What is Public Finance?

Discuss the nature, scope and importance of Public Finance

Examine the role of public finance in the economy.
Explain Allocative and Distributive functions of Public Finance.
Private Finance and Public Finance.
Explain ‘The Principle of Maximum Social Advantage’.
Explain the various sources of Public Revenue.
Public goods, Private Goods and merit goods
State the meaning of Deficit Financing and explain causes and effects of deficit financing.
Explain the concept of Fiscal Deficit and objectives and importance of Deficit Financing

Principles/Canons of Taxation
Give an account of the canons of ideal tax system.
Objectives of Taxation
Explain in detail ‘Ability to pay principle’ of taxation.
Taxable Capacity and Types of ‘Taxable Capacity’
Explain the concept of Impact, Incidence and Shifting of Tax and state the factors affecting it.
Types of tax incidence
Discuss the shifting of tax incidence under different market conditions.
Describe the merits and demertits of direct and indirect taxes
Effects of Taxation
Explain the causes of low level of taxation in India.
Explain in detail the effects of Taxation on Production, Distribution and Employment.
Value-Added Tax

Pure theory of public expenditure.

Explain fully Wiseman-Peacock Hypothesis of the growth of public expenditure.
Explain fully ‘Wagner’s law of public expenditure’.
Bring out the major effects of public expenditure on economic development.
Explain the causes for the growth of Public expenditure and its effects on the economy.

advantages of Deficit Budget.

Keynesian approach to public debt
Burden of public debt
Revenue Sources of State Government
Examine the burden of Internal and External Public Debt.
Revenue and Capital Budget
Explain the classification of public expenditure.
Explain the process of preparation and presentation of Indian Central Budget.
State and explain the causes of Centre-State Conflict on Finance.
Explain the sources of internal and external public debt.
State and explain the methods of repayment of public debt.
Describe the reasons for the growth of Public Expenditure in India.
Analyse the effects of Public Debt upon the economy.
Discuss the progressive and proportional tax systems and explain which tax system is suitable to India.
INSTRUCTIONS:
- Answer four Questions. - All questions carry equal marks. - Do not write on the question paper.
Q.1 (a) What do you understand by the term Public Finance? [3½ marks]
(b) Discuss the similarities and dissimilarities between public and private finance. [14 marks]
Q.2 “The best system of public finance is that which secures the maximum social advantage from the
operations involved.” Discuss. [17 ½ marks]
Q.3 (a) What is a tax? [3½ marks]
(b) Critically explain the canons to taxation in the economy of Kenya. [14 marks]
Q.4 Clearly discuss the following types of taxes in relation to public finance:
(i) Proportional tax [6½ marks]
(ii) Progressive tax [6 marks]
(iii) Regressive tax [5 marks]
2
Q.5 (a) Distinguish between private and public goods. [4½ marks]
(b) Discuss the scope of public finance. [12 marks]
What is public debt? Clearly explain the aims and classifications of public debt.

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Advantages of Deficit Budget.

Explain the effects of Public Debt on Consumption, Savings and Investment, Production and Distribution.

Explain the causes of disequilibrium in the balance of payments and suggest the corrective measures.
Explain the gross barter & net barter terms of trade.
Explain the effects of tariffs.
Objectives of IBRD.
Describe the objectives and functions of the World Trade Organisation.
Objectives of Quota.