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ICSE Class X Prelims 2019 : Economics (Jasudben M. L. School (JML), Mumbai)

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Mukesh Dave
Narsee Monjee College of Commerce & Economics (NM), Mumbai
B.Com. ICWA Accounting
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Gujarat Research Society s JASUDBEN M.L. SCHOOL, Khar Std: X Subject: Economics 2018 2019 PRELIMINARY EXAMINATION Date: 7/12/2018 Time: 2 hours Marks: 80 Answer to this paper must be written neatly on the paper provided separately. You will not be allowed to write during the first 15 minutes. This time is to be spent in reading the question paper. Time given at the head of this paper is the time allowed for writing the answers. Section A is compulsory, attempt any four questions from Section B The intended marks for questions or part of questions are given in brackets [ ]. Section A (40 Marks) (Each question carries 2 marks in this section) (Attempt all questions from this section) Question 1 a) Distinguish between tax on income and tax on commodity. [2] b) Give two contingent functions of money. [2] c) State whether all money is capital? [2] d) Which monetary measure is adopted by government to control hyperinflation?[2] e) Supply is more responsive to price in the long period compared to short period. Why? [2] Question 2 a) Distinguish between loan and overdraft. [2] b) Describe risk bearing function of an Entrepreneur. [2] c) Elasticity of demand depends upon the proportion of income spent by a consumer on a commodity explain how? [2] d) Why is external debt considered as a great burden on the domestic country. [2] e) Draw perfectly elastic supply curve. [2] Question 3 a) What is the difference between zero and infinite price elasticity of demand? b) What is bank rate? c) Give two objectives of public expenditures. d) How is the law of demand useful to the a producer and to a finance minister? e) Name the most popular tax system. Give one reason. [2] [2] [2] [2] [2]

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