Deficit financing refers to the practice of a government spending more money than it collects in revenue, resulting in a budget deficit. This can lead to inflationary pressures in the economy. However, there are certain measures that can be taken to check and control the inflationary impact of deficit financing. These measures are outlined below:

**a) Government expenditure leads to an increase in the aggregate supply in ratio to aggregate demand:**
- When the government increases its expenditure, it can lead to an increase in the aggregate supply of goods and services in the economy. If the increase in supply matches or exceeds the increase in aggregate demand, it can help control inflationary pressures.
- By investing in infrastructure development, the government can create productive assets that contribute to economic growth and increase the capacity of the economy to produce goods and services. This can help prevent excessive demand-pull inflation.

**b) Only aggregate demand is increased:**
- If the government focuses solely on increasing aggregate demand without taking measures to boost aggregate supply, it can exacerbate inflationary pressures.
- When there is an increase in aggregate demand without a corresponding increase in supply, it can lead to demand-pull inflation. This occurs when consumers have more money to spend, but the supply of goods and services cannot keep up with the increased demand, leading to a rise in prices.

**c) All the expenditure is denoted national debt payment only:**
- If all the expenditure incurred through deficit financing is used solely for national debt payments, it may not directly contribute to inflationary pressures.
- National debt payments typically involve the repayment of loans and interest, which do not result in the injection of additional money into the economy. As a result, it may not lead to an increase in aggregate demand and subsequent inflation.

**d) All of the Above:**
- The correct answer is option 'D' because all the mentioned measures have the potential to check and control the inflationary impact of deficit financing.
- By increasing aggregate supply, managing aggregate demand, and ensuring responsible use of deficit financing, the government can mitigate inflationary pressures and maintain price stability in the economy.

In conclusion, deficit financing can lead to inflation, but it can be checked and controlled through measures such as increasing aggregate supply, managing aggregate demand, and ensuring responsible use of deficit funds. These measures aim to strike a balance between economic growth and price stability, preventing excessive inflationary pressures in the economy.