Section - A
1. Answer all the following parts in about 100 words each:
Marks: 5 × 6 = 30
(a) Distinguish between Revenue Deficit, Effeective Revenue Defici, Fiscal Deficit and Primary Deficit.
(Comment for solution.)
(b) What is climate finance? Whay is it important?
(Comment for solution.)
(c) Despite downward sloping demand curve for an industry, why is the demand curve of a firm horizontally parallel?
(Comment for solution.)
(d) Why is planning necessary for a developing economy? Explain.
(Comment for solution.)
(e) What is the rationale behind Green GDP?
(Comment for solution.)
(f) How does Mrs. Hicks make a distinction between formal incidence and effective incidene?
(Comment for solution.)
Section - B
Answer any six questions out of the following nine in about 200 words each:
Marks: 15 × 6 = 90
2. Examine the effects of public expenditure on production and distribution of resources in an economy.
(Comment for solution.)
3. Explain clearly the use value and non-use value components of total economic value.
(Comment for solution.)
4. What is cost benefit analysis? Enumerate basic features of cost benefit analysis.
(Comment for solution.)
5. Explain the stickiness of price under an oligopolistic market with the help of a diagram.
(Comment for solution.)
6. Suggest suitable measures to make decentralised planning more effective in India.
(Comment for solution.)
7. Comment on the important reforms introduced in respect of direct taxes in the Union Budgets for 2020 - 21 and 2021 - 22.
(Comment for solution.)
8. Enumerate the objectives behind setting up of the Green Climate Fund. Mention its impact areas.
(Comment for solution.)
9. Describe the equilibrium situation of a monopolist due to imposition of
(i) a lumpsum tax
(ii) a profit tax
a specific sales tax.
(Comment for solution.)
10. India has some of the finest and most comprehensive fo environmental conservation laws. Do you think they are adequately enforced?
(Comment for solution.)
Section - C
Answer any four questions out of the following six in about 300 words each:
Marks: 20 × 4 = 80
11. How does the Principle of Least Aggregate Sacrific lead to horizontal and vertical equity in taxation? Disucss.
(Comment for solution.)
12. Explain briefly the Expressed Preference Method, the Revealed Preference Method and the Cost-based Method of environmental valuation.
(Comment for solution.)
13. "Price in the long run under monopolistic competition is necessarily higher and output necessarily lower, as compared to perfect competition." Explain diagrammatically.
(Comment for solution.)
14. How are the features of imperative planning different from the features of indicative planning?
(Comment for solution.)
15. Distinguish between money and real burden of public debt. Also discuss the issues of debt burden and integration equity.
(Comment for solution.)
16. The demand and cost functions of a firm are respectively:
(where notations have their usual meanings)
(i) Show that the competitive firm produces output in the inelastic range of demand curve.
(ii) Show that the monopolist produces output in the elastic range of demand curve.
(iii) Derive the efficiency loss (or dead weight loss) in monopoly.
(Comment for solution.)
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