BLS LLB 5 Years Sem 1 Economics February 2026 Question Paper - Mumbai University | munotes

Questions asked in this paper

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

SECTION I - Short Answer Questions (Answer any 6 out of 8) 12 Marks

1. Q1 Define economics and explain its relevance to law.
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2. Q2 Differentiate between microeconomics and macroeconomics with examples.
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3. Q3 Explain Oligopoly
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4. Q4 What are MSME,s? state their two important features
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5. Q5 What is cross elasticity of demand? Give an example.
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6. Q6 Explain exceptions to the law of demand with example.
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7. Q7 Explain the concept of balance of payments (BoP).
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8. Q8 What do you understand by "Commercial Trade Policy"
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SECTION II - Short Notes (Answer any 2 out of 4) 12 Marks

1. Q9 Features and functions of NITI Aayog in the context of economic planning.
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2. Q10 Explain the different phases of trade cycle and give examples of how they affect the economy.
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3. Q11 Explain the difference between direct and indirect taxes and their role in economic development.
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4. Q12 Features of Indian Money Market
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SECTION III - Situational Questions (Answer any 2 out of 4) 12 Marks

1. Q13 India is facing a situation where imports exceed exports, causing a deficit in the current account.
   • (a) Explain the problem using the Balance of Payments (BoP) structure.
   • (b) Suggest two measures the government can take to correct BoP disequilibrium.
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2. Q14 A state government plans to increase public spending on health and education but faces a revenue shortfall.
   • (a) Identify and explain two major sources of public revenue.
   • (b) Suggest one policy measure to increase revenue without burdening citizens excessively.
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3. Q15 Rural areas are experiencing a shortage of essential food grains despite government schemes.
   • (a) Explain the issue using the concept of food security and recent trends.
   • (b) Suggest two steps the government can take to improve food distribution and availability
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4. Q16 A small town has a single electricity supplier and several grocery shops selling similar products.
   • (a) Identify and explain the type of market structure for electricity and groceries.
   • (b) Discuss one advantage and one disadvantage of each market structure for consumers.
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SECTION IV - Long Answer Questions (Answer any 3 out of 5) 39 Marks

1. Q17 Explain the role of WTO, SAARC, and BRICS. How do these organizations help India in trade, economy, and international cooperation? Give examples.
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2. Q18 What are the main problems faced by MSMEs in India? Explain the government schemes and policies that support them and help them grow. Give examples.
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3. Q19 Explain the different sources of public revenue in India. Why are these revenues important for government spending and economic development? Give examples.
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4. Q20 Define poverty and explain the concept of the poverty line. What are the main causes of poverty in India? Suggest strategies and government schemes to reduce poverty.
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5. Q21 Explain the fiscal relationship between the Centre and States in India. How does the Finance Commission help maintain fiscal balance and support development?
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