Economics Semester-1 ICSE Specimen Paper Solved Class-10

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Question 1 : The demand for goods which can be put to several uses is known as:

1. Competitive

2. Autonomous

3. Composite

4. Indirect

Solution : 3. Composite

Question 2:  The productive capacity of a worker is called as

1. Efficiency of labour

2. Mobility of Labour

3. Supply of labour

4. Inefficiency of labour

Solution : 1. Efficiency of labour

Question 3 : Which of the following are considered as factors of production?

1. Land

2. Labour

3. Capital

4. All of them

Solution : 4. All of them

Question 4 : When production of goods is divided into several processes it is known as _________

division of labour.

1. Product based
2. Process based
3. Territorial based
4. Simple based
Solution : 2. Process based

Question 5 : Efficiency of labour is low in India due to

1. Congenial environment at work place
2. High wages
3. Migratory nature of labourers
4. None of the above
Solution : 3. Migratory nature of labourers

Question 6 : The demand for labour is _______

1. Direct
2. Derived
3. Free

4. Elastic

Solution : 2. Derived

Question 7: If the prices of factors of production increases, then the supply will:

1. Decrease

2. Increase

3. Zero
4. None of the above

Solution : 1. Decrease

Question 8:  In economics demand and price have _______ relationship.

1.Zero

2.Positive
3.Direct

4.Inverse

Solution : 4.Inverse

Question 9: Capital earns ________ as factor income.

1. Wage

2. Rent

3. Profit

4. Interest

Solution : 4. Interest

Question 10: There are more possibilities of invention under ______ of labour.

1. Supply
2. Division

3. Mobility

4. None of the above

Solution : 2. Division

Question 11: Car and petrol are examples of _______ demand.

1. Complementary
2. Competitive
3. Substitute
4. Composite

Solution : 1. Complementary

Question 12: __________ possess general acceptability.

1. Cheque

2. Money

3. Bank draft
4. Bond

Solution : 2. Money

Question 13: Under monopoly market a firm/seller has_______

1. Partial control over price

2. Full control over price

3. No control over price

4. None of these

Solution : 2. Full control over price

Question 14: Homogenous products are sold under _________

1. Oligopoly market

2. Monopoly market

3. Perfect competition

4. Monopolistic competition

Solution : 3. Perfect competition

Question 15: These are five stages of evolution of money. Which of the following order is correct?

1. Bank, paper, metallic, commodity, animal.

2 Paper, metallic, Bank, commodity, animal.

3. Animal, commodity, metallic, paper, bank.

4. Animal, commodity, metallic, bank, paper.

Solution : 3. Animal, commodity, metallic, paper, bank.

Question 16: Simultaneous fulfilments of mutual wants by buyers and sellers are ______________

1. Common measure of value

2. Double coincidence of wants.

3. Divisibility of goods

4. Standard of deferred payment.

Solution : 2. Double coincidence of wants.

Question 17: There are a large number of buyers and sellers under a _____ market

1. Monopoly market

2. Perfect market

3. Oligopoly market

4. All of the above

Solution : 2. Perfect market

Question 18: Cotton and cotton seeds are examples of _______ supply

1. Jointly produced goods

2. Inferior goods

3. Composite goods

4. Inferior goods

Solution : 1. Jointly produced goods

Question 19: __________ earns income in the form of profit as a factor of production.

1. land

2. labour

3. capital

4. entrepreneur

Solution : 4. entrepreneur

Question 20: Capital as a factor of production is _____ in nature

1. Durable

2. Perishable

3. Immobile

4. Limited

Solution : 2. Perishable

Question 21:  Electricity is an example of _________ demand

1. Complementary demand

2. Joint demand

3. Composite demand

4. Inferior demand

Solution : 3. Composite demand

Question 22: _________ payments are referred to those payments which are to be done in future

1. Deferred payments

2. Stable payments

3. Derived Payments

4. Indirect Payments

Solution : 1. Deferred payments

Question 23 : Oligopoly is a market situation in which there are only a ________ sellers in the industry

1. Few

2. Large

3. Futuristic

4. Maximum

Solution : 1. Few

Question 24:  Land is a __________ factor of production.

1. Mobile

2. Immobile

3. Temporary

4. Active

Solution : 2. Immobile

Question 25 : Which of these following is not a characteristic of land?

1. Land is a direct demand

2. Land Varies in Fertility

3. Land is limited in supply

4. Land has many uses

Solution : 1. Land is a direct demand

Question 26:  Under ________ system it is difficult to store value

1. Money exchange

2. Price exchange

3. Store exchange

4. Barter exchange

Solution : 4. Barter exchange

Question 27:  Tea and Coffee are examples of _______.

1. Derived goods

2. Substitute goods

3. Inferior goods

4. All of the above

Solution : 2. Substitute goods

Question 28: If the cost of production is less then the supply will _______

1. Decrease

2. Increase

3. Be constant

4. Be Negative

Solution : 2. Increase

Question 29: Lack of divisibility is a problem of ________ system of exchange

1. Trade

2. Barter

3. Money

4. Capital

Solution : 2. Barter

Question 30 :  Labourers have __________ bargaining power.

1. More

2. Less

3. Unlimited

4. Limited

Solution : 2. Less

Question 31:  Indian farmer is an example of ____ type of labour

1. Process based

2. Monopoly based

3. Product based

4. Complex based

Solution : 4. Complex based

Question 32 :  When income increases the demand for __________ types of good will increase

1. Inferior goods

2. Giffen goods

3. Normal goods

4. Coarse goods

Solution : 3. Normal goods

Question 33 : The producers prefer to supply more when the prices are __________

1. Low

2. High

3. Negative

4. Positive

Solution : 2. High

Question 34:  Labour is __________ factor of production.

1. Passive

2. Active

3. Limited

4. Direct

Solution : 2. Active

Question 35:  Land is fixed in two senses

1. Supply and Mobility

2. Demand and Immobility

3. Man made and Perishable

4. All of the above

Solution : 1. Supply and Mobility
Question 36:  Detergent powder and detergent cake are examples of ____

1. Substitute goods

2. Complementary goods

3. Jointly demanded goods

4. Inferior goods

Solution : 1. Substitute goods

Question 37:  When the government gives tax ___________ then the supply of goods will increase

1. Imposition

2. Restriction

3. Concession

4. Perfection

Solution : 3. Concession

Question 38:   Demand for goods will increase during __________ period.

1. Inflation/Boom

2. Deflation

3. Depression

4. Stagnation

Solution : 2. Deflation

Question 39:  __________ of labour is related to division of labour

1. Supply

2. Demand

3. Specialization

4. Universalization

Solution : 3. Specialization

Question 40:  A shirt costing Rs.300 is _________ function of money

1. Measure of value

2. Store of value

3. Transfer of value

4. Cognizable value

Solution : 1. Measure of value

(End of Economics Semester-1 ICSE Specimen Paper)

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