M.A Economics

The entrance exam would majorly include questions from 4 main economics papers and general knowledge, given below:
1. Statistics: Probability, Averages and Dispersion
2. Microeconomics: Different productions and cost functions with emphasis on their minimization exercise and profit maximization problems, different forms of competition encompassing perfect competition, monopoly, basic theory of general equilibrium
3. Macroeconomics: Basic knowledge of average graduation level should be sufficient. Emphasis on growth models
4. Mathematical Economics: Series, sequences, functions and relations, sets, basic calculus such as integration and differentiation. Incorporate notions of implications, quantifiers etc. In Logic. General Knowledge:
Preliminary knowledge of national and international economy and regular surfing of newspapers will be enough. I can also suggest you:-
Identify the weightage of each sections and sub-sections and allocate the time keeping your strengths in mind. Invest sufficient time in improving, strengthening your vocabulary and reading skills from the beginning. Having good command in Vocabulary and Grammar will help you score more marks in less time.
Hope this helps.

It all depends on your interest. Both are good courses. Here I am mentioning career prospects of both.
Career prospects in MA Eco:
The study of economics provides a good opportunity to gain an edge in today rapidly globalizing world. Well-trained economists are in huge demand across industries, not only at the national but at the international level as well. In recent years, there has been a sudden spun in the demand for economic analysts, researchers and consultants. It is precisely against this backdrop that the study of economics opens up the doors of a wide variety of the most sought-after career options. I have mentioned all the available options that I could think of
1) Every corporation, financial service provider, financial institution, consultancy firm and the public, as well as the government sector bank, have positions for economists, research associates, research analysts, risk managers, debt managers, budget managers, investment analysts, economic advisory, econometrician, etc.
2) There is a good scope of teaching in schools, colleges and the universities. However, in order to teach in a university and M.Phil and/or a Ph.D is mandatory after clearing theJRF NETexamination.
3) You have an option of writing the Indian Economic or Statistical Service Examination conducted by the Union Public Service Examination get into higher posts available in the government sector. Those who qualify this exam can get into the central government services which manage economic planning and analysis.
4) Various government organisations offering opportunities to economics postgraduates (graduates too in some cases depending upon the eligibility for the applied post) are:
Planning Commission, RBI, National Council for Applied Economic Research, National Institute of Public Finance and Policy, also international organisations such as the World Bank, Asian Development Bank and the International Monetary Fund.
Career prospects in LLB:
Lawyers can find employment in both public and private sector organizations. Central and state government jobs are also available for lawyers. Lawyers can also work as legal advisory and legal counsellor for firms, organizations and families. The LLB graduates can work in:
Legal Cells of Private and Public Sector Companies
State Bar Councils
Consulting FirmsIndian and Foreign Law Firms
Legal Department of Foreign Companies
Multi-National Companies
Global Audit and Compliance Firms.