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Economics
Previous Year Question Paper with Solution
BLS LLB 5 Years · Sem 1
2024-25 Examination
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BLS LLB 5 Years Sem 1 Economics 2024-25 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 question paper reproduced here is the paper as set by the University of Mumbai at the 2024-25 examination.
Contents
The questions below are the paper as the University of Mumbai set it at the 2024-25 examination, in the order it was set.
MarksPage
MarksPage
The Paper as Set
The questions in this volume are the questions asked at the 2024-25 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
Instructions printed on the paper
- Figures to the right indicate full marks.
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.Write a difference between Micro and Macro economics. Give example.[2]
Answer
The terms were coined by the Norwegian economist Ragnar Frisch in 1933, from the Greek mikros (small) and makros (large).
Microeconomics studies individual economic units: a single consumer, a single firm, a single market or a single price. It is also called price theory.
Macroeconomics studies the economy as a whole: aggregates such as national income, total employment, the general price level and total output. It is also called income and employment theory.
The principal difference:
| Basis | Microeconomics | Macroeconomics |
|---|---|---|
| Subject matter | Individual units | The economy as a whole |
| Central problem | Price determination and allocation of resources | Determination of income and employment |
| Method | Partial equilibrium, other things being equal | General equilibrium |
| Also called | Price theory | Income theory |
Examples:
- Micro: how the price of onions in a Mumbai market is fixed; the output decision of a single textile mill; the wage of a particular worker.
- Macro: India's GDP growth rate; the national rate of unemployment; the general rate of inflation measured by the Consumer Price Index.
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