ICSE Class 10 Question Paper 2023 Economics

2023
QUESTION
PAPER

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) Land is a ___________ factor of production.

(a) slow

(b) primary

(c) secondary

(d) perishable

This paper consists of 7 printed pages and 1 blank page.
T23 641 Turn Over
© Copyright reserved.

(ii) There is a __________ relationship between demand and price.

(a) direct

(b) inverse

(c) positive

(d) substitute

(iii) The products which are identical in design, shape quality, size, colour,
packing, etc. are __________.

(a) Heterogeneous products

(b) Differentiated products

(c) Homogeneous products

(d) Progressive products

(iv) Which of the following is a form of consumer exploitation?

(a) Limited competition

(b) Illiteracy

(c) Food adulteration

(d) Consumer forum

(v) The apex bank which controls, regulates, and supervises the activities of
commercial banks is the __________.

(a) Central Bank

(b) Scheduled Banks

(c) State Bank of India

(d) State Government

T23 641 2

(vi) The study about the revenue and expenditure operations of the government is
also known as __________.

(a) public revenue

(b) public expenditure

(c) public debt

(d) public finance

(vii) Which market structure has only one seller?

(a) Oligopoly

(b) Monopolistic competition

(c) Monopoly

(d) Perfect competition

(viii) Labour cannot be separated from the ___________.

(a) labourer

(b) contractor

(c) entrepreneur

(d) occupation

(ix) The firm under perfect competition is a ___________.

(a) price maker

(b) price taker

(c) price stabilizer

(d) price controller

T23 641 3

(x) The evolution of money started with __________ stage.

(a) commodity money

(b) metallic money

(c) bank money

(d) animal money

(xi) The demand for rice by all the people in your area will be called as
__________ demand.

(a) individual

(b) social

(c) market

(d) society

(xii) __________ deposits earn very low rate of interest on it.

(a) Demand

(b) Saving

(c) Recurring

(d) Cumulative

(xiii) Printers and ink cartridges are an example of ___________ demand.

(a) competitive

(b) composite

(c) joint

(d) office

T23 641 4

(xiv) The debt borrowed by the government from within the boundaries of the
country is called as __________ debt.

(a) internal

(b) external

(c) wholesale

(d) retail

(xv) When percentage change in quantity supplied is equal to percentage change
in price then it is __________ supply.

(a) unit elastic

(b) perfectly elastic

(c) perfectly inelastic

(d) normal elastic

(xvi) Toll tax is an example of __________ revenue of the government.

(a) administrative

(b) commercial

(c) fee

(d) direct

Question 2

(i) How is labour defined in economics? [2]

(ii) Give any one difference between Commercial bank and Central bank. [2]

(iii) Mention any two features of Consumer Protection Act. [2]

(iv) What do you mean by efficiency of labour? [2]

T23 641 5

Question 3

(i) Define the term public debt. [2]

(ii) Mention any two objectives of GST. [2]

(iii) Explain the term voluntary debt. [2]

(iv) What is the meaning of productivity of land? [2]

Question 4

(i) Explain any one exception to the law of demand. [2]

(ii) What is the meaning of consumer awareness? [2]

(iii) Mention any two examples of composite demand. [2]

(iv) Define progressive tax. [2]

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

Question 5

(i) Discuss any five important qualities of an entrepreneur. [5]

(ii) Explain any five ways of exploitation of consumers in a market. [5]

Question 6

(i) Explain any five characteristics of land. [5]

(ii) (a) What is the meaning of capital formation? [5]

(b) Explain any three significances of capital formation in an economy.

T23 641 6

Question 7

(i) (a) Define the term oligopoly market. [5]

(b) Mention any three features of an oligopoly market.

(ii) (a) What is the meaning of revenue expenditure? [5]

(b) Explain any three reasons for the growth of public expenditure.

Question 8

(i) What are the duties of a consumer? (Any five points) [5]

(ii) (a) Define inflation. [5]

(b) Why is the efficiency of labour low in India? (Any three points)

Question 9

(i) With the help of a suitable diagram, explain contraction of supply. [5]

(ii) (a) What are inferior goods? [5]

(b) Explain any three determinants or factors affecting demand.

Question 10

(i) (a) Define an entrepreneur. [5]

(b) Explain any three roles of an entrepreneur in economic development of
the country.

(ii) (a) What is the meaning of cost push inflation? [5]

(b) Explain any three causes of cost push inflation.

T23 641 7