LOYOLA COLLEGE (AUTONOMOUS), CHENNAI – 600 034
DEGREE EXAMINATION –ECONOMICS
FIFTH SEMESTER – APRIL 2007
EC 5503 – FISCAL ECONOMICS
Date & Time: 02/05/2007 / 1:00 – 4:00 Dept. No. Max. : 100 Marks
Part – A
Answer any FIVE questions in about 75 words each. (5 x 4 = 20 marks)
- Explain in brief the definition of public finance given by Prof. Dalton.
- What is the effect of public expenditure on consumption?
- Distinguish between incidence and impact of a tax.
- What is meant by corporation tax?
- State the difference between public debt and private debt.
- Write short notes on deficit budget and deficit financing.
- What do you understand by pump priming and compensatory spending?
Part – B
Answer any FOUR questions in about 300 words each. (4 x 10 = 40 marks)
- Explain the importance of public finance in an underdeveloped country.
- Differentiate between proportional and progressive taxation. Give arguments for and against progressive taxation.
- Briefly explain the main items of revenue of Indian Government.
- What is fiscal policy? Discuss its components.
- Examine the effects of taxation on production and distribution.
- Critically examine the ability to pay theory of taxation.
- Elucidate the argument for and against tax on agricultural income.
Part – C
Answer any TWO questions in about 900 words each. (2 x 20 = 40 marks)
- Discuss fully the various canons of pubic expenditure. Is public expenditure in India based on these canons?
- What is meant by direct and indirect tax? Distinguish between direct and indirect taxes and explain the merits and demerits of the same.
- Explain in detail the importance of public debt in a developing economy. Examine critically the economic effects of public debt.
- Critically examine the union budget, 2006.
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