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ICSE Class 10 Economics Answer Key 2024: The Class 10th Economics exam 2024 has been conducted today i.e., Mach 06, 2024 Wednesday by the Council for Indian School Certificate Examinations (CISCE). The exam begins at 11:00 am and continued till 01:00 pm. As the exam is successfully conducted students can able to check and download the complete unofficial ICSE Class 10 Economics Answer Key 2024 PDF and Question Paper analysis of all the sets by clicking on the direct link that has been shared below. However students must understand that the answer key may not always be accurate, so cross-checking with the official sources is very important.
ICSE Class 10 Economics Answer Key 2024
Today, on March 06, 2024, ICSE Class 10th students geared up for their Economics exam scheduled from 11:00 am to 01:00 pm. The ICSE Class 10th Economics exam 2024 assesses students’ understanding of economic concepts, politics, and applications. The ICSE Class 10th Economics question paper covered topics like demand and supply, market structures, national income, and more. Students are allotted a time duration of 2 hours to complete the Economics exam from which the first 15 minutes students will have to read the question paper. After the successful conduction of the ICSE Class 10 Economics Exam 2024 students can check the complete Class 10 Economics answer key 2024 here.
ICSE Economics Class 10 Answer Key 2024
The ICSE Class 10th Economics board exam 2024 has been conducted in offline mode i.e., pen and paper mode. The ICSE 10th Economics exam was for a maximum mark of 100 marks out of which 80 marks were for the theory exam and the rest 20 marks were for the internal assessments.
| ICSE Class 10 Economics Answer Key 2024 | |
| Exam Conducting Body | Council for Indian School Certificate Examinations (CISCE) |
| Name of the Examination | ICSE Class 10th Board Examinations 2024 |
| Category | Answer Key |
| Status | Released |
| ICSE Class 10th Economics Exam Date 2024 | March 06, 2024 |
| ICSE Class 10th Economics Answer Key Release date 2024 | March 06, 2024 |
| Mode of Answer Key Availability | Online Mode |
| ICSE Class 10th Economics Total Marks | 80 marks |
| Official Website | www.cisce.org |
ICSE Class 10 Economics Paper Analysis 2024
The ICSE Class 10th Economics examination 2024 has been successfully conducted on March 06, 2024. As per students, “The ICSE Class 10th Economics paper was balanced, covering a good range of topics from the economics syllabus. They said that the answerable questions allowed us to showcase our understanding.
As per experts, “The ICSE Class 10 Economics paper this year was generally viewed as balanced and fair, covering the key concepts from the syllabus. Students who had revised comprehensively and practiced applying their knowledge to various scenarios would have found the paper manageable.”
- Overall, the paper felt fair and manageable for students who prepared well.”
- The MCQs, in the beginning, were a confidence booster.
- Some questions required applying concepts to real-world scenarios, which was a good challenge.
- The difficulty level seemed moderate, with a mix of straightforward and thought-provoking questions.
ICSE Class 10 Economics Answer Key 2024
SECTION A
(Attempt all questions from this Section.)
Question 1
(i) If the price elasticity of demand for a commodity is 2 and the percentage change in price is 5, the percentage change in quantity demanded will be:
(a) 3
(b) 2.5
(c) 10
(d) 7
Answer: (C) 10
(ii) Assertion: An increase in public expenditure during recession can help to control the situation.
Reason: Government reduces subsidies to overcome its budget deficit.
(a) Both Assertion and Reason are true, and Reason is the correct explanation of Assertion.
(b) Both Assertion and Reason are true, but Reason is not the correct explanation of Assertion.
(c) Assertion is true but Reason is false.
(d) Assertion is false but Reason is true.
Answer: (c) Assertion is true but Reason is false.
(iii) At the point of inflextion, is maximum.
(a) total product
(b) total cost
(c) average product
(d) marginal product
Answer: (d) marginal product
(iv) In which one of the following types of market, are Average Revenue curve and Market Demand curve the same?
(a) Monopoly
(b) Oligopoly
(c) Perfect Competition
(d) Monopolistic Competition
Answer: (c) Perfect Competition
(v) The diagram given below shows the change in price of cotton shirts. Which one of the following causes the equilibrium price to move from P₁ to P₂?
(vii) Government of India purchased Raffle aircrafts from France in recent times. Which one of the following market forms is applicable for this product in India?
(a) Monopsony
(b) Monopoly
(c) Oligopoly
(d) Monopolistic Competition
Answer: (a) Monopsony
(viii) Revenue receipts in the government’s budget:
(a) create liability.
(b) reduce liability and create assets.
(c) reduce assets.
(d) keep liability and assets unaltered.
Answer: (d) keep liability and assets unaltered
(ix) If S > I, it will lead to:
(a) excess demand.
(b) deficient demand.
(c) notional demand.
(d) actual demand.
Answer: (b) deficient demand.
(x) An increase in the number of firms in the market causes a rightward shift in the market supply curve, but the individual supply curve may shift leftwards. Justify the statement.
(xi) State whether the following is True or False. Give a reason for your answer. TVC is an avoidable cost.
(xii) Mention any one difference between Induced investment and Autonomous investment.
(xiii) Why is the demand curve for foreign exchange negatively sloped?
(xiv) Mention any one difference between the Balance of Trade and the Balance of Payment.
(xv) How is APS obtained from APC?
(xvi) With reference to Simple Keynesian model, give the meaning of ex-ante demand.
SECTION B-32 MARKS
Question 2
(i) Milk is used for making curd, sweets and chocolates. What type of demand does milk have? Give a reason.
(ii) Figures (A), (B) and (C) given below represent different types of Demand curves.
Question 3
(i) A huge production of onions and lack of storage facilities have caused a continuous fall in its price. This may adversely affect the production of onions in the subsequent year. With the help of a diagram, briefly explain the measure that the government should adopt to combat this situation.
(ii) Draw and explain Average Fixed Cost curve.
Question 4
With the help of a diagram, explain the relationship between Average Product and Total Product under the Law of Variable Proportions.
Question 5
(i) Briefly discuss the implication of ‘freedom of entry and exit’ under perfect competition
(ii) Per unit price of electricity is higher in the Commercial sector as compared to the Domestic sector. Identify and briefly describe this phenomenon. Name the market in which it is applicable
OR
(i) Briefly discuss the importance of Selling Cost under oligopoly market.
(ii) There are many manufacturers of pencils in the market who produce pencils in different designs and colours to attract children. Which market form is referred to here? Briefly explain the feature of this market form indicated in the given situation.
Question 6
(i) What is meant by autonomous consumption expenditure? Show it on a diagram.
(ii) When National Income rises from 600 cr. to 1000 cr., the consumption expenditure increases from 500 cr. to 800 cr. Calculate MPC and hence the value of Investment Multiplier.
Question 7
(i) A large amount of fiscal deficit proves to be counter productive. Give any two reasons in support of this statement.
(ii) What is meant by no quid pro quo of a tax? Name any two direct taxes.
Question 8
(i) Categorise the following items into Current Account or Capital Account of Balance of Payment of India.
(a) Acquisition of land in India by an American firm
(b) Use of transport by Indian tourists in Dubai
(c) Dividend paid to foreigners on their investment in shares in
(d) Loan taken by India from International Monetary Fund (IMF) to cover its BOP deficit
(ii) Briefly explain the effect of the following on the Balance of Payment of a country.
(a) Inflationary pressure in the economy
(b) Appreciation in domestic exchange rate.
OR
(i) Suppose the exchange rate was $1=80 and later changed to $1 = 92. What will be its effect on the following?
(a) Export of cotton garments by India to the USA
(b) Export of technical knowledge by the USA to India
(c) Import of wheat by India from the USA
(d) Import of gold jewellery by the USA from India
(ii) Briefly discuss the fixed exchange rate system rate. of determining foreign exchange
Question 9
Draw a well labelled diagram and explain the circular flow of income in a four-sector model.
SECTION C-32 MARKS
Question 10
(i) How is Total Revenue under perfect competition different from Total Revenue under imperfect competition? Give two points to show the difference.
(ii) Explain the short run equilibrium of a perfectly competitive firm earning supernormal profit with the help of a diagram.
Question 11
(i) Draw a straight-line demand curve joining both the axes. Indicate the following on the demand curve.
(a) Elasticity of demand is equal to zero
(b) Elasticity of demand is greater than one
(ii) Observe the graph given below and answer the questions that follow.
(a) Give a reason to explain phenomenon or not. if the graph shown above can be a common
(b) What is an indifference map? Draw its diagram.
(c) State any two differences between cardinal utility and ordinal utility.
OR
(i) Give two differences between intended supply and actual supply.
(ii) Refer to the diagram given below and answer the questions that follow.
(a) What does the line AB represent? Why is the line AB negatively sloped? Good X
(b) At which one of the given points, D, E and F, will the consumer attain equilibrium? Explain.
(c) Briefly explain why the consumer is not in equilibrium at the other two points.
Question 12
(i) State whether the following items will be included in the estimation of National Income or not? Give a reason for your answer.
(a) Government expenditure on street lighting.
(b) Profit earned by State Bank of India in a foreign country.
(ii) Calculate GNPMP and NNPFC from the following data by Expenditure Method.
OR
(i) State whether the following items will be included in the estimation of National Income or not? Give a reason for your answer.
(a) Fresh tomatoes used by a food processing company.
(b) Wooden cupboard purchased by a family.
(ii) Calculate National Income using Income method and Output method.
Question 13
Read the passage given below and answer the questions that follow.
The Monetary Policy Committee (MPC) increased the repo rate, at which RBI lends short term funds to the commercial banks, from 6-25 percent to 6.50 percent. This increase in repo rate is based on the increase in the key rate by 250 bps. The Committee also decided to continue the withdrawal of money supply in the economy. [Source (Edited): The Economic Times, Feb. 8, 2023]
(i) Which function of central bank is hinted at, in the passage given above?
(ii) In which situation does central bank adopt the measure given in the above passage?
(iii) Explain any two monetary measures that can be used to accomplish a similar objective, other than the one given in the above passage.
(iv) Differentiate between Reserve Bank of India and Commercial banks by giving any two points.
ICSE Class 10 Economics Question Paper 2024 PDF Download
The Council for Indian School Certificate Examinations (CISCE) has conducted the Class 10 Economics Exam 2024 on March 06, 2024. The ICSE Question Papers are valuable resources as after the successful conduction of the exam, these question papers help the students to evaluate their performance in the exams. These question papers will help the students preparing to appear in the class 10th exams next year to provide an overview of the question paper, and the types of questions asked in the examination. The direct link to download the ICSE Class 10 Economics Question Paper 2024 PDF has been shared here.
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