Describe the evolution of international monetary system. Examine the trends in the international monetary and financial systems.

What are the various forms of economic integration? How is trade diversion different from trade creation? Elucidate.

Explain multilateral framework of international trade. Explain its main features

Explain the various concepts of terms of trade. Critically examine the behavior of terms of trade as explained by Prebisch

Critically discuss the Ricardian theory of Comparative Advantage. How is it different from Adam Smith’s theory of Absolute Advantage? 

Median Voter Theorem

Public Goods

Multi-part Tari

Discuss the public debt situation of India. Is there a way to finance the deficit in the government budget? How?

Describe the Nozick’s ‘entitlement theory’ and the theory of ‘justice in distribution’.

Outline how imperfect competition leads to welfare loss stating the policy options open to government to rectify the situation.

Explain how by redistribution, a socially more desired welfare level can be attained by considering the Utility Possibility Frontier.

Illustrate some applications of ‘mechanism design’ with an identification of their attendant problems.

Explain the scope of mechanism design relating it to implementation theory and game theory.

Define Externalities. Present a brief about types of externalities. Explain how internalisation of negative externalities could be a solution to externalities through the instruments of taxation and property rights. 

Problem of free riding

Laffer Curve

Arrow’s Impossibility Theorem

Analyse the impact of internal public debt on the economy.

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