4 Questions
What is the primary focus of public finance as explained in the text?
Study of public sector economics
Why is government intervention necessary according to the text?
To address market failures in allocation and income distribution
What function does a market fulfill when prices accurately reflect real costs with no externalities?
Allocation function
Why might government intervention be required for public goods in the market?
To ensure equitable distribution of goods
Explore the fundamental principles of public finance, focusing on tax and expenditure measures, revenue, expenditure, debt operations of the government, and their impact on society. Learn about fiscal institutions including tax systems, expenditure programs, and budget procedures.
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