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ICSE Class X Mid-term 2025 : Economics

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Taronish Mullan
Villa Theresa High School (VTS), Mumbai

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I J. j! ff Il i I I f II II j ! I ~ ~r~ 4 ~ , _ . . . . -T . ;;: JWJ:J. JMZ L . J HOOL V'ILLA THERESA HIGH SC n - Au gu st 2024 Fi rst Term Examinatio Std .lOB Sub ect: ECONOMICS 26/8/2024 Time: 2 Hrs M ark s : 80 Se ct io n- A from this section) (Attempt aJJ Questions [16) en options. giv the m fro s ion est qu swers to the nta ge ch an ge in QI: Choose the correct an nd ed is Jess than the pe rce ma de tity an qu in ge an I. If the percentage ch _ __ y of demand is _ _ _ the price, then the elasticit (a) Inelastic (b) Elastic ' (c) Perfectly Inelastic (d) Unit Elastic tween inc om e ll ha ve inv ers e rel ati on be wi ity od mm /co od ;,o __.; 2. _ _ _ _ _ _ _ and demand . (a) Normal (b) Inferior (c) Essential (d) Luxury ca r is Elastic because- - - - - 3. Demand for a sports l item no r a luxury item (a) It is ne ith er an essentia (b) It is a Ne ce ssa ry go od l uses (c) It can be pu t to severa (d) It is a luxury item co ns um er go od s. ndards for industrial an d sta wn do s lay _ _ _ 4. (a) AG M AR K (b) EC OM AR K (c) BIS (d )F SS AI in na tur e. is on cti du pro of tor fac a 5. Capital as -----(a) Du rab le (b) Perishable (c) Immobile (d) Limited shows 6. The below su pp ly cu rve , --------- SI ----- - - - - (a) Increase in Supply (b) Decrease in Supply (c) Expansion in Supply (d) Contraction in Su pp ly Co ntd on Pa ge 2 ~,.,;. \ .. Std lOB ~ I P First Term Examination - Economics /. 'CL' ~ 7. There are large number of buyers and sellers under a _ _ _ _ _ _ __ J (a) Monopoly (b) Perfect Competition (c) Oligopoly (d) Duopoly 8. Electricity is an example of _ _ _ _ _ _ _ _ _ demand. (a) Competitive (b) Complementary (c) Composite (d) Inferior 9. "Homogenous products" is a characteristic feature of _ _ _ _ _ _ _ _ _ market. (a) Perfect Competition (b) Pure Oligopoly (c) Both a and b (d) None of the others 10. Riya guided, directed and influenced the other factors of production in order to make them work together and create a product successfully. Identify the function of an Entrepreneur performed by Riya. (a) Innovation (b) Risk Taking (c) Coordination and Supervision (d) Decision Making 11. Statement 1: Creeping inflation is regarded safe for economic growth. Statement 2: Prices rice at about 2% annually in terms of creeping inflation. (a) Statement 1 is true and Statement 2 is false (b) Statement 1 is false and Statement 2 is true (c) Both Statements 1 and 2 are true (d) Both Statements 1 and 2 are false 12. _ _ _ _ _ is not an advantage of division of labour. (a) Reduces cost of production (b) Expansion of employment (c) Low quality goods (d) Inventions 13. Study the relationship in the first pair of words and complete the second pair. i) Simple divison of labour: The worker specializes in production of a commodity. ii) Complex division of labour: The worker specializes in _ _ _ _ _of the production of a commodity. (a) process (b) product (c) technique (d) scale 14. A _ _ _~-:--firm can sell the same product at different prices to different buyers. (a) Competitive (b) Oligopolistic (c) Monopoly (d) Perfect - - - - ~ ~ "-" ....,.~ ~~ f ,, ~ r.nntcl on P::rn e 1 .ir,.,~.,...,,,.,........ __,._ _ ....... "Jl5''"'1,, , .......... ....... _ _ _ _.-,__.,.......... .__...._.. _ _fi'.nr.-..:.;p: - - - - - __...!! ,. I -P i' ~ / Page 3 . . First Term Examination - Economics. , !OB ?nd ter will be the p_ric~ elasticity of ~em grea od, peri e tim the ger Lon : (A) l S. Assertion od m r consumption habits m the long pen Reason (R): Consumers can change thei commodity. fav our of che ape r substitutes of the correct explanation of A (a) Bot h A and Rar e true and R is the the correct explanation of A (b) Bot h A and R are true and R is not (c) A is true but R is false (d) A is false but R is true right the right task to the right person for the . reason.' n per form ed by an entrepreneur. ctio fun the tify iden nt, eme stat en giv On the basis of the ng 16. 'An Entrepreneur is involved in givi (a) Risk bearing function (b) Decision making function (c) Innovative function (d) Delegation function Question 2 [2] (i) Define Financial Capital [2] (ii) Def (iii) es. ine Oligopoly by giving suitable exampl [2] the term complementary goods. With the help of an example explain following: (iv) Identify the market forms of the [2] --------------- . TO OT HP AS TE BR AN DS -~ -~~ . {, 1!} a) b) Question 3 [2] ? our Lab from t eren diff ital (i) How is Cap [2] inflation? Why? to due s gain iety soc of ion sect ich (ii) Wh at dut ies r he real ized that it had expired. Wh late but d, brea wn bro of k pac a ght (iii) Rohan bou [2] product. the ing buy ore bef ed rcis exe e hav should Rohan [2] our? (iv) What is Territorial Division of Lab Question 4 of demand. (i) State any two exceptions to the law [2] ct the productivity of Lan d (ii) Explain any two factors that affe opoly mar ket are pric e mak ers. ' (iii) Explain briefly 'Pro duc ers in a mon does it benefit the con sum ers? (iv) Give the full form of COPRA. How [2] [2] [2] rnntn on Pa.Qe 4 r Page 4 First Term Examin ation- Econom ics Section -B (Attem pt any four question s) Std 10B ~ ....:.. ,Questi on 5 (i) Explain five important features of a Monopolistic Competition Market. [5] (ii) Draw a graphical figure showing unit elastic supply. [5] Question 6 (i) Define Labour. Explain any four reasons for low efficiency oflabou r in India. [5] (ii) How do manufacturers and traders exploit the consumers? [5] Question 7 (i) Explain any five factors affecting price elasticity of Supply. [5] (ii) What is perfect competition? Describe any four characteristics of perfect competition? [5] Question 8 (i) Explain how entrepreneurs can promote economic development of a country. [5] (ii) (a) State the Law of Demand [5] (b) Explain any three determinants of Market Demand Questio n 9 (i) What is Cost push inflation. State the three causes of Cost push inflation. [5] (ii) Define Price elasticity of supply & explain the percentage method to measure price elasticity of supply. [5] Question 10 (i) Mr. Jha has recently introduced a self-checkout system at his supermarket due to without technological advancements. The customers may now scan, bag their purchas es and pay [5] the need for a cashier. a. Identify the type of capital used in his supermarket. b. Explain the first two stages of capital formation. or (ii) A list of goods are given below. State whether the price elasticity of demand is inelastic [5] elastic. Give reasons to support your answer. a) b) c) d) e)

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