Mumbai University Solved Question Papers
Economics
Previous Year Question Paper with Solution
BLS LLB 5 Years · Sem 1
2025-26 - ATKT 60/40 Examination
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BLS LLB 5 Years Sem 1 Economics 2025-26 - ATKT 60/40 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 2025-26 - ATKT 60/40 examination.
Contents
The questions below are the paper as the University of Mumbai set it at the 2025-26 - ATKT 60/40 examination, in the order it was set.
MarksPage
MarksPage
The Paper as Set
The questions in this volume are the questions asked at the 2025-26 - ATKT 60/40 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
Short Answer Questions
Attempt any 6 out of 10, each question carries 2 marks · 12 Marks
1.Define opportunity cost with an example.[2]
Answer
Opportunity cost is the value of the next best alternative forgone when a choice is made. Because resources are scarce and have alternative uses, choosing one option always means giving up another, and the cost of the decision is what was given up.
It is also called alternative cost or transfer earnings, and the idea was developed by the Austrian economist Friedrich von Wieser.
Examples:
- A student who spends an evening studying Economics gives up the evening's earnings from a part-time job. If the job paid ₹500, the opportunity cost of studying is ₹500.
- If the government uses a plot of land for a hospital, the opportunity cost is the school that could have stood there instead.
- A law graduate who joins litigation at ₹30,000 a month, having refused a corporate job at ₹80,000, bears an opportunity cost of ₹80,000 a month.
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