Economic Applications Official 2023-2024 (English Medium) ICSE Class 10 Question Paper Solution

Identify the agency functions of the commercial banks from the following:

Accepting deposits

Giving outloans

Acting as a trustee of the property of the customers

Providing general utility services

Which of the following is not a characteristic of land?

Heterogeneous

Immobile

Carries an element of judgement

Fixed supply

Production of cotton textile products is an example of ______.

Vertical division of labour.

Horizontal division of labour.

Occupational division of labour.

Simple division of labour.

Which two forms of market earn normal profit in the long run?

Perfect competition and monopoly

Perfect competition and monopsony

Monopoly and monopolistic competition

Perfect competition and monopolistic competition

Which of the following is not a function of the Central Bank?

Banker to Commercial Banks

Banker to the public

Fiscal agent of the Government

Monopoly of note issue

Identify the market having a single buyer and many sellers from the following:

Monopoly

Monopsony

Perfect competition

Monopolistic competition

The income of a person who carries the risk bearing function is called as ______.

Wages

Salary

Profit

Interest

Assertion (A): Central Bank provides loans to the commercial bank in the situation of financial distress.

Reasoning (R): Central Bank can order the government to help the bank facing the financial crisis.

A is true but R is false.

A is false but R is true.

Both A and R are true and R explains A.

Both A and R are true but R does not explain A.

'Price is an indicator of quality'. The statement applies to ______.

Bandwagon effect

Snob effect

Veblen effect

Giffen effect

Which of the following is a contingent function of money?

Measure of value

Store of value

Medium of exchange

Distribution of National Income

The continuous rain and lack of fresh supply have affected the availability of tomatoes in India during June - July 2023. What will be the impact on the supply curve for tomatoes?

Supply curve will shift to the right.

Upward movement along the supply curve.

Supply curve will shift to the left.

Downward movement along the supply curve.

When products are differentiated on the basis of advertisements, brand names etc., it is called as ______.

Real differentiation

Price differentiation

Artificial differentiation

Quality differentiation

Identify the merit of direct tax from the following:

Tax evasion

Greater cost of collection

Ensuring equity

Inconvenient

Identify the type of goods having price elasticity of demand greater than 1:

Luxury goods

Inferior goods

Necessary goods

Giffen goods

Identify the elasticity of supply (e_s) of S₁, S₂ and S₃ supply curves:

All have e_s > 1

All have _es < 1

All have e_s = 1

All have e_s = 0

During deflation, the Central Bank usually ______.

Increases CRR

Increases SLR

Increases bank rate

Increases buying Government Securities

Identify the produced means of production factor from the picture.

Land

Labour

Capital

Entrepreneur

Which of the following is the adverse outcome of mining operation?

Aquatic ecosystem remains intact

Depleted the stock of natural resources

Cutting down of forest trees is absent

Soil quality remains the same

Identify the type of taxation.

Progressive

Regressive

Proportional

Degressive

Non-price competition is ______.

Reducing prices

Competition based on prices

Spending money on advertisement, packaging, branding

Sale of unused stock

Give one example of a pair of complementary goods.

What will be the impact of a rise in price on the demand for its complementary goods?

State the two primary functions of money.

Explain the features of savings bank account.

1. What type of tax is this?
2. When do we pay this tax?

Indicate the adverse impacts of urbanisation on the ecosystem.

'One of the most important functions of an entrepreneur is to bear the risk associated with the business'. Explain the statement.

In which type of market price discrimination is practiced? Explain with an example.

Explain briefly the role of public sector enterprises in developing the industries with strategic importance.

Both labour and entrepreneur are human factors of production. Is there any difference between them? Explain any two such differences.

What will happen to the value of money when price level rises? What is this phenomenon known as?

Explain the importance of land as a factor of production.

Identify the elasticity of supply for the following with proper reasoning:

Short run and long run period.

Identify the elasticity of supply for the following with proper reasoning:

Perishable and durable goods.

Identify the elasticity of supply for the following with proper reasoning:

Nature of the entrepreneurs.

Identify the elasticity of supply for the following with proper reasoning:

Primitive and advanced technology.

Complete the above schedule and answer the following:

1. Identify and state the underlying law.
2. State four assumptions of the law.
3. Draw three relevant curves based on the above schedule in one diagram.

What is meant by the Privatisation of public sector industries?

What do you mean by horizontal division of labour?

State any three differences between labour and capital.

Explain any three disadvantages of division of labour.

Identify the factors of production of the following case and differentiate between them.

An active and passive factor of production.

Identify the factors of production of the following case and differentiate between them.

Single-use and multiple use machinery.

Identify the factors of production of the following case and differentiate between them.

Human factor of production with and without innovative capacity.

Citing reasons, evaluate the performance of private sector over public sector enterprises in the following case:

Timely completion of projects undertaken.

Citing reasons, evaluate the performance of private sector over public sector enterprises in the following case:

Decision taking.

Citing reasons, evaluate the performance of private sector over public sector enterprises in the following case:

Managerial efficiency.

Citing reasons, evaluate the performance of private sector over public sector enterprises in the following case:

Attention towards consumer satisfaction.

The image above shows a departmental store of a market structure.

1. Identify the form of market as observed from the above image.
2. Discuss the features of this market form with respect to:
   1. Type of product
   2. Entry and exit of firms
   3. Selling cost

Explain the functions of the RBI with respect to the following:

1. Custodian of foreign exchange reserves.
2. Monopoly of note issue.
3. Clearing house facility.
4. Banker and fiscal agent to the government.

What do you mean by migration?

Explain 'migration' as a factor contributing towards adverse impact on the ecosystem.

Explain the Fiscal policy.

Explain the Monetary policy.

Explain the Degressive taxes.

Explain the Indirect tax can be used to increase social welfare.

Read the extract given below and answer the questions that follow:

1. Which type of credit control method of the RBI has been highlighted in the above case study?
2. Citing reasons state the advantage of credit card over currency notes.
3. Briefly explain the following credit control methods adopted by the Central Bank:
   1. Publicity
   2. Moral suasion

Define the form of market which has a perfectly elastic demand curve.

Explain three features of Perfect competitive market.

How is Perfect competitive market is different from a monopoly market?