(b) Mention any three decision making functions of an entrepreneur.

(ii) How are consumers exploited by producers and retailers? [5]

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Question 9

(i) Give any five points of differences between direct and indirect tax. [5]

(ii) (a) What are proportional taxes? [5]

(b) Explain any three features of a monopoly market.

Question 10

(i) (a) What do you mean by market supply? [5]

(b) Briefly explain any three factors that affect supply of a commodity.

(ii) Read the extract and answer the following questions: [5]

Food adulteration is a complex issue that requires a multi-pronged approach
involving government intervention, industry cooperation, and consumer
awareness. In Country X, addressing food adulteration is an ongoing
challenge, but with a concerted effort from all stakeholders, there is hope for
creating a safer and more trustworthy food supply chain in the future.

(a) In order to secure consumer rights what duties should the consumers
fulfil?

(b) Mention any two harmful effects of food adulteration.

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CISCE STUDY MATERIAL

ICSE ISC

INFORMATION CLASS STUDY MATERIAL

1 Time Table 9 Specimen Paper
10 Specimen Paper
2 Result
11 Specimen Paper
3 Syllabus 12 Specimen Paper

OTHER RESOURCES
10 Question Paper
Maps of India, Maps of World
Writing Skill Formats 12 Question Paper
Periodic Table
9/10 Lab Manuals
BOOKS 11/12 Lab Manuals
ICSE Class 10 Prescribed Books
ISC Class 12 Prescribed Books
ISC Class 12 Project Work

ENTRANCE EXAMS

JEE Main CLAT CUET UG
JEE Advanced NEET UG Fashion & Design