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ICSE Class X Prelims 2024 : Economics (GEMS Modern Academy, Dubai)

6 pages, 42 questions, 42 questions with responses, 71 total responses,

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MOCK EXAMINATION 2023-24 ECONOMICS Grade: 10 Time: 2Hrs Date: 12.02.2023 Max.Marks: 80 ============================================================ INSTRUCTIONS: i. Candidates are allowed additional 15 minutes for only reading the paper. They must NOT start writing during this time. ii. Answer ALL Questions from PART I and any FOUR Questions from PART II. iii. The intended marks for questions or parts of questions are given in brackets [ ]. PART I (40 Marks) Attempt all questions from this part. Question 1 Choose the correct answer and write the correct option. [16] (i) ________ is the return for an entrepreneur s contribution in a productive unit. A) Wage B) Profit C) Rent D) Interest [1] (ii) Which of the following is not the characteristic of capital? [1] A) Capital is man-made. (B) Capital is durable. (C) Capital is a mobile factor. (D) Capital is limited in supply. 1 of 6 (iii) Boost is an energy drink. They recently hired a popular sportsman to endorse their brand. In spite of increase in prices, the sales of Boost has increased tremendously. This phenomenon is known as ____________. A. Income effect B. Purchasing power effect C. Demonstration effect D. Substitution effect [1] (iv) Which of the following in a restaurant will be considered circulating capital? A. Chef B. Oven C. Rice D. Rice Cooker [1] (v) Telecommunication networks (like Vodafone, Airtel ) are an example of ________________ market. A. Monopoly B. Oligopoly C. Monopolistic Competition D. Perfect Competition [1] (vi) Identify the elasticity of demand for Product A: [1] A. B. C. D. (vii) Perfectly elastic Unit elastic Inelastic Perfectly elastic Which of these taxes is most likely to be progressive? 2 of 6 [1] A. B. C. D. (viii) Entertainment tax GST VAT Income Tax Which of the following is an example of an unfair trade practice? A. Providing accurate information about a product. [1] B. Selling goods above the maximum retail price C. Ensuring product safety. D. Providing good after-sales service. (ix) ____________ tax is also referred to as Tax on honesty. A. Progressive Tax B. Direct Tax C. Regressive Tax D. Degressive Tax [1] (x) The income elasticity of canned meat is (-0.6). Therefore, it is a _________ good. A. Private B. Public C. Inferior D. Composite [1] (xi) Cross elasticity of demand is: A. Positive for substitutes B. Negative for substitutes C. Positive for complements D. 0 for complements [1] (xii) Which is not an objective of GST ______________ A. To eliminate multiple tax B. To reduce overall tax burden C. To boost-up economic growth D. To control inflation [1] (xiii) During inflation, the RBI can A. decrease bank rate B. decrease CRR C. buy government securities D. sell government securities [1] (xiv) Which of the following types of inflation can be considered good inflation? A. Demand-pull and creeping B. Demand-pull and walking 3 of 6 C. Cost-push and creeping D. Cost-push and walking (xv) Efficiency of labour does not depend on ______________ A. Skill level of worker B. Training of worker C. Race of worker D. Experience of worker (xvi) Identify the correct statement: A. CRR is mandatory whereas SLR is optional B. No returns can be earned on CRR, however some returns can be earned on SLR C. SLR is kept with the central bank, whereas CRR is kept with the commercial bank itself D. Increase in CRR and SLR increase the total money supply. Question 2 [4 * 2 = 8] a) With the help of a diagram show how a market demand curve can be obtained from individual demand curve. b) Which section of society is worst affected during inflation? Briefly explain. c) Mention one way in which Government policy can ensure social justice. d) Why is land a gift of nature yet it commands a price? Question 3 [4 * 2 = 8] a) Distinguish between joint demand and composite demand. b) Differentiate between tax and price. c) State one difference between capital and revenue expenditure. d) Distinguish between internal and external debt. Question 4 [4 * 2 = 8] a) Draw demand curves for different degrees of elasticity. 4 of 6 b) What is meant by efficiency of labour? c) Define money. How does it act as a measure of value ? d) What is meant by an overdraft facility? PART II (40 Marks) Attempt any four questions from this part. Question 5 a) Define capital and explain three important functions of capital. [5] b) Land is the original source of all material wealth . In this context, explain four determinants that influence the productivity of land. [5] Question 6 a) Explain the following functions of the Central Bank of a country. (i) Banker to banks (ii) Adviser to the government [5] b) What are the exceptions to the law of demand? [5] Question 7 a) Efficient labor force is an important economic ingredient. In this context, explain three factors that determine the efficiency of labor. [5] b) i. What is the type of market referred to? ii. Explain any four characteristics of the market with reference to the passage [5] mentioned above 5 of 6 Question 8 a) Define inflation. Explain any three factors that causes cost push inflation. [5] b) What does a progressive direct tax mean? How does its imposition bring about equality ? [5] Question 9 a) Briefly explain any five rights of the consumers as enshrined in COPRA 1986. [5] b) Explain different ways in which commercial banks collect deposits from the public. [5] Question 10 a) Briefly explain any of the five determinants of elasticity of demand. [5] b) Distinguish between decrease in supply and contraction in supply. [5] xxxxxxxxxxxxxxxxxxx 6 of 6

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Additional Info : ICSE Class X Mock / Model Paper 2024 : Economics : mock examination
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