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Economics
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BLS LLB 5 Years · Sem 1
2022-23 - ATKT Examination
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BLS LLB 5 Years Sem 1 Economics 2022-23 - ATKT Question Paper with Solutions
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First published on munotes.in on 9 August 2026.
This edition revised 10 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 2022-23 - ATKT examination.
Contents
The questions below are the paper as the University of Mumbai set it at the 2022-23 - ATKT examination, in the order it was set.
MarksPage
MarksPage
The Paper as Set
The questions in this volume are the questions asked at the 2022-23 - ATKT 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 2 hours · Total marks 60 · 22 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
Any Six out of 10 · 12 Marks
1.Write two features of the wealth definition of Economics.[2]
Answer
The wealth definition is the oldest definition of economics, given by Adam Smith in An Inquiry into the Nature and Causes of the Wealth of Nations (1776), which is why he is called the Father of Economics. He defined economics as "the science of wealth", concerned with the production, distribution and consumption of wealth and with the causes of a nation's prosperity.
Two of its features:
- Wealth is the central subject. Economics studies how wealth is produced, exchanged, distributed and consumed, and man enters the study only as a means of producing it.
- Only material goods count as wealth. Wealth means things that are material, transferable, scarce and have value in exchange, so services, which produce no material object, were excluded.
Two further features: it treats self-interest and the free market, guided by Smith's "invisible hand", as the engine of prosperity; and it is concerned with the causes of national wealth, particularly the division of labour.
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