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Economics
Previous Year Question Paper with Solution
BLS LLB 5 Years · Sem 1
2023-24 Examination
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BLS LLB 5 Years Sem 1 Economics 2023-24 Question Paper with Solutions
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First published on munotes.in on 9 August 2026.
This edition revised 11 August 2026.
Published by munotes.in, Mumbai.
Model answers written and edited by the munotes.in editorial desk.
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The University does not publish an official answer key for this paper. The answers in this volume are model answers, written to show how a full-mark answer is built. They are a study aid, not an authority on what an examiner marked.
The question paper reproduced here is the paper as set by the University of Mumbai at the 2023-24 examination.
Contents
The questions below are the paper as the University of Mumbai set it at the 2023-24 examination, in the order it was set.
MarksPage
MarksPage
The Paper as Set
The questions in this volume are the questions asked at the 2023-24 examination, reproduced as the University of Mumbai set them, in the order it set them. Nothing has been reworded, added or left out. Only the answers are ours. See the original question paper.
Duration 2½ hours · Total marks 75 · 21 questions answered
How to use this volume
Solve the paper first, under exam conditions and against the clock. Then read the answers here and mark your own. Reading a solution before attempting the question feels productive and teaches very little, because recognising an answer is not the same as being able to write one.
SECTION I
Answer the following questions in two sentences
Answer any 6 out of 8 · 12 Marks
1.State two criticisms of scarcity definition of economics.[2]
Answer
The scarcity definition was given by Lionel Robbins in An Essay on the Nature and Significance of Economic Science (1932):
"Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses."
Two criticisms:
- It makes economics neutral between ends, and so removes welfare from the subject. Robbins deliberately excluded value judgments, so economics on his definition studies the allocation of means to any ends, without asking whether the ends are worth pursuing. Critics, above all Alfred Marshall and later welfare economists, object that economics exists to promote human welfare, and a definition that cannot distinguish the production of medicine from the production of narcotics has abandoned its purpose.
- It is static and ignores growth and development. The definition treats the quantity of resources as given and asks only how to allocate them. It says nothing about how an economy increases its resources over time, which is precisely the central question for a developing country like India. Economic growth and development find no place in it.
Two further criticisms often required: it ignores macroeconomics, since Keynes showed that in a depression resources lie unemployed, so the problem is not scarcity but insufficient demand; and it is too abstract and impersonal, presenting the economist as a technician of choice rather than as a student of society.
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