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ICSE Board Exam 2005 : Economic Applications

5 pages, 41 questions, 20 questions with responses, 23 total responses,    0    0
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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]

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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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