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ISC Specimen 2011 Economics

3 pages, 40 questions, 22 questions with responses, 23 total responses
Indian School Certificate Examination (ISC), New Delhi
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ECONOMICS (Three hours) (Candidates are allowed additional 15 minutes for only reading the paper. They must NOT start writing during this time) Answer Question 1 (compulsory) from Part I and five questions from Part II. The intended marks for questions or parts of questions are given in brackets [ ]. PART I Question 1 Answer briefly each of the questions (i) to (xv) (i) Explain how Micro Economics and Macro Economics are inter dependent. (ii) Differentiate between movement along the demand curve and shift of the demand curve with the help of a diagram. (iii) Distinguish between fixed cost and variable cost. (iv) Differentiate between Stock and Supply . (v) Define internal economics . Give two examples. (vi) (a) Explain equilibrium price with the help of a diagram. (b) [15 x 2 = 30] What will happen if price is less than equilibrium price? (vii) State two methods of debt redemption. (viii) How is national income different from gross national product at market price? (ix) Define quasi rent. (x) What is pure profit ? How is it different from normal profit ? (xi) Define corporation tax. How does taxation affect the level of circular flow of income? (xii) Discuss the Canon of Equity given by Adam Smith. (xiii) Mention two merits of international trade. (xiv) State the relationship between Balance of current account and Balance of capital account. (xv) Define surplus budget. ------------------------------------------------------------------------------------------------------------------------------40 ISC Specimen Question Paper

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