ICSE Class 10 Economics Question Paper 2024 with Solutions

About this paper

This is the ICSE Class 10 Economics paper set by CISCE for the 2024 board examination (paper code T24 641). It carries 80 marks, with two hours of writing time after 15 minutes of reading time. Section A (40 marks) is compulsory: sixteen one-mark multiple-choice questions, many built on everyday cases such as the International Year of Millets subsidy, electricity tariffs as price discrimination, or Coke and Fanta as substitutes, followed by three questions of four two-mark short answers, including reading elasticity from graphs. In Section B students attempt any four of six 10-mark questions; the last one is based on a short passage about food adulteration and consumer duties. This copy has the questions only, without answers.

Exam

ICSE Class 10

Subject

Economics

Year

2024

Paper code

T24 641

Maximum marks

80

Time allowed

2 hours + 15 min reading

Questions

10

Pages

8

Answers included

No, questions only

Paper pattern

• Section A

  40 marks

  Question 1: 16 multiple-choice questions, one mark each; Questions 2–4: four two-mark short answers each; all compulsory

• Section B

  40 marks

  Questions 5–10, 10 marks each (5 + 5), the last based on an extract; attempt any four

Topics covered

• Law of demand and elasticity of demand
• Supply, its determinants and elasticity
• Factors of production: land, labour and entrepreneur
• Division of labour
• Market structures: perfect competition, oligopoly and monopoly
• Money and the barter system
• Commercial banks and the central bank
• Inflation
• Direct, indirect and proportional taxes
• Public debt, public expenditure and public finance
• Consumer rights, RTI and food adulteration

Questions from this paper

1. 'A state of running or hyperinflation in any economy is very harmful for production.' Justify the statement with two reasons.
2. What does RTI stand for? What provision is provided under this Act to the citizens of the country?
3. State whether true or false, with a reason: capital like printing machines and tools used in the process of production is subject to depreciation.
4. State and explain the law of demand with the help of a hypothetical schedule and graph.
5. State whether demand is elastic or inelastic, with reasons: the demand for salt by households, and a consumer who postpones buying a car to get a year-end discount.
6. Give any five points of difference between direct and indirect taxes.