ICSE Economics Question Paper 2024, Get Answer Key and Paper Analysis

ICSE Economics Question Paper 2024

The Council for Indian School Certificate Examinations (CISCE) has conducted the ICSE Economics Paper 2024 on March 6, 2024, Wednesday. According to students, the ICSE Economics Question paper 2024 was moderate, more to the tougher side. The maximum mark for the ICSE economics paper was 80. Students got a total of two hours to complete the ICSE Economics paper. We have prepared the ICSE Economics Answer Key 2024 so that students can match their responses with the correct answers given here. 

The ICSE Economics paper was easy to understand but lengthy at some point, with questions that looked similar to those from previous years’ papers and sample papers. Students can download the ICSE Economics Answer Key 2024 and Economics Paper PDF without any registration on this page.

ICSE Class 10 Economics Questions 2024

Students can write the answers to this ICSE Class 10 Economics Questions 2024 on the separate paper provided. They will not be allowed to write for the first 15 minutes, they can read the question paper now. The ICSE Board Economics Papers started at 11 a.m. The ICSE board Economics exam 2024 ends at 1:00 p.m. Let’s look at the key points of the ICSE Economics Paper 2024.

ICSE Economics Paper Analysis 2024

All the important instructions about time and others are written at the beginning of this paper. Answer all of the questions in Section A and any four from Section B in the ICSE Economics question paper 2024. This section provides the ICSE Class 10 Economics paper difficulty level as per the sections and the expected good score.

ICSE Economics Paper Analysis: Students Review

• According to students, “The ICSE Class 10th Economics paper was balanced with easy and moderate level questions.”
• Students stated that the answerable questions enabled us to show off our foundational concepts.
• Full economics papers cover a wide range of topics from the economics syllabus.
• Someone found the case-based questions difficult but manageable.
• Section B and C were slightly easier than Section A, but still on the moderate side scale.

ICSE Economics Paper Analysis: Teachers Review

• According to experts, the overall difficulty level of the paper was moderate to difficult.
• ICSE Class 10 Economics paper 2024 focused on key concepts from the syllabus.
• They stated that, except for a few, the paper mostly contained direct questions.
• Students who had thoroughly reviewed and practiced applying their knowledge in different scenarios would have found the paper achievable.
• Overall, the paper appeared fair and manageable for students who had prepared well.
• The paper took a little longer to complete because some of the questions were difficult.

ICSE Economics Answer Key 2024

The Economics class 10 question paper 2024’s first few questions is posted here, along with the matching answer codes. All of the answers are accurate and verified. If students believe any answers should be corrected, please provide feedback in the comment section. Students can also go over the ICSE Economics Important Questions and Answers listed below

Economics Class 10 Question Paper Solutions

The ICSE Economics Paper 2024 Solved Answers is accessible via this page once the exam is completed. The ICSE Economics Answer Key 2024 helps students identify correct and incorrect answers. Correct answers confirmation boost motivation and confidence. We provided expert feedback on the paper from subject matter experts and students in addition to the ICSE Economics answer key.

SECTION A – 16 MARKS

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 (ANS)
(d) 7

(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. (ANS)
(d) Assertion is false but Reason is true.

(iii) At the point of inflextion, is maximum.
(a) total product
(b) total cost
(c) average product
(d) marginal product (ANS)

(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 (ANS)
(d) Monopolistic 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 (ANS)
(b) Monopoly
(c) Oligopoly
(d) Monopolistic Competition

(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. (ANS)

(ix) If S > I, it will lead to:
(a) excess demand.
(b) deficient demand. (ANS)
(c) notional demand.
(d) actual 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.

What kind of goods do each of these Demand curves represent? Give a reason for each of the curves.

Question 3
(1) 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
(1) 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 India
(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 $180 and later changed to $192. 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 of determining foreign exchange rate.

Question 9
Draw a well labelled diagram and explain the circular flow of income in a four-sector model.

Question 10
(1) 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
(1) 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 if the graph shown above can be a common phenomenon or not.
(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

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)
(1) 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 nou points.

Full Solution will be given here…

Economics Answer Key PDF 2024

We have uploaded the ICSE Class 10 question papers with answers in the box below. Download the question paper without any registration.

ICSE Economics Specimen Paper 2024 PDF

The Council for the Indian School Certificate Examination has made its ICSE Economics specimen paper PDF available on its official website. This economics model paper will be extremely beneficial to students in understanding important questions. Download the Solved Economics Class 10 Specimen Paper 2024 PDF below.

Download Solved ICSE Economics Specimen Paper 2024 PDF Link

ICSE Economics Important Questions 2024

Here are some key questions from the standpoint of the exam. Please review this question from your notes and books.

• __________ market has one seller and many buyers.
  (a) Perfect
  (b) Perfectly
  (c) Monopoly
  (d) Monopsony
• Ms. Sakshi, an economics teacher, was explaining the concept of ‘minimum percentage of the total deposits to be kept by any commercial bank with the Central Bank of the country, as per norms prevailing in the country’. From the following choose the correct alternative which specifies towards the concept explained by her?
  (a) Cash reserve ratio
  (b) Repo rate
  (c) Bank rate
  (d) Statutory liquidity ratio
• Which of the following is a determinant of market demand?
  (a) Taste and Preferences
  (b) Consumer Credit Facility
  (c) Income of the consumer
  (d) Government policy
• A shirt costing Rs.300 represents __________ function of money.
  (a) Measure of value
  (b) Store of value
  (c) Transfer of value
  (d) Cognizable value
• How is fixed deposit different from saving deposit?
• ‘Specialization of labour helps the producers in their productive activities and is also beneficial to the workers’. Justify the statement with two suitable reasons. [2]
• Why is capital subject to depreciation? [2]
• Under what conditions does the supply of good exhibit unitary elasticity? [2]
• What is the meaning of inflation?
•  Explain any three evil effects of inflation on production
• What is the meaning of consumer exploitation?
• Explain any three rights of a consume

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