BLS LLB 5 Years Sem 1 Economics 2024-25 ATKT 75/25 Question Paper - Mumbai University | munotes

Questions asked in this paper

• All sections are compulsory.
• Marks are indicated next to each question.
• Answer questions concisely and clearly.

SECTION I - Short Answer Questions (Answer any 6 out of 8) 12 Marks

1. Q1 Define economics and explain its importance in law.
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2. Q2 What are the basic problems of an economy?
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3. Q3 Explain the concept of opportunity cost with an example.
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4. Q4 Differentiate between economic growth and economic development.
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5. Q5 What is the role of the Reserve Bank of India (RBI) in the economy?
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6. Q6 Define fiscal deficit and its implications on an economy.
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7. Q7 Explain the concept of Balance of Payments (BoP).
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8. Q8 What is the role of foreign exchange reserves in economic stability?
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SECTION II - Short Notes (Answer any 2 out of 4) 12 Marks

1. Q9 Features and functions of Indian Planning Commission & NITI Aayog.
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2. Q10 Financial Markets in India: Types and Functions.
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3. Q11 Foreign Direct Investment (FDI) and its impact on the Indian economy.
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4. Q12 The role of taxation in economic development.
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SECTION III - Situational Questions (Answer any 2 out of 4) 12 Marks

1. Q13 The government is facing a high inflation rate, causing food and fuel prices to rise. The opposition and the public are demanding immediate action to control inflation.
   • (a) What fiscal policy measures should the government take to reduce inflation?
   • (b) How will these measures affect consumers and businesses?
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2. Q14 A new startup selling organic food products is struggling with low demand despite its superior quality and health benefits. The company wants to analyze consumer behavior and improve its sales strategy.
   • (a) How can the law of demand help the company understand its problem?
   • (b) Suggest two marketing strategies that can increase demand.
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3. Q15 India's trade deficit is rising due to increased imports and slow export growth. This has led to concerns over the weakening of the rupee and foreign exchange reserves.
   • (a) What measures can the government take to promote exports and reduce trade deficit?
   • (b) How does a fluctuating rupee value impact trade and foreign investments?
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4. Q16 Financial Market Decisions: A large manufacturing company wants to expand its business but requires substantial capital. It is exploring financial market options to raise funds.
   • (a) What are the different sources of finance available in financial markets?
   • (b) How does SEBI regulate stock markets to ensure fair trade and investor protection?
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SECTION IV - Long Answer Questions (Answer any 3 out of 5) 39 Marks

1. Q17 Explain the fundamental principles of economics and discuss their importance in legal studies.
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2. Q18 Critically analyze the challenges faced by the Indian economy in the post-pandemic era.
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3. Q19 Discuss the role of financial institutions like RBI, SEBI, and commercial banks in India's economic development.
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4. Q20 Explain the impact of globalization and international trade on the Indian economy, with examples.
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5. Q21 Evaluate the role of fiscal and monetary policies in stabilizing the Indian economy.
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