Answer all the given problems. Part A to be answered in around 500 words each and part B to be answered in around 300 words each.

Part A:

problem 1: Discuss the trends in inequality, globally and also in India, with relevant empirical support.

problem 2: Discuss with suitable theoretical justification Gordon’s contention that ‘the optimal size of fishery is one which maximizes the sustainable resource rent’.

Part B:

problem 3: Describe the limitations of taking income levels as an indicator of the development.

problem 4: Illustrate the concept of Pareto optimality with its underlying suppositions that are needed to make sure the efficiency of the market mechanism.

problem 5: The difference in the treatment of natural resources and other tangible assets give misleading signals to policy makers. Describe with an illustration.

problem 6: Critically observe the debate regarding education as consumption versus investment.

problem 7: Discussing the concept of ‘purchasing’ in the context of ‘financing of healthcare requirements, outline the alternatives considered for evolving an appropriate purchasing method in a country?