N A L A N D A O P E N U N I V E R S I T Y
M.A. Economics, Part-II
PAPER-IX
(Welfare Economics)
Annual Examination, 2017
Time: 3 Hours Full Marks: 80
Answer any Five Questions. All questions carry equal marks.
1. Explain Prof. Hicks' reformulation of the concept of consumer's surplus.
2. Evaluate the Cost-Benefit Analysis.
3. What do you mean by welfare economics Explain the difference between general welfare
and economic welfare.
4. Critically discuss Pareto Optimality.
5. Discuss externalities of production and distribution.
6. Give an idea of dynamic economic welfare. Do you agree that it is necessary for a developing
economy
7. Critically examine Arrow's Impossibility theorem.
8. Discuss Pigou's views on welfare economics.
9. Examine Hicks-Kaldor criterion.
10. Write notes on any Two of the following
Bergson-Samuelson Social Welfare Function
Public and Private Goods
Compensation principle of Scitovsky
Bentham's Welfare Maximisation Theory