Economics Set 1 2018-2019 (English Medium) ICSE Class 10 Question Paper Solution

What are normal goods? Give two examples.

State any two features of the Consumer Protection Act.

A businessman stocks potatoes in the cold storage during the winter and releases that stock during summer. Will this be considered as production? Give a reason for your answer.

Mention two ways by which a worker benefits from the division of labour.

Give two assumptions of the law of supply.

Briefly explain any two merits of direct taxes.

Expand the term RTI. How does this help a citizen of India?

Define price elasticity of demand.

What is food adulteration? Mention any one harmful effect of food adulteration.

What is a degressive tax? 

If a buyer buys less of a commodity when his income falls, how will his demand curve change? Illustrate your answer with a diagram.

State two factors that affect the productivity of the land.

Give two differences between recurring deposits and fixed deposits.

What is an overdraft facility?

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

Draw a well-labelled diagram showing the price elasticity of supply of a commodity starting from the origin.

What is the land in Economics?

Define supply.

Indirect taxes are regressive in nature. How can they be made progressive?

The income earned by an entrepreneur is residual in nature. Explain.

State the law of demand.

Briefly explain any two reasons for the occurrence of the law of demand.

Explain its impact on the producers and salaried class.

Define inflation.

(i) Define Public debt. 
(ii) What are Redeemable debts?
(iii) Mention two examples of unproductive debt.

Briefly explain the following with reference to the barter system of exchange.

(i) Lack of common measure of value.
(ii) Lack of standard of deferred payments.

Explain the following function of the Central Bank:

Fiscal agent of the government.

Explain any five characteristics of the land.

Discuss the risk-bearing functions of an entrepreneur.

Discuss the decision-making function of an entrepreneur.

What is meant by cost-push inflation?

Explain any three causes of cost-push inflation.

(i) Define Tax. 
(ii) Give three differences between direct taxes and indirect taxes.

(i) Define capital formation. 
(ii) Briefly discuss the process of capital formation.

Define a relatively elastic supply.

Draw relatively elastic supply.

Define a relatively inelastic supply.

Draw relatively inelastic supply.

Briefly discuss any two quantitative measures adopted by the Reserve Bank of India to control credit.