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Ollscoil na hÉireann, Gaillimh GX_____
National University of Ireland, Galway
Semester 2 Examinations 2008/
Exam Code(s) 3BA1, 3BA5, 3BA6, 4BA4, 1EM1, 1OA1, 3BC1, 4BC2, 4BC3, 4BC4, 4BC5, 1EK2, 1EK Exam(s) B.A., B.A. (ESS), B.A. (PSP), 4BA4 (Int’l), Erasmus, Occasional, B.Comm., B.Comm. (Language), H.Dip.Econ.Sc. Module Code(s) EC Module(s) Public Economics Paper No. 1 Repeat Paper External Examiner(s) Professor Robert Wright Internal Examiner(s) Professor Eamon O’Shea Dr. Mary. Silles Instructions: 10 Questions, attempt all questions in part A, three questions from part B. Duration 2 hours No. of Pages Department(s) Economics Course Co-ordinator(s) M. Silles Requirements : MCQ Handout Statistical Tables Graph Paper Log Graph Paper Other Material
EC386 Public Economics (Summer) Instructions: 10 Questions, attempt all questions in part A, three questions from part B. Part A Attempt all questions.
- Why might the government intervene in the market’s allocation of resources, even when it is Pareto efficient? (8 marks)
- Discuss the usefulness of property rights to the operation of a market economy. ( marks)
- What distinguishes public goods, those goods which are typically provided by government, from privately provided goods? (8 marks)
- Explain the difference between the legal and economic incidence of taxation. (8 marks)
- Discuss the various forms of externality. (8 marks) Part B Attempt any three questions.
- From a policy perspective, explain the two fundamental theorems of welfare economics. (20 marks)
- Explain why the equilibrium of an imperfectly competitive market (e.g., a monopoly) is not Pareto efficient. (20 marks)
- Discuss how the basic characteristics of a public good lead to a market allocation which is not Pareto efficient. (20 marks)
- Outline the arguments which might used by those who suggest that the public sector is excessively large to justify their case. (20 marks)
- When markets fail to allocate resources efficiency because of an externality, the government often intervenes. How can government intervention improve the allocation of resources? (20 marks)
