Ques 1.

Define externalities. Briefly discuss the types of externalities.

Ques 2.

How is inefficiency related to both the negative externalities as well as positive externalities?

Ques 3.

What do you understand by partial welfare improvements? Discuss.

Ques 4.

Explain the Ramsey tax model in detail.

Ques 5.

. How is voting with feet relevant in context of provision of local public goods? Discuss.

Ques 6.

Bring out the difference between Buchanan’s Contractual Theory and the Kolm’s theory of ‘liberal social contract.

Ques 7.

Voting models attempt to translate individual preferences in terms of Public Choice. Explain how the majority voting works in this context.

Ques 8.

Discuss the decision mechanism in terms of of policy agenda setting, information agenda setting and policy convergence.

Ques 9.

Analyse the impact of internal public debt on the economy.

Ques 10.

Arrow’s Impossibility Theorem

Ques 11.

Laffer Curve

Ques 12.

Problem of free riding