ICSE Class 10 Economics Sample Question Paper 2024-25: Download Free PDF Here

Question 1

Choose the correct answers to the questions from the given options.

(Do not copy the question, write the correct answers only.)  

(i) The  _ has to decide the reward for each factor of production. 

(a) Organiser 

(b) Worker 

(c) Consumer

(d) Entrepreneur 

(ii)  Capital expenditure is _ in nature. 

(a) Recurring

(b) Non recurring 

(c) Positive 

(d) Persuasive 

(a) Move upward along the same demand curve 

(b) Move downward along the same demand curve 

(c) The demand curve will shift to the right 

(d) The demand curve will shift to the left 

(iv) If you make investments in insurances or mutual funds, then it will be called as _ type of capital. 

(a) Investment 

(b) Financial 

(c) Physical 

(d) Profitable 

(v) Assertion (A): Central bank as a banker to the government, works as a custodian of foreign exchange reserves. 

Reason (R): The Central bank acts as a Clearing house for the transfer and settlement of mutual claims of commercial banks.  

(a) Both A and R are true and R is the correct explanation of A 

(b) Both A and R are true and R is not the correct explanation of A 

(c) A is true but R is false 

(d) A is false but R is true 

(vi) Study the relationship in the first pair of words and complete the second pair. 

1. Creeping inflation: The rate of inflation is 1% to 2% per annum 
2. Running inflation: The rate of inflation is _ per annum. 

(a) 3%to6% 

(b) 20% to 100% 

(c) 30% to 40 % 

(d) 10% to 20% 

On the basis of the given statement, Identify the function performed by money. 

(a) Medium of exchange 

(b) Store of value

(c) Measure of value 

(d) Transfer of value 

(viii) Identify the type of market structure represented by the visuals.  (Check pdf)

(a)Monopoly 

(b)Perfect market 

(c)Government market 

(d)Oligopoly market 

(ix) Ms. Sakshi, who teaches economics, discussed the 'minimum percentage of total deposits that commercial banks must maintain with the Central Bank according to current regulations’. Select the correct term that defines this concept from the following choices. 

(a)Cash reserve ratio 

(b)Repo rate 

(c)Bank rate 

(d)Statutory liquidity ratio 

(x) Which factor out of the following serves as the primary source of consumption? 

(a) Land

(b) Labour

(c) Capital

(d)Entrepreneur 

(xi) Statement 1: The Bank Rate policy of the central bank is a traditional method of credit control. 

Statement 2: The method used by the central bank to influence the total volume in the banking system is a quantitative method of credit control. 

(a) Statement 1 is true and Statement 2 is false 

(b) Statement 1 is false and Statement 2 is true 

(c) Both Statements 1 and 2 are true. 

(d) Both Statements 1 and 2 are false. 

(a) Price of jointly produced goods 

(b) Consumer Credit Facility 

(c) Income of the consumer

(d) Government policy 

(a) Identical 

(b) Different 

(c) Unique 

(d) Inexpensive 

(xiv) During barter exchange the rate of exchange was arbitrarily fixed. This resulted from_.

(a) Lack of common measure of Value 

(b) Lack of divisibility 

(c) Problem of storing wealth 

(d) Problem of deferred payment 

(xv)  Indian farmers are an example of_ type of labour. 

(a) Process based 

(b) Monopoly based 

(c) Product based  

(d) Complex based 

(xvi) "Does a shirt priced at Rs. 300 exemplify the store of value function of money? Select the appropriate option: 

(a) True 

(b) False

Question 2

(i) Give any two examples of direct tax. 

(iii) ‘Specialization of labour helps the producers in their productive activities and is also beneficial to the workers’. Justify the statement with two suitable reasons. 

(a) Mr. Shah paying License fee for registration of his motor vehicle. 

(b) Irrigation charges paid by Mr. Shah as a farmer. 

Question 3

(i) Define the term demand. 

(ii) In the realm of economic development, how does the role of entrepreneurs impact the overall growth and stability of a nation. 

(iv) How is fixed deposit different from saving deposit? 

(i) Justify the following statement with any two valid arguments. 

 ‘In a perfect competition market structure, an individual firm does not have any role in determining price’. 

(iii) Ram an employee and Shyam an elderly citizen was travelling by train from Delhi to Chennai separately. However, the cost of their tickets is different. Give reasons for the railways charging different prices to different customers. 

(iv) Under what conditions does the supply of good exhibit unitary elasticity?