ICSE 2017 Economic Applications Question Paper for Class 10

About this paper

This is the ICSE Class 10 Economic Applications paper from the 2017 board examination, with a worked answer printed after every question. Part A (40 marks) has four compulsory questions of five two-mark parts each, covering short definitions, a price-elasticity-of-supply calculation by the percentage method, and a set of true-or-false statements to be justified. Part B (60 marks) asks students to attempt any four of five 15-mark questions on perfect competition and supply, urbanisation and demand, land and commercial bank credit, monetary policy and monopolistic competition, and money and privatisation. The answers include diagrams of a perfectly elastic supply curve and of extension and contraction of demand.

Exam

ICSE Class 10

Subject

Economic Applications

Year

2017

Maximum marks

100

Questions

9

Pages

7

Answers included

Yes

Paper pattern

• Part A

  40 marks

  Questions 1–4, each with five two-mark parts; all compulsory

• Part B

  60 marks

  Questions 5–9, 15 marks each (7 + 8); attempt any four

Topics covered

• Law of demand and joint demand
• Elasticity of supply
• Law of supply and factors affecting supply
• Factors of production: land and capital formation
• Perfect competition, monopoly and monopolistic competition
• Money and its functions
• Commercial banks and credit
• Central bank and monetary policy
• Inflation
• Taxation
• Urbanisation and the environment
• Privatisation and public sector undertakings

Questions from this paper

1. If the price of a commodity increases by 50% and its supply increases by 25%, calculate the price elasticity of supply by the percentage method.
2. Name the market in which there is a single buyer and many sellers. Give an example.
3. State whether true or false, with a reason: in a perfectly competitive market, producers are price makers.
4. What is meant by urbanisation? Explain four impacts of urbanisation on the environment.
5. What is meant by monetary policy? Explain bank rate policy and open market operations.
6. What is meant by product differentiation? To which market is it relevant? Explain three features of this market.