Hey everyone, welcome back to Gaurab's Blog! The SEE 2081 exams have just wrapped up, and if you’re a Class 10 student eager to check your Economics answers—or just curious about how you did—you’re in the right spot. This post brings you the complete solution to the Economics SEE 2081 question paper, covering all sections: Group A, Group B, and Group C. From market structures to Nepal’s economy and tricky calculations, we’ve got every answer worked out for you. Let’s dive in and see how you nailed it!
Click below to see Original Question
Economics Exam Questions and Answers (SEE 2081)
Group 'A' - Very Short Answer Questions
1. In which market is AR equal to MR?
In a perfect competition market, the average revenue (AR) is equal to the marginal revenue (MR).
2. The total cost of a farmer producing 15 kg cauliflower is Rs. 450. What is the average cost of the production of cauliflower?
The average cost of producing cauliflower is Rs. 30 per kg.
Solution: Average Cost (AC) = Total Cost (TC) ÷ Quantity
AC = Rs. 450 ÷ 15 kg = Rs. 30 per kg
3. What is a local market?
A local market is a place where goods and services are bought and sold within a nearby or small area.
4. What type of land is called marginal land?
Marginal land is the type of land that gives little or no profit after cultivation.
5. Write down the name of the first commercial bank of Nepal and its establishment date.
The name of the first commercial bank of Nepal is Nepal Bank Limited, and it was established on November 15, 1937.
6. Write any two importance of credit instruments.
One importance of credit instruments is that they make payments easier and more convenient.
Another importance is that they reduce the need to carry large amounts of cash.
7. What type of taxes are value added tax and custom tax?
Value added tax and custom tax are both types of indirect taxes.
8. Write any two indicators of economic development.
One indicator of economic development is an increase in income per person.
Another indicator is the improvement in education and health services.
9. Write the full form of WTO.
The full form of WTO is World Trade Organization.
10. Mention any two advantages that Nepal benefits from protection trade policy.
One advantage Nepal benefits from protection trade policy is that it protects local industries from foreign competition.
Another advantage is that it increases job opportunities for people within the country.
11. Mention any two methods of classification of data.
One method of classification of data is based on the nature of the data, such as qualitative and quantitative data.
Another method of classification of data is based on the source of the data, such as primary and secondary data.
Group 'B' - Short Answer Questions
12. Complete the table given below and draw average revenue and marginal revenue curves in a single diagram.
| Quantity Sold | Total Revenue (TR) | Average Revenue (AR) | Marginal Revenue (MR) |
|---|---|---|---|
| 1 | 20 | 20 | - |
| 2 | 36 | 18 | 16 |
| 3 | 48 | 16 | 12 |
| 4 | 56 | 14 | 8 |
| 5 | 60 | 12 | 4 |
| 6 | 60 | 10 | 0 |
| 7 | 56 | 8 | -4 |
The table has been completed with the calculated values of AR and MR.
Graph showing AR and MR curves: AR slopes downward from (1, 20) to (7, 8), and MR slopes downward from (2, 16) to (7, -4).
13(i). Find equilibrium price and equilibrium quantity.
The equilibrium price is Rs. 10, and the equilibrium quantity is 20 units.
13(ii). Compare the condition of demand and supply at the price Rs. 20.
At the price of Rs. 20, the quantity demanded is 0 units, and the quantity supplied is 30 units. Therefore, there is an excess supply (surplus) because supply is greater than demand.
13(iii). Write down the reason for the negative and positive slope of market demand and market supply curves respectively.
The market demand curve has a negative slope because as the price of a good decreases, the quantity demanded increases, following the law of demand.
The market supply curve has a positive slope because as the price of a good increases, the quantity supplied increases, following the law of supply.
14 (OR). Explain the subsistence theory of wage.
The subsistence theory of wage, also known as the "Iron Law of Wages," states that wages tend to settle at a level that provides workers with just enough to meet their basic needs, such as food, shelter, and clothing, to survive and reproduce. If wages rise above this level, the population increases, leading to a larger labor supply, which pushes wages back down. If wages fall below this level, workers cannot survive, reducing the labor supply, which pushes wages back up.
14 (OR). Write the definition of interest. Describe the elements of gross interest.
Definition of Interest: Interest is the payment made by a borrower to a lender for the use of borrowed money, usually expressed as a percentage of the principal amount over a specific period.
Elements of Gross Interest:
- Pure Interest: The basic payment for the use of money, excluding additional charges.
- Risk Premium: Extra amount paid to cover the risk of the borrower not repaying the loan.
- Management Cost: Administrative costs incurred by the lender, such as loan processing.
- Reward for Inconvenience: Compensation to the lender for the inconvenience of lending money.
- Inflation Adjustment: Additional amount to account for inflation, ensuring the lender’s money retains its value.
15 (OR). Explain the Lewis’ theory of Unlimited Supply of Labor.
The Lewis’ theory of Unlimited Supply of Labor explains economic development in a dual-sector economy with a traditional sector, like agriculture, and a modern industrial sector. In the-traditional sector, there is an unlimited supply of labor because many workers are underemployed, with low or zero marginal productivity. These workers can be moved to the modern sector without reducing agricultural output. The modern sector offers higher wages, attracting labor, and as labor moves, the economy grows. Wages in the modern sector remain low due to the unlimited labor supply until the surplus labor is absorbed, after which wages rise.
15 (OR). Explain any five features of the Nepalese economy.
- Agriculture-Based Economy: Agriculture employs about 65% of the population and contributes significantly to GDP, with crops like rice and maize.
- Low Industrialization: Nepal has limited large-scale industries, with most being small-scale, like handicrafts, due to a lack of capital.
- Dependence on Remittances: Remittances from workers abroad contribute around 25-30% to GDP, supporting the economy.
- High Poverty and Inequality: Poverty is widespread, especially in rural areas, with significant income inequality.
- Dependence on Foreign Aid and Trade: Nepal relies on foreign aid and imports, leading to a trade deficit, as exports are limited.
16. What is international trade? Highlight the importance of international trade in the context of Nepal.
What is International Trade? International trade refers to the exchange of goods, services, and capital between countries. It involves exports (selling goods to other countries) and imports (buying goods from other countries).
Importance of International Trade in the Context of Nepal:
- Access to Goods and Services: Nepal imports goods like machinery, fuel, and medicines that are not produced domestically, improving the quality of life for its citizens.
- Economic Growth: Exporting goods like carpets, pashmina, and tea to countries like India and the USA generates revenue, which helps in economic growth.
- Employment Opportunities: International trade creates jobs in export-oriented industries, such as garment manufacturing, reducing unemployment in Nepal.
- Foreign Exchange Earnings: Trade helps Nepal earn foreign currency, which is used to pay for imports and repay foreign debts.
- Technology Transfer: Through trade, Nepal can import advanced technology and machinery, which improves productivity in sectors like agriculture and industry.
17. Clarify any five importance of economic planning in Nepal.
- Reducing Poverty: Economic planning helps allocate resources to poverty reduction programs, such as providing subsidies to farmers and improving education.
- Infrastructure Development: Planning ensures investment in infrastructure like roads, electricity, and irrigation, which are crucial for Nepal’s development.
- Balanced Regional Development: It helps reduce regional disparities by focusing on underdeveloped areas, such as rural hills and mountains.
- Resource Mobilization: Planning ensures efficient use of Nepal’s limited resources, such as land, water, and labor, for maximum benefit.
- Economic Stability: It helps control inflation, manage public expenditure, and stabilize the economy through proper fiscal and monetary policies.
18. Mention any five functions of statistics.
- Data Collection: Statistics helps in systematically collecting data, such as population or income data, for analysis.
- Data Presentation: It organizes data into tables, charts, and graphs to make it easier to understand.
- Data Analysis: Statistics analyzes data to find patterns, trends, and relationships, such as calculating the average income of a population.
- Decision Making: It provides a basis for informed decision-making, such as using unemployment data to create job programs.
- Forecasting: Statistics helps predict future trends, such as forecasting economic growth or inflation rates.
19. Represent the given data in a pie chart.
| Commodity | Mushroom | Tomato | Bean | Brinjal | Potato |
|---|---|---|---|---|---|
| Price/kg | 90 | 40 | 80 | 60 | 30 |
Solution:
Step 1: Calculate the Total Price: Total Price = 90 + 40 + 80 + 60 + 30 = Rs. 300
Step 2: Calculate the Percentage for Each Commodity:
- Mushroom: (90 ÷ 300) × 100 = 30%
- Tomato: (40 ÷ 300) × 100 = 13.33%
- Bean: (80 ÷ 300) × 100 = 26.67%
- Brinjal: (60 ÷ 300) × 100 = 20%
- Potato: (30 ÷ 300) × 100 = 10%
Step 3: Calculate the Angle for Each Commodity:
- Mushroom: 30% × 3.6 = 108 degrees
- Tomato: 13.33% × 3.6 ≈ 48 degrees
- Bean: 26.67% × 3.6 ≈ 96 degrees
- Brinjal: 20% × 3.6 = 72 degrees
- Potato: 10% × 3.6 = 36 degrees
Pie chart showing the distribution of commodity prices.
Group 'C' - Long Answer Questions
20. Introduce money and describe its six functions in brief.
Money is a medium of exchange widely accepted for the payment of goods, services, and debts, simplifying trade by eliminating the inefficiencies of bartering.
Functions of Money:
- Medium of Exchange: Money facilitates trade by being a common medium for buying goods and services.
- Unit of Account: Money provides a standard measure to compare the value of goods and services.
- Store of Value: Money can be saved for future use, retaining its value over time.
- Standard of Deferred Payment: Money is used to settle future debts or payments.
- Measure of Value: Money measures the value of goods and assets uniformly.
- Means of Transferring Value: Money enables easy transfer of value between people or places.
21. Classify and describe the public expenditure in the context of Nepal.
Public expenditure is the money spent by the government to meet the needs of the country and its citizens. In Nepal, it is classified as:
- Development Expenditure: Spending on projects like roads and schools, e.g., hydropower projects.
- Regular Expenditure: Day-to-day expenses like salaries, e.g., paying teachers.
- Capital Expenditure: Spending on long-term assets like bridges, e.g., Kathmandu-Tarai Fast Track.
- Recurrent Expenditure: Regular expenses like subsidies, e.g., fertilizer subsidies.
- Social Welfare Expenditure: Spending on healthcare and education, e.g., free education programs.
In Nepal, public expenditure addresses poverty, improves infrastructure, and promotes growth, but faces challenges like corruption and limited revenue.
22. Calculate Mean and Median from the data given below.
| Class Interval | 0-10 | 10-20 | 20-30 | 30-40 | 40-50 | 50-60 |
|---|---|---|---|---|---|---|
| Frequency | 3 | 5 | 10 | 12 | 8 | 2 |
Step 1: Calculate the Mean
The mean is calculated as: Mean = (Sum of (frequency × midpoint)) / (Total frequency)
Midpoints: 0-10 = 5, 10-20 = 15, 20-30 = 25, 30-40 = 35, 40-50 = 45, 50-60 = 55
Frequency × Midpoint: 3 × 5 = 15, 5 × 15 = 75, 10 × 25 = 250, 12 × 35 = 420, 8 × 45 = 360, 2 × 55 = 110
Sum of (frequency × midpoint) = 15 + 75 + 250 + 420 + 360 + 110 = 1230
Total Frequency = 3 + 5 + 10 + 12 + 8 + 2 = 40
Mean = 1230 / 40 = 30.75
Step 2: Calculate the Median
The median is calculated as: Median = L + ((N/2 - CF) / f) × h
Total Frequency (N) = 40, N/2 = 20
Cumulative Frequency: 0-10 = 3, 10-20 = 8, 20-30 = 18, 30-40 = 30, 40-50 = 38, 50-60 = 40
Median Class: 30-40 (where cumulative frequency first exceeds 20)
L = 30 (lower boundary), CF = 18 (cumulative frequency before median class), f = 12 (frequency of median class), h = 10 (class width)
Median = 30 + ((20 - 18) / 12) × 10
= 30 + (2 / 12) × 10
= 30 + (20 / 12)
= 30 + 1.67
= 31.67
Answer: The mean of the given data is 30.75, and the median is 31.67.
22 (OR). Construct Laspeyres' and Paasche's price index for the year 2024 by taking 2022 as the base year.
| Goods | Base Year 2022 (Price) | Base Year 2022 (Quantity) | Current Year 2024 (Price) | Current Year 2024 (Quantity) |
|---|---|---|---|---|
| Bag | 10 | 2 | 20 | 15 |
| Books | 8 | 10 | 10 | 15 |
| Copy | 5 | 8 | 8 | 12 |
| Pen | 3 | 5 | 5 | 10 |
Step 1: Calculate Laspeyres' Price Index
Laspeyres' Price Index = (Sum of (Current Year Price × Base Year Quantity)) / (Sum of (Base Year Price × Base Year Quantity)) × 100
Current Year Price × Base Year Quantity: Bag = 20 × 2 = 40, Books = 10 × 10 = 100, Copy = 8 × 8 = 64, Pen = 5 × 5 = 25
Sum = 40 + 100 + 64 + 25 = 229
Base Year Price × Base Year Quantity: Bag = 10 × 2 = 20, Books = 8 × 10 = 80, Copy = 5 × 8 = 40, Pen = 3 × 5 = 15
Sum = 20 + 80 + 40 + 15 = 155
Laspeyres' Price Index = (229 / 155) × 100 = 147.74 (approximately)
Step 2: Calculate Paasche's Price Index
Paasche's Price Index = (Sum of (Current Year Price × Current Year Quantity)) / (Sum of (Base Year Price × Current Year Quantity)) × 100
Current Year Price × Current Year Quantity: Bag = 20 × 15 = 300, Books = 10 × 15 = 150, Copy = 8 × 12 = 96, Pen = 5 × 10 = 50
Sum = 300 + 150 + 96 + 50 = 596
Base Year Price × Current Year Quantity: Bag = 10 × 15 = 150, Books = 8 × 15 = 120, Copy = 5 × 12 = 60, Pen = 3 × 10 = 30
Sum = 150 + 120 + 60 + 30 = 360
Paasche's Price Index = (596 / 360) × 100 = 165.56 (approximately)
Answer: The Laspeyres' Price Index for 2024 is approximately 147.74, and the Paasche's Price Index for 2024 is approximately 165.56.
That’s it for the Economics SEE 2081 solutions on Gaurab's Blog! The exams are done, and now you’ve got the full breakdown of every question and answer from the Class 10 Economics paper. Whether you aced it or learned something new checking these solutions, I hope this helps you reflect and recharge. Drop a comment with your thoughts, share this with your classmates, and keep visiting for more post-exam breakdowns and study resources. Congrats on finishing SEE—time to celebrate and see you next time!
Thank u sir
ReplyDeleteIf you have any doubts, Please let me know