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10 Economic Applications

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40 views3 pages

10 Economic Applications

Uploaded by

contactsanghamitra
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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GARDEN HIGH SCHOOL

CLASS X
Prelims 2018–19
Economic Applications

Time: 2 hours Full Marks: 100

This Question Paper has three printed pages.


Answers must be written in the script/s provided. You will not be allowed to write for the
first 15 minutes. This time must be spent in reading the Question Paper.
The time given at the head of this Paper is the time allowed for writing answers.

This Paper is divided into two sections.


Attempt all the questions of Section A and any four of Section B.
Maximum marks for a question or part of a question are given in brackets [ ].

SECTION A (40 marks)

Answer all the questions.

Question No 1 [5 × 2 = 10]

(a) State any two difficulties of the barter system.

(b) Name the form of market where there is a single buyer and many sellers. Give an
example.

(c) Differentiate between short run and long run supply of a commodity.

(d) ‘An entrepreneur is an organizer but an organizer may not be an entrepreneur.’


Explain.

(e) What is the impact of division of labour on cost of production?

Question No 2 [5 × 2 = 10]

(a) State any two agency functions of a commercial bank.

(b) If the Government of India levies excise duty on sugar, in which direction will the
supply curve of sugar shift?

(c) Classify the following into fixed capital and working capital:

(i) a television set in a hotel (ii) iron ore in a steel plant

(d) Discuss any two peculiarities of land as a factor of production.

(e) How are taxes used to regulate production and consumption?


(2)

Question No 3 [5 × 2 = 10]
(a) Mention any two differences between fixed deposit and demand deposit.
(b) State whether the following statement is ‘true’ or ‘false’. Justify your answer:
‘A monopolist can sell the same product at different prices to different customers.’
(c) State any two functions of an entrepreneur.
(d) Distinguish between skilled labour and unskilled labour.
(e) Give any one example each of a direct tax and an indirect tax in India.

Question No 4
State whether the following statements are true or false. Justify your answer. [5 × 2 = 10]
(a) When the rate of change in quantity demanded of a commodity is greater than the
rate of change in its price, it is a case of inelastic demand.
(b) The demand for an inferior good rises when the income of a consumer increases.
(c) If prices of commodities are expected to fall in the future their current demand will rise.
(d) The price elasticity of demand for commodities having close substitutes is relatively
high.
(e) X and Y are complementary goods if an increase in price of X increases the demand
for Y.

Section B (60 marks)


Answer any four questions.

Question No 5
(a) Explain any four characteristics of capital as a factor of production. [8]
(b) Why is the Reserve Bank of India known as ‘the lender of the last resort’? Explain
briefly the quantitative credit control policies of the RBI. [7]

Question No 6
(a) Explain the contingent functions of money. [8]
(b) ‘Efficient labour force is an important economic ingredient.’ In this context define
efficiency of labour. Explain any three factors that determine efficiency of labour. [7]

Question No 7
(a) Explain any two impacts of each of the following on the ecosystem: [8]
(i) industrialization (iii) dwelling houses

(ii) automobiles (iv) shifting cultivation


(3)

(b) ‘Monopolistic competition is a perfect blend of monopoly and perfect competition.’


Explain. [7]

Question No 8

(a) Explain any four determinants of price elasticity of demand. [8]

(b) What is a tax? Explain any three differences between a direct tax and an indirect
tax. [7]

Question No 9

(a) (i) Indicate the degree of elasticity of supply for the curves given below:
P S P S

O S Q O Q
(i) (ii)
(ii) Explain any three determinants of elasticity of supply. [8]

(b) What is meant by privatization? Explain any three problems of public sectors in
India. [7]

Question No 10

(a) State the law of demand. Give any two assumptions of the law of demand. Explain,
with the help of diagrams, the conditions when:

(i) ep > 1 (ii) ep < 1 (iii) ep = 1 [8]

(b) Read the extract and answer the questions given below:

‘Rising vegetable prices and the impact of a weak rupee pushed inflation to a five
month high of 5.79% in July 2013, posing yet another challenge for Asia’s third
largest economy battling to defend the rupee and boost growth.

Official data released on Wednesday showed inflation as measured by the wholesale


price index had jumped to 5.79% in July from previous month’s 4.86%. Easing
wholesale price inflation had fuelled expectations of a moderation in tight monetary
policy but the slide of the rupee against the dollar has dashed those hopes for now.’

(i) What is meant by running inflation?

(ii) Mention any two fiscal measures that can be taken to control inflation.

(iii) Briefly explain the effect of a high level of inflation on fixed income groups,
producers and debtors. [7]

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