Section - A
1. (Answer all the eight parts of the following question. Answer to each part should be in approximately 50 words.)
Marks: 5 × 8 = 40
(a) Wiseman - Peacock Hypothesis
(Comment for solution.)
(b) Transfer and Non-transfer expenditure
(Comment for solution.)
(c) Debt-Nature Swap
(Comment for solution.)
(d) Pollution Haven Hypothesis
(Comment for solution.)
(e) Contingent Ranking
(Comment for solution.)
(f) Social Problem with Monopoly
(Comment for solution.)
(g) Concentration Ratio
(Comment for solution.)
(h) Democratic Planning
(Comment for solution.)
Section - B
(Answer any ten of the following questions. Each answer should be in about 150 words.)
Marks: 12 × 10 = 120
2. "Canons of public expenditure reflect the philosophy of a judicious use of public funds."
In the light of the above, what are the canons of public expenditure ? Can deficit budgeting render any positive response?
(Comment for solution.)
3. Critically examine the "Cost-of-Service Approach" in Taxation. Do you think that it is feasible in a democratic country like India?
(Comment for solution.)
4. "The U.S. tax system, like that of any other country, has developed in response to many influences - economic, political and social It has not with the optimal requirements for a good tax structure. Yet, ideas about what constitutes a good tax system have had their influence." In this context, what are the requirements for a "Good" tax structure in India?
(Comment for solution.)
5. What is meant by the term 'property rights'? If a person owns the property rights, what powers are conferred by those rights to ensure efficient allocation?
(Comment for solution.)
6. Distinguish between weak sustainability and strong sustainability paradigms. Which of the two approaches is ecologically sensitive?
(Comment for solution.)
7. What is a market failure? Give an example of environmental market failure. Also, explore most prominent causes of market failure for environmental assets.
(Comment for solution.)
8. Describe different methods used for estimating the impact of Global Warming. "Many of the methods focus on long term equilibrium rather than short term adjustments." What is the reason?
(Comment for solution.)
9. Why are both industry and firm demand curves downward sloping in monopoly markets?
(Comment for solution.)
10. Elaborate the economic effects of countervailing power and give examples of markets in which countervailing power is observed.
(Comment for solution.)
11. How does the Stackelberg equilibrium model differ from the Cournot's model? Elaborate the price and output determination of these models.
(Comment for solution.)
12. "Economic planning limits the economic freedom of the individual to some extent but it does not limit it more than an unplanned market economy does." Give your view with suitable logic on above statement.
(Comment for solution.)
Section - C
(Answer any two of the following questions in about 250 words each.)
Marks: 20 × 2 = 40
13. (a) What are the limitations of legal measures of environmental protection?
(Comment for solution.)
(b) Discuss different evaluative criteria for judging economic incentives.
(Comment for solution.)
(c) What conditions are required when economic incentives are used for effective environmental protection?
(Comment for solution.)
14. Examine the predicitons of perfect competitive merket model in
(a) a shift in the market demand.
(b) a shift in the costs following changes in factor prices.
(c) imposition of a tax by the government.
(Comment for solution.)
15. "Without a proper planning method, planning would have the significance simply of a stabiliser, ironing out fluctuations." In the light of the above statement, what prior conditions can be set forth for effective planning in a developing country like India?
(Comment for solution.)
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