(English Medium) ICSE Class 10 - CISCE Important Questions for Economic Applications

How does money act as a standard of deferred payment?

Mention an important difference between a Commercial Bank and the Central Bank.

Mention two differences between fixed deposits and demand deposits.

Explain briefly the five agency functions of a commercial bank.

Which of the following is a selective/qualitative method of credit control.

State two factors affecting the market demand for a commodity.

Draw a demand curve with the help of a hypothetical individual demand schedule.

Supply always refers to a specific desired quantity which a seller is willing to ______

The demand curve which indicates the inverse relationship between price and demand ______.

When a straight-line supply curve cuts the y-axis, the elasticity of supply will be ______.

What will be the effect of raising production subsidies on the supply of a commodity?

In the percentage increase in the quantity of a commodity is smaller than the percentage fall in its price, the coefficient of price elasticity of demand is ______.

If tea and coffee are substitutes, then bread and butter are examples of ______.

When the percentage change in the quantity supplied of a commodity is exactly equal to the percentage change in its price it is known as ______.

Explain the term 'Veblen effect'. Give an example.

Distinguish between derived demand and composite demand.

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

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?

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.