NEB Class 11 · Past paper
The complete NEB Class 11 2074 exam paper for Economics, all 24 questions with solved model answers.
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Critically explain Robbins's definition of economics.
Lionel Robbins, in his book An Essay on the Nature and Significance of Economic Science (1932), defined economics as: "Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alte...
What are the features of labour? (Or: What are the causes of shift in demand curve?)
Features of labour (labour = any mental or physical human effort done for economic reward): - Labour is inseparable from the labourer: the worker must be present to supply labour. - Labour is perishable: if a day's labour is not used, it...
What is capital?
Capital is that part of wealth which is used for further production, that is, the produced means of production. It is a man-made factor of production, for example machines, tools, buildings, raw materials and money used to run a business. Unlike land, capital is not a free gift of nature but is created by human effort and saving.
What is substitute goods?
Substitute goods are pairs of goods that can be used in place of one another to satisfy the same want, such as tea and coffee, or Coke and Pepsi. For substitutes, a rise in the price of one good increases the demand for the other, so the...
What is production possibility curve?
The production possibility curve (PPC) is a curve that shows the various combinations of two goods that an economy can produce with its given resources and technology when all resources are fully and efficiently employed. It is also call...
What is micro economics?
Microeconomics is the branch of economics that studies the economic behaviour of individual units such as a single consumer, a firm, or a particular market. It deals with the determination of price of an individual commodity and factor, ...
Mention any four determinants of supply.
Four determinants of supply are: - Price of the commodity itself. - Prices of factors of production (cost of production). - State of technology. - Prices of related goods and the goals/number of producers in the market.
What are the characteristics of underdeveloped countries?
An underdeveloped country is one with a low level of per capita income and living standard. Main characteristics:
What are the indicators of economic development?
Economic development is a long-term rise in real per capita income accompanied by improvement in living standards. Its main indicators are: - Per capita real income (GNP/GDP per head). - Human Development Index (HDI): life expectancy, ed...
What are the causes of poverty?
Poverty is a state in which a person cannot secure the minimum necessities of life. Main causes: - Rapid population growth exceeding the growth of resources. - Low production and productivity, especially in agriculture. - Mass unemployme...
Explain the distribution and density of population of Nepal from the following table.
| Region | Population (%) | Density (per sq. km.) |
|---|---|---|
| Mountain | 6.7 | 35 |
| Hill | 43.0 | 187 |
| Terai | 50.3 | 392 |
| Nepal | 100 | 180 |
The table shows that the population of Nepal is very unevenly distributed across the three geographical regions. - Terai holds the largest share, 50.3%, of the total population and has the highest density of 392 persons per sq. km. This ...
Discuss the process of plan formulation.
Plan formulation is the process of preparing a periodic development plan. The main steps are: - Determination of objectives and priorities: the central planning body (National Planning Commission in Nepal) fixes the goals such as growth,...
Discuss about the major indicators of Nepalese economy.
The major indicators that describe the present state of the Nepalese economy are: - Low per capita income: Nepal remains one of the poorer countries with low real per capita income. - Dominance of agriculture: agriculture contributes a l...
Describe the importance of mineral resource in Nepalese economy.
Mineral resources are the naturally occurring substances obtained from the earth such as limestone, iron, copper, mica, magnesite, coal and precious stones. Their importance for the Nepalese economy: - Industrial raw material: limestone ...
What are the problems of natural resource management?
Managing Nepal's natural resources (land, water, forest, minerals) faces the following problems: - Lack of proper survey and data: the exact quantity and quality of resources is not fully known. - Shortage of capital for exploration, ext...
What are the problems of tourism in Nepal?
Tourism is an important service industry for Nepal, but it faces many problems:
Solving these problems requires better infrastructure, promotion, security and diversification of destinations.
Discuss the major characteristics of agriculture in Nepal.
Agriculture is the backbone of the Nepalese economy. Its major characteristics are: - Subsistence in nature: most farming is for self-consumption, not for market. - Dependence on monsoon: irrigation facilities are limited, so farming dep...
Give suggestions for transportation development in Nepal.
Transport is essential for trade, mobility and development. Suggestions to develop transportation in Nepal: - Expand and maintain the road network, linking rural areas to markets and district headquarters. - Develop railways and expressw...
Define census and sampling. Explain the methods of primary data collection.
Census method: In the census (complete enumeration) method, data are collected from each and every unit of the population/universe under study. It gives accurate and detailed results but is costly and time-consuming, so it is used when the population is small or high accuracy is essential (for example the national population census).
Sampling method: In sampling, only a representative part (sample) of the population is studied and the results are used to draw conclusions about the whole population. It is cheaper, faster and needs less labour, though it may carry some sampling error.
Methods of primary data collection (primary data = data collected first-hand by the investigator for the specific study):
The choice of method depends on the objective, area, funds and time available for the study.
Construct Laspeyre's price index number for the year 2005 from the following table.
| Commodity | 2004 Price | 2004 Quantity | 2005 Price | 2005 Quantity |
|---|---|---|---|---|
| A | 5 | 60 | 12 | 50 |
| B | 4 | 40 | 10 | 45 |
| C | 3 | 20 | 8 | 30 |
| D | 2 | 50 | 7 | 40 |
Given: Base year (2004) price $p0$, quantity $q0$; current year (2005) price $p1$. Laspeyre's price index uses base-year quantities as weights: $$P{01} = \frac{\sum p1 q0}{\sum p0 q0} \times 100$$ Computation table: Commodity $p0$ $q0$
Find standard deviation.
| Expenditure | 10-30 | 30-50 | 50-70 | 70-90 | 90-110 |
|---|---|---|---|---|---|
| Individual | 3 | 2 | 4 | 3 | 3 |
Given: A continuous frequency distribution. Take mid-value $m$ of each class. $$ \begin{aligned} \bar{x} &= \frac{\sum fm}{N} \ \qquad \sigma &= \sqrt{\frac{\sum fm^2}{N} - \left(\frac{\sum fm}{N}\right)^2} \end{aligned} $$ Computation ...
Find the value using Logarithm Table.
$$\frac{31.3 \times \sqrt{74.3}}{\sqrt{47.3}}$$
Given: $x = \dfrac{31.3 \times \sqrt{74.3}}{\sqrt{47.3}}$
Take logarithm on both sides: $$\log x = \log 31.3 + \tfrac{1}{2}\log 74.3 - \tfrac{1}{2}\log 47.3$$
Reading values from the log table: $$ \begin{aligned} \log 31.3 &= 1.4955\ \tfrac{1}{2}\log 74.3 &= \tfrac{1}{2}(1.8710) \ &= 0.9355\ \tfrac{1}{2}\log 47.3 &= \tfrac{1}{2}(1.6749) \ &= 0.8374 \ \log x &= 1.4955 + 0.9355 - 0.8374 \ &= 1.5936 \end{aligned} $$
Taking antilog: $$ \begin{aligned} x &= \text{antilog}(1.5936) \ &= 39.23 \end{aligned} $$
Answer: The value is approximately 39.23.
Solve by using matrix method.
$$ \begin{aligned} 4x - 3y &= 5 \ 6x + 2y &= 40 \end{aligned} $$
Given: In matrix form $AX = B$: $$A = \begin{bmatrix} 4 & -3 \ 6 & 2 \end{bmatrix}, \quad X = \begin{bmatrix} x \ y \end{bmatrix}, \quad B = \begin{bmatrix} 5 \ 40 \end{bmatrix} $$
Determinant: $$ \begin{aligned} |A| &= (4)(2) - (-3)(6) \ &= 8 + 18 \ &= 26 \end{aligned} $$
Since $|A| \neq 0$, a unique solution exists. Using Cramer's rule: $$ \begin{aligned} x &= \frac{1}{|A|}\begin{vmatrix} 5 & -3 \ 40 & 2 \end{vmatrix} \ &= \frac{(5)(2) - (-3)(40)}{26} \ &= \frac{10 + 120}{26} \ &= \frac{130}{26} \ &= 5 \ y &= \frac{1}{|A|}\begin{vmatrix} 4 & 5 \ 6 & 40 \end{vmatrix} \ &= \frac{(4)(40) - (5)(6)}{26} \ &= \frac{160 - 30}{26} \ &= \frac{130}{26} \ &= 5 \end{aligned} $$
Answer: $x = 5, ; y = 5$. Check: $4(5) - 3(5) = 5$ and $6(5) + 2(5) = 40$. Verified.
Find the equation of a straight line passing through the point (7, 8) making equal intercepts on both axis.
Given: A straight line making equal intercepts on both axes, so intercept on x-axis = intercept on y-axis $= a$. The intercept form of a line is: $$\frac{x}{a} + \frac{y}{b} = 1$$ With equal intercepts $a = b$: $$ \begin{aligned} \frac{x...
Given: Base year (2004) price , quantity ; current year (2005) price . Laspeyre's price index uses base-year quantities as weights: Computation table: Commodity
Given: A continuous frequency distribution. Take mid-value of each class. Computation ...
Find the value using Logarithm Table.
Given:
Take logarithm on both sides:
Reading values from the log table:
Taking antilog:
Answer: The value is approximately 39.23.
Solve by using matrix method.
Given: In matrix form :
Determinant:
Since , a unique solution exists. Using Cramer's rule:
Answer: . Check: and . Verified.
Given: A straight line making equal intercepts on both axes, so intercept on x-axis = intercept on y-axis . The intercept form of a line is: With equal intercepts : $$ \begin{aligned} \frac{x...