BLS LLB 5 Years Sem 1 Economics 2025-26 ATKT Set 2 75/25 Question Paper - Mumbai University | munotes

Questions asked in this paper

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SECTION I - Answer the following in two sentences (Any SIX out of 8) 12 Marks

1. Q1 Describe Giffen Goods and Veblen Goods ?
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2. Q2 Define Green GDP.
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3. Q3 What is Poverty Line ?
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4. Q4 What is NITI Aayog?
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5. Q5 what is public revenue?
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6. Q6 What is Trade cycle and its different phases ?
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7. Q7 What is the circular flow of income?
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8. Q8 What is meant by Balance of Payments disequilibrium?
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SECTION II - Write Short notes (Any TWO out of 4) 12 Marks

1. Q9 Elasticity of Demand (Types)
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2. Q10 Measures of Money Supply in India
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3. Q11 BRICS - Objectives
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4. Q12 Sources of Public Revenue
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SECTION III - Attempt any Two of the following (Any 2 out of 4) 12 Marks

1. Q13 Amit runs a small cafe where he sells tea and snacks. He observed that when he increased the price of tea by Rs.10, the number of customers decreased sharply. However, when he raised the price of snacks by Rs.10, the demand remained almost unchanged.
   • (a) Identify which product has more elastic demand and explain why.
   • (b) Suggest an appropriate pricing strategy for Amit to increase his revenue.
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2. Q14 Riya runs a small handmade jewelry business. During the festive season, she notices that the price of her bracelets increases due to high demand. In response, she starts producing and supplying more bracelets to the market. However, during the off-season, when prices fall, she reduces her production.
   • (a) Explain how Riya's behavior illustrates the Law of Supply.
   • (b) What would happen to the supply of bracelets if the price continues to rise further?
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3. Q15 Country Y is facing rapid population growth with limited employment opportunities. This has led to rising unemployment and pressure on resources. Meanwhile, developed nations are inviting skilled workers due to labor shortages.
   • (a) How can Country Y convert its large population into an economic advantage?
   • (b) Should the country focus on migration or domestic job creation? Give reasons.
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4. Q16 A developing country files a complaint with an international organization against another country for imposing unfair trade restrictions on its exports. The organization helps resolve disputes and ensures fair trade practices.
   • (a) Identify the organization and explain its main function.
   • (b) How does it help in promoting global trade?
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SECTION IV - Answer the Following in detail (Any Three out of 5) 39 Marks

1. Q17 Critically examine the problems faced by Micro, Small and Medium Enterprises (MSMEs) in India.
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2. Q18 Discuss the role of agriculture in economic development and the causes of low productivity in India ?
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3. Q19 what do you understand by National Income and what are the different measurement methods ?
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4. Q20 Explain the concept of Money Supply and its components.
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5. Q21 Analyze the structure and role of Intergovernmental Fiscal Relations in India.
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