ICSE Economics Answer Key 2025 Unofficial (Available): Detailed Question Paper Analysis

i) In economics, what does the capital earn as income?

(d) Interest

ii) Which of the following are examples of substitute goods?

(d) Apple iPhones and Samsung Smart Phones

iii) Assertion (A): Mr. Gupta earns a fixed income every month, but he tends-to get adversely affected during inflation.

Reason (R): The prices of goods, services and the cost of living, does

not rise in the same proportion as income, during inflation.

(a) Both (A) and (R) are true and (R) is the correct explanation of (A).

iv) Amit buys 1 kg of mangoes at ?120 per kg. Other things remaining constant, when the price of mangoes falls to 290 per kg, he buys 2 kg of mangoes. Amit's choice in the given situation shows which concept?

(d) Expansion of Demand

v) The rate of tax, which is uniform for all the taxpayers, is termed as:

(a) Progressive

vi) Which factor will be responsible for 'product diversification' through innovation?

(b) Entrepreneur

Statement 2: Money helps in monetary expression of the market value of

the commodity.

(d) Statement I is false and Statement 2 is true..

(b) Bureau of Indian Standards

ix) Examine the relation between price and quantity supplied: Price : 10, 12, 14 ; Demand: 5, 7, 9

(a) Positive

x) Which market structure has the least number of sellers?

(a) Oligopoly

xi) Direct taxes are regressive in nature.

(b) False

xii) Savings → Mobilisation → Investment .  The above image depicts stages of

 (a) Capital Formation

xiii) Radhika cannot postpone her demand for woollen clothes during winter season but at the same time can postpone her demand for a car. This is because her demand for woollen clothes. is:,

 (b) Inelastic

 xiv) Study the relationship in the first pair of words and complete the second pair.

1. Revenue earned by the government through railway fares : Commercial revenue

2. Revenue earned through Special Assessment :

(c) Administrative 

 (a) Specialisation

(b) unproductive

Overall Difficulty Level

Moderate

Section A Difficulty Level

Easy

Section B Difficulty Level

Moderate to Difficulty

Expected Good Score

To be Updated

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