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ICSE Class 10 Economics — practice by topic

Browse 482 questions across 4 Economics topics. Choose what you want to revise, then open a question to check its answer and worked solution.

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Economics topics

Markets and Theory of Supply (144)Money, Banking & Inflation (144)Theory of Demand & Elasticity (98)Factors of Production: Land, Labour, Capital & Enterprise (96)

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The quantity demanded of a commodity is best described as which of the following?Read the answer and worked solution →What term describes resources used in production to create output?Read the answer and worked solution →How many basic factors of production are traditionally recognized?Read the answer and worked solution →Which resource is classified as a secondary factor of production?Read the answer and worked solution →

Worked practice questions

The quantity demanded of a commodity is best described as which of the following?

  1. A flow expressed per unit of time at a given price
  2. A single isolated stock held by the seller
  3. A fixed lifetime total independent of price
  4. A value set only by the government regulator
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Correct answer: A. A flow expressed per unit of time at a given price

1. Quantity demanded is always expressed at a given price. 2. It is a flow, not a single isolated purchase, so it is stated as 'so much per period of time'. 3. For example, one thousand dozens of oranges per day. 4. The option capturing both 'flow' and 'per unit of time at a given price' is correct. _Source: ICAI BoS CA Foundation Paper 4 Business Economics, Ch 2 Unit I "Law of Demand and Elasticity of Demand", p.2_

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What term describes resources used in production to create output?

  1. Factors of production
  2. Intermediate products
  3. Consumer final goods
  4. Depreciation reserves
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Correct answer: A. Factors of production

Factors of production are inputs used in the production process to create output.

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How many basic factors of production are traditionally recognized?

  1. Two basic factors
  2. Four basic factors
  3. Six basic factors
  4. Eight basic factors
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Correct answer: B. Four basic factors

Economics traditionally recognizes four basic factors: land, labour, capital, and enterprise.

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