ICSE 2018 Economics Question Paper for Class 10

About this paper

This is the ICSE Class 10 Economics paper from the 2018 board examination, with a worked answer printed after every question. Section A (40 marks) has four compulsory questions of five two-mark parts each, including classifying machines, raw material, fuel and office furniture as fixed or circulating capital, explaining near money and productive debt, and why India is said to be in a virtual debt trap. Section B (40 marks) asks students to attempt any four of six 10-mark questions on division of labour and consumer rights, consumer exploitation and entrepreneurs, commercial versus central banks and indirect taxes, inelastic demand and bank accounts, taxes and demand-pull inflation, and demand and public expenditure. The answers include demand-curve diagrams and comparison tables.

Exam

ICSE Class 10

Subject

Economics

Year

2018

Maximum marks

80

Questions

10

Pages

7

Answers included

Yes

Paper pattern

• Section A

  40 marks

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

• Section B

  40 marks

  Questions 5–10, 10 marks each (5 + 5); attempt any four

Topics covered

• Demand, its determinants and elasticity
• Supply and its determinants
• Factors of production: land, labour, capital and entrepreneur
• Division of labour
• Money and near money
• Commercial banks and the central bank
• Inflation
• Taxation and public revenue
• Public debt and public expenditure
• Consumer awareness and consumer rights

Questions from this paper

1. Why do small farmers suffer during inflation?
2. State whether each of the following is fixed capital or circulating capital: machines, raw material, fuel and office furniture.
3. Why is India considered to be in a virtual debt trap?
4. Give any five differences between product-based and process-based division of labour.
5. With the help of a graph, explain relatively inelastic demand for a commodity.
6. Why are articles of distinction, or the Veblen effect, an exception to the law of demand?