{"id":6251,"date":"2024-02-28T06:07:22","date_gmt":"2024-02-28T00:37:22","guid":{"rendered":"https:\/\/www.aplustopper.com\/?p=6251"},"modified":"2024-02-28T14:54:15","modified_gmt":"2024-02-28T09:24:15","slug":"icse-previous-papers-solutions-class-10-economics-2012","status":"publish","type":"post","link":"https:\/\/www.aplustopper.com\/icse-previous-papers-solutions-class-10-economics-2012\/","title":{"rendered":"ICSE Economics Question Paper 2012 Solved for Class 10"},"content":{"rendered":"
ICSE Paper 2012<\/strong><\/span> (Two Hours)<\/strong><\/em> SECTION-I \u00a0(40 Marks)<\/span><\/strong> Question 1:<\/strong> Answer:<\/strong> (b)<\/strong> If the percentage change in demand is proportional to percentage change in price, the elasticity is said to be unity. If the percentage change in demand is more than the percentage change in price, the elasticity is more than one, and if the percentage change in demand is less than percentage change in price, the elasticity of demand is less than unity. Mathematically, (d)<\/strong> The two reasons for consumers, exploitation in India are:<\/p>\n (e)<\/strong> Suppose a person possess rice and wants to exchange it for wheat. Under the barter system he had to find out a person who not only had wheat but also wants rice. But such a double coincidence was a rare-possibility. But With the use of money all the commodities can be easily exchanged and you do not need double coincidence of wants.<\/p>\n Question 2:<\/strong> Answer:<\/strong> (b)<\/strong> The two circumstances are:<\/p>\n (c)<\/strong> As a fiscal agent to the government, it advises the govt, in matters relating to the fiscal, monetary and banking policies such as deficit financing devaluation, trade policy, foreign exchange policy, reduction in public expenditures, increase in taxes, public borrowings, policy of surplus budget etc.<\/p>\n (d)<\/strong> A mild inflation occurs when there is sustained rise in prices over time at a mild rate, say around 2% to 3% per year which helps in increasing the public revenue and thus helps the govt, to incur public expenditure for welfare of the people. Thus, it is beneficial for economic growth.<\/p>\n (e)<\/strong> Taxes are used to interact in the market, so as to induce a greater output of goods and services, resulting in the higher growth of economy.<\/p>\n Question 3:<\/strong> (b)<\/strong> State two examples of direct tax imposed by Central Government in India. [2]<\/strong> Answer:<\/strong> (b)<\/strong><\/p>\n (c)<\/strong>
\nECONOMICS<\/span><\/p>\n
\nAnswers to this Paper must be written on the paper provided separately.<\/em>
\nYou will not<\/strong> be allowed to write during the first 15<\/strong> minutes.<\/em>
\nThis time is to be spent in reading the Question Paper.<\/em>
\nThe time given at the head of this Paper is the time allowed for writing the answers.<\/em>
\nSection I<\/strong> is compulsory. Attempt any four<\/strong> questions from Section II<\/strong>.<\/em>
\nThe intended marks for questions or parts of questions are given in brackets [ ].<\/em><\/p>\n
\n(Attempt all<\/strong> questions from this Section)<\/em><\/p>\n
\n(a)\u00a0<\/strong>Explain in brief the characteristics of land with respect to its supply and use. [2]<\/strong>
\n(b)<\/strong> Briefly explain the percentage method of calculating elasticity of demand. [2]<\/strong>
\n(c)<\/strong> State two differences between labour services provided by a surgeon and a farmer. [2]<\/strong>
\n(d)<\/strong> State two reasons for consumer exploitation in India. [2]<\/strong>
\n(e)<\/strong> How does use of money solve, the problem of\u2018lack of double coincidence of wants\u2019 that existed under the barter system? [2]<\/strong><\/p>\n
\n(a) <\/strong><\/p>\n\n
\n\\(\\text{Elasticity of demand}=\\frac{\\text{Percentage change in demand}}{\\text{Percentage change in price}}\\)
\n(c)\u00a0<\/strong>Two differences are:<\/p>\n\n\n
\n 1. Labour services of a surgeon is highly paid as it is a skilled labour.<\/td>\n Labour services of a farmer are lowly paid as it is an unskilled labour.<\/td>\n<\/tr>\n \n 2. It requires specialized studies and training.<\/td>\n It does not require any specialised studies and training.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n \n
\n (a)<\/strong> Distinguish between stock of capital goods and capital formation using a suitable example. [2]<\/strong>
\n(b)<\/strong> State two circumstances under which the demand curve slopes upward to the right. [2]<\/strong>
\n(c)<\/strong> How does the central bank act as a fiscal agent to the Government? [2]<\/strong>
\n(d)<\/strong> A mild inflation is beneficial for economic growth. Justify the statement. [2]<\/strong>
\n(e)<\/strong> How can taxes be used for promoting economic growth? [2]<\/strong><\/p>\n
\n (a)<\/strong> The stock of capital goods is the stock of those goods which are used for more production (eg. machines, equipments, buildings, means of transport, factories etc.) whereas the capital formation is the increase or net addition in the stock of capital goods.<\/p>\n\n
\n (a)<\/strong> Classify the following into Fixed capital and Circulating capital: [2]<\/strong><\/p>\n\n
\n(c)<\/strong> What is meant by CRR? Briefly examine its role in credit control. [2]<\/strong>
\n(d)<\/strong> Using hypothetical data show a market demand schedule. [2]<\/strong>
\n(e)<\/strong> How does money act as a store of value? [2]<\/strong><\/p>\n
\n (a)<\/strong><\/p>\n\n
\n
\n CRR [Cash Reserve Ratio]:<\/strong> According to RBI act, each commercial bank has to keep a certain ratio of cash reserves (deposits) with the central bank or RBI. The RBI is empowered to vary this CRR between 3% to 15%.
\nBy increasing the CRR, the excess reserve of commercial bank is reduced, which restricts the credit granting capacity of the commercial banks. Similarly, the reduction in CRR, increases the capacity of commercial banks to expand credits.<\/p>\n