Mumbai University Solved Question Papers
Economics
Previous Year Question Paper with Solution
BLS LLB 5 Years · Sem 1
2025-26 - ATKT Set 2 75/25 Examination
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BLS LLB 5 Years Sem 1 Economics 2025-26 - ATKT Set 2 75/25 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 2025-26 - ATKT Set 2 75/25 examination.
Contents
The questions below are the paper as the University of Mumbai set it at the 2025-26 - ATKT Set 2 75/25 examination, in the order it was set.
MarksPage
MarksPage
The Paper as Set
The questions in this volume are the questions asked at the 2025-26 - ATKT Set 2 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
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SECTION I
Answer the following in two sentences
Any SIX out of 8 · 12 Marks
1.Describe Giffen Goods and Veblen Goods ?[2]
Answer
Both are exceptions to the law of demand: for each, demand rises when price rises.
Giffen goods are strongly inferior goods that take up a large share of a poor household's budget. When their price rises, the household becomes so much poorer in real terms that it cuts the costlier substitute and buys more of the cheap staple. Named after Sir Robert Giffen, whose observation of bread among nineteenth-century English labourers was reported by Alfred Marshall in Principles of Economics (1890). An Indian example is coarse cereals such as bajra or jowar for a very poor family: if their price rises, the family gives up pulses or vegetables and eats still more of the cereal.
Veblen goods are luxury goods bought for display. Demand rises with price because the high price is the attraction, signalling status. Named after Thorstein Veblen, who described "conspicuous consumption" in The Theory of the Leisure Class (1899). Examples are designer handbags, luxury watches and premium cars.
The difference: a Giffen good is bought because the buyer is poor, a Veblen good because the buyer wishes to appear rich.
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