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Fun Video: All about Fiscal Policy Video Lecture | Economics for JAMB

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FAQs on Fun Video: All about Fiscal Policy Video Lecture - Economics for JAMB

1. What is fiscal policy?
Ans. Fiscal policy refers to the government's use of taxation and spending to influence the economy. It involves decisions on how the government collects revenue through taxes and how it spends that revenue to achieve economic objectives such as controlling inflation, promoting economic growth, and reducing unemployment.
2. How does fiscal policy work?
Ans. Fiscal policy works by adjusting government spending and taxes to influence the overall economy. When the economy is in a recession, the government can increase spending or reduce taxes to stimulate economic activity. Conversely, during periods of high inflation, the government can decrease spending or increase taxes to cool down the economy.
3. What are the tools of fiscal policy?
Ans. The tools of fiscal policy include both government spending and taxation. Expansionary fiscal policy involves increasing government spending or lowering taxes to stimulate economic growth. Contractionary fiscal policy involves decreasing government spending or increasing taxes to slow down the economy and combat inflation.
4. What is the difference between fiscal policy and monetary policy?
Ans. Fiscal policy and monetary policy are two different tools used by the government to influence the economy. Fiscal policy involves decisions on government spending and taxation, while monetary policy is conducted by the central bank and involves decisions on interest rates and money supply. Fiscal policy directly affects the government's budget, while monetary policy focuses on controlling the money supply and interest rates to achieve economic goals.
5. What are the potential limitations of fiscal policy?
Ans. Fiscal policy can have limitations, including the time lag between implementing policy changes and seeing their effects on the economy. It can also be constrained by the government's budget constraints and the potential for excessive government debt. Additionally, fiscal policy may not be effective if individuals and businesses have low confidence in the government's ability to manage the economy.
162 videos|102 docs|66 tests
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