Economics Specimen Paper 2024-2025 (English Medium) ICSE Class 10 Question Paper Solution

The ______ has to decide the reward for each factor of production.

Organiser

Worker

Consumer

Entrepreneur

Capital expenditure is ______ in nature.

Non-recurring

Recurring

Simple

Complex

Positive

Persuasive

As a result of rise in consumer's income, the demand curve for coarse-grain (inferior good) will:

Move upward along the same demand curve.

Move downward along the same demand curve.

The demand curve will shift to the right.

The demand curve will shift to the left.

If you make investments in insurances or mutual funds, then it will be called as ______ type of capital.

Investment

Financial

Physical

Profitable

Assertion (A): Central bank as a banker to the government, works as a custodian of foreign exchange reserves.
Reason (R): The Central bank acts as a Clearing house for the transfer and settlement of mutual claims of commercial banks.

Both A and R are true and R is the correct explanation of A.

Both A and R are true and R is not the correct explanation of A.

A is true but R is false.

A is false but R is true.

Study the relationship in the first pair of words and complete the second pair.

1. Creeping inflation: The rate of inflation is 1% to 2% per annum.
2. Running inflation: The rate of inflation is ______ per annum.

3% to 6%

20% to 100%

30% to 40%

10% to 20%

“Money helps to express the monetary value of goods and services in the market”.

On the basis of the given statement, Identify the function performed by money.

Medium of exchange

Store of value

Measure of value

Transfer of value

Identify the type of market structure represented by the visuals.

Monopoly

Perfect market

Government market

Oligopoly market

Ms. Sakshi, who teaches economics, discussed the "minimum percentage of total deposits that commercial banks must maintain with the Central Bank according to current regulations. Select the correct term that defines this concept from the following choices.

Cash Reserve Ratio

Repo Rate

Bank Rate

Statutory Liquidity Ratio

Which factor out of the following serves as the primary source of consumption?

Land

Labour

Capital

Entrepreneur

Statement 1: The Bank Rate policy of the central bank is a traditional method of credit control.

Statement 2: The method used by the central bank to influence the total volume in the banking system is a quantitative method of credit control.

Statement 1 is true and Statement 2 is false.

Statement 1 is false and Statement 2 is true.

Both Statements 1 and 2 are true.

Both Statements 1 and 2 are false.

Identify the factor that affects market demand from the options below:

Price of jointly produced goods

Consumer Credit Facility

Income of the consumer

Government policy

In perfect competition the sellers are selling ______ products.

Identical

Different

Unique

Inexpensive

During barter exchange the rate of exchange was arbitrarily fixed. This resulted from ______.

Lack of common measure of Value

Lack of divisibility

Problem of storing wealth

Problem of deferred payment

Indian farmers are an example of ______ type of labour.

Process based

Monopoly based

Product based

Complex based

"Does a shirt priced at Rs. 300 exemplify the store of value function of money? Select the appropriate option:

True

False

Give any two examples of direct tax.

Examine the above image. State and explain the source of revenue generated by the government.

“Specialization of labour helps the producers in their productive activities and is also beneficial to the workers". Justify the statement with two suitable reasons.

By giving valid reasons, explain whether the following will be included in the commercial revenue of the government or not?

Mr. Shah paying License fee for registration of his motor vehicle.

By giving valid reasons, explain whether the following will be included in the commercial revenue of the government or not?

Irrigation charges paid by Mr. Shah as a farmer.

Define the term demand.

In the realm of economic development, how does the role of entrepreneurs impact the overall growth and stability of a nation.

Analyse the images below and identify the factors of production and explain any one characteristic of the same.

How is fixed deposit different from saving deposit?

Justify the following statement with any two valid arguments. 'In a perfect competition market structure, an individual firm does not have any role in determining price’.

Explain the term elasticity of demand.

Ram an employee and Shyam an elderly citizen was travelling by train from Delhi to Chennai separately. However, the cost of their tickets is different. Give reasons for the railways charging different prices to different customers.

Under what conditions does the supply of good exhibit unitary elasticity?

With the help of a graph explain the increase in demand concept.

Explain any five demerits of direct tax.

Define a market.

Explain any three features of a monopolistic market.

In the context of the sudden increase in consumer groups in India due to heightened awareness and instances of exploitation by private traders, what are the key duties and responsibilities that consumers should be mindful of to actively contribute to the consumer movement in the country?

What is the meaning of inflation?

Examine any three adverse or evil effects of inflation on production.

Give five points of difference between Commercial and Central Bank.

Differentiate between extension and contraction of demand.

State the law of supply.

Explain any three factors affecting elasticity of supply.

The following table shows the demand schedule for 3 consumers in a market.

Based on the above hypothetical schedule answer the following questions.

1. What is the demand of Consumer 3 priced at Rs 10 (i)
2. What is the demand of Consumer 2 priced at Rs 8 (ii)
3. Calculate the total market demand priced at Rs 4 (iii)
4. From the above given table examine the relationship between price and demand.
5. Mention any one exception to the law of demand.

With the help of a graph explain a perfectly inelastic demand curve.

Explain the determinants of supply?

Read the extract and answer the following questions.

1. Name the factor of production which is not mentioned.
2. Explain any four characteristics of the above (a) factor of production.