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ICSE Board Specimen 2014 : Economic Applications

3 pages, 33 questions, 30 questions with responses, 44 total responses,    0    0
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ECONOMIC APPLICATIONS (Two hours) Answers to this paper must be written on the paper provided separately. You will not be allowed to write during the first 15 minutes. This time is to be spent in reading the question paper. The time given at the head of this paper is the time allowed for writing the answers. Attempt all questions from Part I and any four questions from Part II. 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 (a) State the Law of Supply. [2] (b) Draw a demand curve whose elasticity is equal to one. [2] (c) Define Labour and give one characteristic of labour. [2] (d) Can a monopolist charge different prices for the same product? Justify your [2] answer. (e) Distinguish between limited legal tender and unlimited legal tender. [2] Question 2 (a) Mention two determinants of demand. [2] (b) Discuss one function of an entrepreneur. [2] (c) Briefly explain the nature of Sales Tax. [2] (d) Give one point of distinction between the Central Bank and a Commercial Bank. [2] (e) Discuss one factor which increases productivity of land in India. [2] 144 ICSE Specimen Question Paper

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