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Economics NEB Grade 12 Model Question Paper Solution 2079-2023

Economics | NEB Grade 12 Model Question Solution | 2079-2023

Dear grade 12 students out there! Namaste. Today, we present you the Economics NEB Grade 12 Model Question Solution 2079-2023 with subject code: 3041 and you can check and view the neb grade xii (12) Economics subject model question paper solution of the year 2079-2023 in PDF format. Please check and download pdf file grade 12 Economics Model question paper of the year 2023-2079 Nepal. The model question provided below – Economics NEB Grade 12 Model Question Solution 2079-2023 for the board exam 2079 and onwards. And it is based on the latest NEB Syllabus for 2079. We will be adding more model question papers solutions of grade xii-12 later on. Also Download Economics Model Question Paper of the year 2079-2023 of grade 12-xii in pdf format which is 630 kb in size. Enjoy!

Economics NEB Grade 12 Model Question Solution 2079-2023.

NATIONAL EXAMINATIONS BOARD [NEB]
NEB Grade XII-12
2079-2023
Model Question Solution
Economics
Subject Code – 3041
Time – 3 hrs
Full Mark – 75

The candidates are required to give their answers in their own words as far as practicable. The figures in the margin indicate full marks.

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Lets start sharing Economics NEB Grade 12 Model Question Solution 2079-2023.

The solution of the Class 12 Economics Model Question 2079 2080 is provided below.

Attempt all the questions

Group A

Very Short Answer Type Questions 11×1 = 11

1. Write any two advantages of division of labour.

Answer: Any two advantages of division of labour are –

i) Right man in Right place.
ii) Improvement of skills.

2. A seller earns Rs. 700 from the sale of 10 units of a good. If s/he sells 1 more unit, her/his total revenue becomes Rs 750, then find marginal revenue by using formula.

Answer:

Here,

Marginal Revenue = Change in Total Revenue/ Change in Quality Sold

Change in Total Revenue = Rs. 750 – Rs. 700 = Rs. 50

Change in Quality Sold = 11 – 10 = 1

Marginal Revenue = Rs. 50/1 = Rs. 50

Therefore, the Marginal Revenue of selling the 11th unit is Rs. 50.

3. What is the policy applied by central bank to control the money supply and credit called?

Answer: The policy applied by the central bank to control the money supply and credit is called monetary policy.

4. Write any one difference between fixed exchange rate and flexible exchange rate.

Answer: The exchange rate system is one in which rate of currency or exchange rate is fixed in terms of another currency is called Fixed Exchange Rate System whereas the exchange rate system is one in which rates of currency or exchange rates is determined by the market forever of demand and supply is called flexible exchange rate.

5. What is ‘structural unemployment’?

Answer: Structural unemployment is defined as the situation which occurs due to change in structure of the economy.

6. When did Nepal become the member of WTO ?

Answer: Nepal became the member of WTO on April 23, 2004.

7. Write down any two policies aimed at reducing the size of population below poverty line in the current plan of Nepal.

Answer: The two policies aimed at reducing the size of population below poverty line in the current plan (15th plan) of Nepal are –
i) Social Security Allowance Program and,
ii) Rural Transformation Program.

8. There is gender inequality in you community. More priority is given to boys as compared to girls either at home or in school. In this regard, state any two roles that you can play to achieve the goal of gender equality in education by 2030 in Nepal ?

Answer: The two roles that I can play to achieve the goal of gender equality in education by 2030 in Nepal are –
i) Raise awareness among parents and the community about the importance of providing equal opportunities to girls for education.
ii) Advocate for policy changes that promote gender equality in education such as equal excess to education and eliminating gender stereotypes in teaching materials.

9. Write any two pre-requisites of primary data collection.

Answer: The two pre-requisites of primary data collection are –
i) Having a clear research design and,
ii) Selecting appropriate data collection tools.

10. The sources of primary data collection are book, newspaper, radio, etc. But there are various problems in data collection from such sources. In this regard, point out any two problems while using the data from secondary sources.

Answer: The two problems that can arise while using the data from secondary sources are –
i) a lack of control over data quality and,
ii) a lack of relevance to the research question.

11. If the difference and sum of first quartile (Q1) and third quartile (Q3) are 45 and 75 respectively. Find the coefficient of quartile-deviation and interpret it.

Answer:

Here,
According to question –
Q3-Q1= 45 and
Q3+Q2 = 75.
So,
Coefficient of Quartile Deviation = (Q3-Q1)/(Q3+Q1) = 45/75 = 0.6

Group B

Short Answer Type Questions 8×5 = 40

12. What is the meaning of allocation of resources ? Identify and describe the three major issues that may arise while allocating resources. 2+3

Answer: Allocation of resources is the basic problem related to the utilization of resources for the production of different goods and services. Since human wants are unlimited, we humans are unable to fulfill all the desires. Therefore, the question arises that how can we get maximum satisfaction by utilization of limited resources. To solve this question, we should go through allocation of resources. The basic themes of it’s are:-

The three major issues that may arise while allocating resources are –
i) What to produce: First of all the producers should decide what is to be produced. For eg: either the paddy is to be produced or the sugarcane should be decided.
ii) How much to be produce: At the second stage, producer should decide how much quantity of goods and service is to be produced.
iii) How to produce: In this stage, the producer should decide that what will be the method of production, used in the production, used in the production process whether it will be a labour intensive technique or capital intensive technique.

Or
What is Market Economy ? Explain any four features of market economy. 1+4

Answer: The economic system in which all the main economic decision are taken by people keeping in view their own self-interest without any state interference or control is called market or capitalist economy system. It is also known as capitalist economy.

The four features of market economy are –
i) Private property: The fundamental feature of Capitalism is that all the productive resources or means of production are owned by private individuals.
ii) Competitive nature: There are more competition between producer and resources owner.
iii) Profit motive: Profit motive is a integral part of capitalism. It helps to force or motivating for carrying out economic activities.
iv) Least government interference: There are least government interference in economic activities and in the working of market forces.

13. Describe the Uncertainty Bearing Theory of Profit. Point-out its’ any four weaknesses. 3+2

Answer: The uncertainty bearing theory of profit was propounded by the American economist, Prof. Knight in his book entitled Risk Uncertainty and Profit, published in 1921. According to this theory, profit is the reward of uncertainty bearing rather than risk taking function.

Prof. Knight divided the risks into two parts in order to clarify the risk and uncertainty:

  1. Insurable Risks: The risk which are insurable or predictable are known as insurable risk. For example: Fire, Accidents, Theft, etc.
  2. Non-Insurable Risks: The risk which are non-insurable and unpredictable are known as non-insurable risks. For example: Change in fashion, habits, innovation, etc.

Any four weaknesses are –
i) a narrow theory,
ii) no profit despite uncertainty bearing,
iii) not applicable in joint stock company,
iv) uncertainty is not factors of production.

14. Give the answer of following questions on the basis of given table. 2+3

Output123456
TC81418284572
AC 7  9 
MC   10 27

i. Complete the above table.

Answer: The complete table is shown below:

OutputTCACMC
1888
21476
31864
428710
545917
6721227

ii. Draw AC and MC curves from the completed table.

Answer: AC and MC curves from the completed table.

15. ‘A monopoly firm can sell as many goods as it wants to sell by decreasing prices’. Based on this information, prepare a table showing the firm’s total revenue, average revenue and marginal revenue. Draw the curves of average revenue and marginal revenue based on the table. 3+2

Answer: A monopoly firm can sell as many goods as it wants to sell by decreasing prices. Based on this information, a table of a firm’s of TR, AR and MR and its curves based of table are showing below:

Price (P)Quantity (Q)TR = P x QAR = TR/QMR = △TR/dQ
1200
101101010
821686
631862
44164-2
25102-6

The above scheduled can be represented in the diagram as follows:

In figure, TR is the total revenue curve. It begins from the origin. TR increases at a decreasing rate upto point A and becomes maximum at point B. Beyond point B TR declines. Thus, initially, TR curve slopes upward and increases at a decreasing rate, reaches upto point A, becomes horizontal straight line between points A and B and slopes downward.

In figure, MR is the marginal revenue curve and AR is the average revenue curve. Average revenue curve is downward slopping. It means to sell more quantity, the price should be reduced. MR curve also slopes downward but lies between AR.

16. Define Money Market and describe any four features of it. 1+4

Answer: The market where short term financial are traded is called money market.

The four features of money market are –
i) Maturity period: The money market deals in the lending and borrowing of the short-term finance, i.e. for one year or less.
ii) Credit instruments: The main instruments of money market are treasury bills, commercial papers, certificate of deposit, etc. which are of short term nature.
iii) Purpose of loan: The money market meets the short term credit needs of business. It provides working capital to the industrialists.
iv) Relation with the central bank: The money market is closely and directly linked with the central bank of the country.

17. Currently, increasing economic inequality situation in Nepal has adversely affected the social, political and whole economic sectors of the country. Suggest any five practical measures to reduce this situation.

Answer: Currently, increasing economic inequality situation in Nepal has adversely affected the social, political and whole economic sectors of the country.

The five practical measures to reduce this situation are –

i) Progressive taxation: The government can implement a progressive tax system to tax the rich at higher rate and redistribute wealth to the poor.
ii) Education and training: Investment in education and training programs can help to improve the skills of the workforce and create a more productive economy.
iii) Social safety nets: Providing social safety nets, such as cash transfers and health insurance, can reduce poverty and provide a safety net for vulnerable populations.
iv) Entrepreneurship: Encouraging entrepreneurship by providing funding, training and mentorship can create jobs and reduce unemployment.
v) Fair trade practices: Promoting fair trade practices through regulations for fair wages, working conditions, and environmental standards can ensure that workers are paid a fair wage and that economic growth benefits are shared more equitably.

18. Nepal has a long history of formulation and implementation of development plan. But there is no sufficient development. In this regard, suggest the steps to formulate an effective development plan in Nepal.

Answer: Nepal has a long history of formulation and implementation of development plan. But there is no sufficient development.

To formulate an effective development plan in Nepal, the following steps can be taken:
i) Assess the current situation: A thorough analysis of the current economic, social, and political situation is necessary to identify the areas that require development.
ii) Identify priorities: Once the situation has been assessed, priorities for development must be identified. These priorities should be based on the needs of the people and the potential for economic growth.
iii) Set realistic targets: Targets for development should be set realistically and be measurable. This will help to ensure that progress can be mentioned and evaluated.
iv) Allocate resources: Adequate resources must be allocated to implement the development plan. This includes financial resources as well as human resources.
v) Monitor and evaluate progress: Regular monitoring and evaluation of the progress of the development plan is necessary to ensure that targets are being met and to identify any areas that require further attention.

By following these steps, Nepal can formulate an effective development plan that addresses the needs of the people and promotes sustainable economic growth.

19. Find the standard deviation from the given data and interpret the result. 4+1

Wages (Rs.)No. of Labour
458
557
653
752
804

Answer:

Solution, Let A = 45.

xFD = X-Afdfd²
458000
5571070700
65320601200
75230601800
804351404900
N = 24∑fd = 330∑fd² = 8600

or
Find Price Index using Laspeyre’s formula and interpret the result. 4+1

Types of GoodsBase YearCurrent Year
PriceQuantityPriceQuantity
Rice70158020
Flour405457
Potato30103512
Oil20072505
Milk305354

Answer:

Solution,
Calculation of Price Index Number.

Base YearCurrent Year
Types of GoodsPrice (P0)Quantity (Q0)Price (P1)Quantity (Q1)P1Q1P0Q0
Rice7015802012001050
Flour405457225200
Potato30103512350300
Oil2007250517501400
Milk305354175150
∑P1Q0 = 3700∑P0Q0 = 3100

Group C

Long Answer Type Questions 3×8 = 24

20. Illustrate the price and output determination process under perfect competition and show the situations of short-run equilibrium of the firm by MR-MC approach. 4+4

Answer: Perfect competition is a market structure where there are a large number of buyers and sellers with homogeneous product selling at a uniform price.

Short-run equilibrium of the firm and industry.

Short-run refers to that time period in which time is short that a firm cannot change the fixed factors like plant and machinery. Therefore, a firm cannot change its production process. Under perfect competition, firms accept the price determined by the industry.

The profit or loss depend on the nature of AC and AR, which can be shown in the following way:

i) If AR>AC, the firm receives excess profit.
ii) If AR=AC, the firm receives normal profit.
iii) If AR<AC, the firm bears loss.

The following conditions must be fulfilled in order to attain equilibrium in the perfectly competitive market are –

i) Market supply should be equal to market demand.
ii) MC=MR.
iii) MC must intersect MR from below.

The short-run equilibrium of the firm and industry under perfect competition has been shown in figure below:

The above figure represents the equilibrium of the industry. In the figure, X-axis represents the output and Y-axis represents the price. The downward-slopping curve DD is the demand curve and the upward-slopping curve SS is the supply curve. Those two curves are intersecting each other at point E which is the equilibrium point. Hence, the equilibrium price and quantity determined by the industry are OP and OQ respectively.

In a perfect competition market, there are three firms A, B, and C which are equilibrium at point E since E firms are price takers. Therefore, AR=MR=P and all firms are price takers at the same price OP. Firm A produces an OQA level of output and gets abnormal profit. Firm B produces an OQB level of output of the same price and gets normal profit. Firm C produces OQC level of output at the same price OP. Firm C is operating in a loss situation. Here, the sum of all firms is the production of industrial production.

21. The Comparative Advantage theory of international trade is related to the need of international trade. Every country imports the goods if their cost of production is high in the country. Explain with a suitable example.

Answer: The comparative advantage theory of international trade states that countries should specialize in producing goods or services that they can produce most efficiently, and then trade with other countries for goods or services that they cannot produce as efficiently. This theory highlights the benefits of international trade, which can lead to lower costs for consumers, increased competition, and increased economic growth.

For example: Consider two countries, Country A and Country B. Country A has a comparative advantage in producing wheat, while Country B has a comparative advantage in producing textiles. Even though Country A can produce textiles and Country B can produce wheat, it is more efficient for each country to specialize in the product in which it has a comparative advantage.

If Country A were to produce textiles, it would have to divert resources away from wheat production, resulting in higher costs and lower efficiency. Similarly, if Country B were to produce wheat, it would have to divert resources away from textile production, again resulting in higher costs and lower efficiency.

By specializing in their respective areas of comparative advantage, both countries can produce goods more efficiently and at a lower cost, which leads to increase trade and economic growth. Country A can export wheat to Country B and import textiles from Country B, while Country B can export textiles to Country A and import wheat from Country A.

Overall, the comparative advantage theory of international trade highlights the importance of specialization and trade, which can lead to increase efficiency, lower costs and economic growth for all countries involved.

22. Foreign employment is a way to solve the unemployment problem for developing countries like Nepal. However, from this, such countries will have to face various problems in future. Considering such possible problems, explain your ideas in four points for each. 4+ 4

Answer: Foreign employment is often seen as a solution to the unemployment problem in developing countries like Nepal, but it can come with its own set of challenges. Here are four points to consider:

i) Loss of skilled labor: Many developing countries, including Nepal, may experience a brain drain as their most skilled and educated workers migrate to foreign countries. This can lead to a shortage of skilled labor in key industries, hindering long-term development.
ii) Social costs: Foreign employment can result in a separation of families, loss of cultural identity, and increased gender imbalances. This can lead to social issues and disrupt the fabric of communities, resulting in broader societal problems.
iii) Economic risks: Heavy reliance on foreign employment can expose developing countries to economic risks such as recessions, political instability, and changes in immigration policies. These risks can destabilize the country’s economy and lead to high levels of unemployment and social unrest.
iv) Dependance on remittances: Remittances sent home by foreign workers may create dependence on foreign income, rather than promoting self-sustaining economic growth. This can result in a lack of investment in local industries and infrastructure, further perpetuating the cycle of dependence on foreign employment.

Overall, while foreign employment can be a temporary solution to the unemployment problem in developing countries, it is important to carefully consider the potential long-term costs and benefits. Developing countries should strive to promote self-sustaining economic growth, invest in education and training programs, and develop policies that support local industries and create job opportunities for their citizens.

Or,
Prioritize and list out any four major SDGs of UN that is directly relevant to Nepal. Why these aims should be prioritized in Nepalese context? Clarify. 2+3+3

Answer: The four major SDGs of UN that is directly relevant to Nepal and why they should be prioritized in the Nepalese context are –

SDG 1: No poverty – Nepal is a developing country with a high poverty rate. Prioritizing this goal would help to reduce poverty and ensure that all Nepalese have access to basic necessities such as food, shelter, and healthcare.

SDG 4: Quality education – Education is critical for social and economic development, and Nepal faces challenges in providing quality education to its citizens. Prioritizing to this goal would help to improve education standards and increase access to education for all, regardless of socioeconomic status.

SDG 6: Clean water and sanitation – Access to clean water and sanitation is a significant issue in Nepal, particularly in rural areas. Prioritizing this goal would help to improve access to clean water and sanitation facilities, reducing the spread of diseases and improving overall health outcomes.

SDG 13: Climate action – Nepal is particularly vulnerable to the impacts of climate change, including natural disasters such as floods and landslides. Prioritizing this goal would help to mitigate the impacts of climate change and build resilience to natural disasters, ensuring the long-term sustainability of the country.

Prioritizing these SDGs in the Nepalese context would help to address some of the most pressing issues facing the country and improve the overall well-being of its citizens.

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