{"id":6382,"date":"2019-09-26T09:30:38","date_gmt":"2019-09-26T04:00:38","guid":{"rendered":"https:\/\/cbselibrary.com\/?p=6382"},"modified":"2020-11-27T15:08:25","modified_gmt":"2020-11-27T09:38:25","slug":"icse-previous-papers-solutions-class-10-economic-applications-2013","status":"publish","type":"post","link":"https:\/\/cbselibrary.com\/icse-previous-papers-solutions-class-10-economic-applications-2013\/","title":{"rendered":"ICSE Economic Applications Question Paper 2013 Solved for Class 10"},"content":{"rendered":"
ICSE Paper 2013<\/strong><\/span> (Two Hours)<\/strong><\/em> SECTION-I \u00a0(40 Marks)<\/span><\/strong> Question 1:<\/strong> Answer:<\/strong> (c)<\/strong> In Fiscal Policy, social justice can be ensured through Progressive\/higher rate to higher income level group and subsidies to lower income level group taxation.<\/p>\n (d)<\/strong> The term Monopoly has been derived from two Greek words i.e. Mono + Polus. Here \u2018Mono\u2019 means single and \u2018Polus\u2019 means seller\/producer. Therefore Monopoly is a situation where there is single seller\/producer having the sole right over the production of commodity which results into no availability of any other substitutes.<\/p>\n (e)<\/strong> The impact of constructing dams on the ecosystem are as follows:<\/p>\n Question 2:<\/strong> Answer:<\/strong> (b) Joint Demand:<\/strong> When several goods are demanded for one same purpose such demand is known as joint demand. (c)<\/strong> Two reasons for low capital formation in a developing economy:<\/p>\n (d) Difference between Monopsony and Monopolistic competition:<\/strong><\/p>\n (e)<\/strong><\/p>\n
\nECONOMIC APPLICATIONS<\/span><\/p>\n
\nAnswers to this Paper must be written on the paper provided separately.<\/em>
\nYou will not<\/strong> be allowed to write during the first 15<\/strong> minutes.<\/em>
\nThis time is to be spent in reading the Question Paper.<\/em>
\nThe time given at the head of this Paper is the time allowed for writing the answers.<\/em>
\nSection I<\/strong> is compulsory. Attempt any four<\/strong> questions from Section II<\/strong>.<\/em>
\nThe intended marks for questions or parts of questions are given in brackets [ ].<\/em><\/p>\n
\n(Attempt all<\/strong> questions from this Section)<\/em><\/p>\n
\n(a)\u00a0<\/strong>With the help of a diagram show how a market demand curve can he obtained from individual demand curves. [2]<\/strong>
\n(b)<\/strong> Which section of society is worst affected during inflation? Briefly explain. [2]<\/strong>
\n(c)<\/strong> Mention one way by which Government policy can ensure social justice. [2]<\/strong>
\n(d)<\/strong> There ere no substitute goods in a Monopoly market. Give a reason to support your answer. [2]<\/strong>
\n(e)<\/strong> Briefly explain the impact of constructing dams on the ecosystem. [2]<\/strong><\/p>\n
\n(a)<\/strong> The individual curve represents the demand of an individual for a commodity at different prices whereas in a market there are several such consumers having different taste, preference and income. Therefore, the market demand actually represents the demand of all the individuals (consumers) present in the market. In nut shell, when combined all the individual demands. You will get the market demand curve.
\nExample:<\/strong><\/p>\n\n\n
\n Price (Rs.)<\/strong><\/td>\n Demand<\/strong><\/td>\n Market Demand<\/strong><\/td>\n<\/tr>\n \n A<\/strong><\/td>\n B<\/strong><\/td>\n C<\/strong><\/td>\n<\/tr>\n \n 20<\/td>\n 20<\/td>\n 10<\/td>\n 5<\/td>\n 35<\/td>\n<\/tr>\n \n 10<\/td>\n 40<\/td>\n 20<\/td>\n 10<\/td>\n 70<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
\n(b)<\/strong> The Fixed Income Group is worst affected during inflation. This group includes pensioners, government servants, owners of government securities and others who get a fixed money income. They are known as renties. This class is worst affected because the purchasing power of their fixed income goes on decreasing with rising prices.<\/p>\n\n
\n(a)<\/strong> Briefly explain why labour is considered to he the means and end of production. [2]<\/strong>
\n(b)<\/strong> Distinguish between Joint demand and Composite demand. [2]<\/strong>
\n(c)<\/strong> State two reasons for low capital formation in a developing economy. [2]<\/strong>
\n(d)<\/strong> State one difference between Monopsony and Monopolistic competition. [2]<\/strong>
\n(e)<\/strong> Classify the following capital goods:\u00a0[2]<\/strong><\/p>\n\n
\n(a)<\/strong> A Labour is considered to be the means and end of production because on one hand it is the most important factor of production and on other hand it triggers the production due to increased consumption.<\/p>\n
\ne.g.,<\/strong> If demand for furniture increases, the demand of wood, nails, etc. also increases.
\nComposite Demand:<\/strong> Demand for goods that have multiple uses is called composite demand.
\ne.g.,<\/strong> Milk is used for making tea, coffee, butter, cheese, curd and sweets.<\/p>\n\n
\n\n
\n Basis<\/strong><\/td>\n Monopsony<\/strong><\/td>\n Monopolistic Competition<\/strong><\/td>\n<\/tr>\n \n Number of buyers<\/td>\n There is a single buyer or a purchasing agency which buys the whole or nearly whole of commodity or service produced.<\/td>\n There are large number of buyers or sellers.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n