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Economics
Previous Year Question Paper with Solution
BLS LLB 5 Years · Sem 1
2018-19 Examination
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BLS LLB 5 Years Sem 1 Economics 2018-19 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 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 2018-19 examination.
Contents
The questions below are the paper as the University of Mumbai set it at the 2018-19 examination, in the order it was set.
MarksPage
MarksPage
The Paper as Set
The questions in this volume are the questions asked at the 2018-19 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 3 hours · Total marks 100 · 25 questions answered
Instructions printed on the paper
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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 in brief
All 10 · 20 Marks
1.State two drawback of wealth definition of Economics defined by Adam smith.[2]
Answer
Adam Smith defined economics as "the science of wealth" in An Inquiry into the Nature and Causes of the Wealth of Nations (1776), making the production, distribution and consumption of wealth the whole subject.
Two drawbacks:
- It gives wealth too much importance and man too little. Wealth is treated as the end and human beings as the means of producing it, when in truth wealth is only a means to human welfare. Thomas Carlyle and John Ruskin attacked it on this ground, calling economics a "dismal science" and a "bread and butter science", and Ruskin answered it with the phrase "there is no wealth but life".
- Its meaning of wealth is too narrow. Smith counted only material goods as wealth, so services, which produce no material object, were excluded. On that view a doctor, a teacher, a lawyer and a judge produce nothing, which is plainly wrong and is fatal in a modern economy where services are more than half of national income.
Two further drawbacks: it ignores scarcity and choice, which later economists made the centre of the subject; and its stress on self-interest as the motive of all economic action ignores altruism, custom and public duty.
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