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ICSE Board Exam 2005 : Economic Applications

5 pages, 41 questions, 20 questions with responses, 23 total responses,

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Indian Certificate of Secondary Education (ICSE), New Delhi

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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 [10] (a) How does the division of labour affect the scale and quality of production? (b) To whom does the phrase Lender of the Last resort refer? Justify your answer. (c) When the price of a commodity falls by 80%, the quantity demanded increases by 100%. Find out its Price Elasticity of Demand. (d) How is the supply of labour different from the supply of other goods? (e) Draw a negatively sloped straight line demand curve joining the two axes. M ark three points on this curve showing Price Elasticity equal to:(i) zero (e) Draw a negatively sloped straight line demand curve joining the two axes. M ark three points on this curve showing Price Elasticity equal to:(ii) Infinity (e) Draw a negatively sloped straight line demand curve joining the two axes. M ark three points on this curve showing Price Elasticity equal to:(iii) one. Question 2 (a) Identify the market forms for the two sellers of goods 'A' and 'B', given the following information. Give reasons for your answers. Output sold Price of A Price of B [2] Units Rs. Rs. 10 5 5 20 5 4 30 5 3 (b) Differentiate between Fiscal and Monetary Policy. [2] (c) Study the graph given below. Explain, for which type of commodity the graph is relevant. Give suitable reasons for your answer. [2] (d) How is free entry and exit of firms p ossible under perfect competition? [2] (e) Which section of the society gains the most due to inflation? Give reasons for your answer? [2] Question 3 (a) Give two examples each of a pair of commodities that are:(i) Substitutes of each other. [1] (a)Give two examples each of a pair of commodities that are:(ii) Complementary to each other. [1] (b) How is land as a factor of production, different from labour? [2] (c) Differentiate between an entrepreneur and an organizer. [2] (d) Explain the term Monopsony-market. [2] (e) Give two important points of distinction between the Private Sector and the Public Sector. [2] Question 4 (a) There are three Firms A, B and C in the market. The supply schedule for the market and for Firms A and B is given below. Prepare the supply schedule for Firm C. [2] Price Firm A Firm B Firm C Market Supply 10 0 25 35 20 10 30 60 30 20 35 85 40 30 40 110 (b) Which form of capital, Money Capital or Real Capital has a greater impact on the national output? Give reasons to justify your answer. [2] (c) The area of cultivable land is more or less fixed in a country. Under such conditions, suggest two ways to increase the productivity of land. [2] (d) What is meant by the term wage policy? [2] (e) Give two reasons for the low efficiency of labour in India. [2] PART- II (60 Marks) Attempt any four questions from this Part. Question 5 (a) Define Price elasticity of demand. With the help of suitable diagrams explain the Arc or Point Elasticity method of measuring it. [7] (b) Distinguish between fixed and circulating capital. A list of goods is given below. For each of these, state whether it is fixed or circulating capital. Give suitable reasons for your answer:- [8] (b) (i) M achines (b) (ii) Office furniture (b) (iii) Raw material (b) (iv) Fuel. Question 6 [7] (a) Read the extract given below and answer the questions that follow:The Times of India, New Delhi, February 2l, 2004. Inflation rises to 5.9% : Beating the expectations of the Reserve Bank and the Government, inflation rose by 0.11 per cent 5.91 per cent for the week ending February 7, mainly due to costlier food products, textiles and fuels used as inputs for manufacturing. The point-to-point wholesale price index(WPI) inflation rose from 5.8 per cent in the previous week, notwithstanding the sharp fall in the prices of vegetables, and it was 5.35 per cent in the year-ago period. [PTI] (i) What is meant by the term inflation? (ii) Give any three reasons for the rise in inflation in the economy at any point of time. (iii) How can mild inflation generate a good effect on the economy of a country? (b) (i) State two relevant differences between qualitative and quantitative methods of credit control adopted by the Reserve Bank of India. (b) (ii) Elucidate the quantitative credit control methods practised by the Central Bank in the developing countries. Question 7 (a) Discuss the assumptions of the law of supply. Explain with the help of appropriate diagrams, the difference between movement and shifting of the supply curve. [7] (b) Explain the concept of Income Elasticity of Demand. Discuss its implication in the case of normal goods, inferior goods and luxury goods with the help of suitable diagrams. [8] Question 8 (a) Discuss any two problems of Public Sector Enterprises. Explain the rationale of privatization of Public Enterprises in India. [7] (b) Differentiate between Capital and Capital Formation. Enumerate the factors that lead to capital formation in the developing countries of the world. [8] Question 9 (a) Define the term Economic Development. M ention six relevant functions of the State which accelerate economic development in a country. [7] (b) Define the term Market. Differentiate between Monopoly and Monopolistically Competitive Markets on the basis of the number of sellers, product differentiation, entry of new firms, price policy and importance of advertising expenses. [8] Question 10 (a) Differentiate between Central and Commercial Banks. Explain any three important functions of the Commercial Banks. [7] (b) Explain the law of demand with the help of a demand schedule and demand curve. State its two assumptions and two exceptions. [8]

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Additional Info : Solved ICSE Board exam paper study guide - ICSE 2005 : ECONOMIC APPLICATIONS - I.C.S.E. Free Online Question Paper
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