BLS LLB 5 Years Sem 1 Economics Solved Question Papers with Answers 2017 to 2026 - Mumbai University | munotes

Economics in the first BLS LLB semester is economics taught for lawyers, and the paper says so itself: one of the questions solved here is simply to discuss the relevance of economics to law. It is set in four sections.

The third section is the one that decides results. Instead of asking for a definition it puts you in a situation and waits to see whether you reach for the right tool. A cafe owner raises the price of tea by ten rupees and watches his customers leave. A town has a single electricity supplier and a dozen grocers selling the same goods. A cinema drops its ticket price from 200 to 150. None of those questions contains the words elasticity, monopoly or perfect competition, and all three are asking about them.

The rest of the paper splits three ways. There is the microeconomic core: demand and its exceptions, elasticity, cost, and the forms a market can take. There is the Indian economy: population growth, agricultural productivity, MSMEs, poverty programmes and the post-pandemic years. And there are the institutions, which are the most finite marks on the paper because the answers do not change: SEBI, the WTO, SAARC, BRICS and the balance of payments.

Do not be thrown by how different the older papers look. Up to 2019-20 this was a 100 mark paper written in three hours. From 2022-23 it has run as 75 marks in two and a half hours alongside a 60 mark paper in two hours. The four-section shape has held throughout. The one real outlier is 2021-22, an online examination of twenty multiple-choice questions and ten descriptive ones, which carried no marks and no duration printed on it at all.

A law student has a genuine advantage in the situational section and should use it. Most of those scenarios are regulatory questions wearing an economics coat, and the reasoning is the reasoning you are being taught in your other papers.

These are model answers prepared by munotes. They are a study aid and not official University answer keys, which the University of Mumbai does not publish.