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BLS LLB 5 Years Sem 1 Economics 2024-25 - ATKT 75/25 Question Paper with Solutions

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Economics

Previous Year Question Paper with Solution

BLS LLB 5 Years · Sem 1

2024-25 - ATKT 75/25 Examination

munotes.in

Mumbai

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.

Passages from this volume may be quoted, in print, online or by an AI system, with credit: name munotes.in and link to this volume's page. The volume may not be reproduced as a whole. Full terms at munotes.in/content-license.

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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 2024-25 - ATKT 75/25 examination.

The questions below are the paper as the University of Mumbai set it at the 2024-25 - ATKT 75/25 examination, in the order it was set.

MarksPage

The Paper as Set

The questions in this volume are the questions asked at the 2024-25 - ATKT 75/25 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

All sections are compulsory.
Marks are indicated next to each question.
Answer questions concisely and clearly.

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.

Read the original question paper

SECTION I

Short Answer Questions

Answer any 6 out of 8 · 12 Marks

1.Define economics and explain its importance in law.[2]

Answer

Definition

"Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses."
(Lionel Robbins, An Essay on the Nature and Significance of Economic Science, 1932)

The definition rests on four elements: unlimited ends, scarce means, alternative uses of those means, and the resulting necessity of choice. An earlier definition by Alfred Marshall (Principles of Economics, 1890) described economics as a study of mankind in the ordinary business of life.

Importance in law

Both subjects deal with scarcity. Economics explains how scarce resources are allocated; law creates and enforces the rights that make that allocation binding, so the law of property and the law of contract are allocation rules in legal form.

Economic legislation cannot be applied without economics. The Competition Act 2002, the Consumer Protection Act 2019 and the Insolvency and Bankruptcy Code 2016 rest on the concepts of market, monopoly, cost and solvency.
Law and Economics is itself a school of legal thought, founded by Ronald Coase in The Problem of Social Cost (1960) and developed by Richard Posner in Economic Analysis of Law (1973), which tests a legal rule by the efficiency of the outcome it produces.
Constitutional adjudication requires it. When a court tests a restriction on trade under Article 19(6) against the freedom guaranteed by Article 19(1)(g), it is weighing an economic consequence.

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