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Economic Fiscal Policy Learning IN - Fiscal Policy, Public finance Video Lecture | Public Finance - B Com
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FAQs on Economic Fiscal Policy Learning IN - Fiscal Policy, Public finance Video Lecture - Public Finance - B Com
| 1. What is fiscal policy? |  |
Ans. Fiscal policy refers to the use of government spending and taxation to influence the economy. It involves the decisions made by the government regarding its expenditure on public goods and services, as well as the collection of revenue through taxes. The objective of fiscal policy is to stabilize the economy, promote economic growth, and manage inflation.
| 2. How does fiscal policy impact the economy? | |
Ans. Fiscal policy can have a significant impact on the economy. By increasing government spending or reducing taxes, fiscal policy can stimulate aggregate demand and promote economic activity. This can lead to increased employment, higher output, and economic growth. On the other hand, if the government reduces spending or increases taxes, it can dampen aggregate demand and slow down the economy to control inflation.
| 3. What are expansionary and contractionary fiscal policies? | |
Ans. Expansionary fiscal policy refers to the use of government spending increases and/or tax cuts to stimulate economic growth. It is used during periods of recession or economic slowdown to boost aggregate demand and increase employment. Contractionary fiscal policy, on the other hand, involves reducing government spending and/or increasing taxes to slow down an overheating economy and control inflation.
| 4. How does fiscal policy affect public finance? | |
Ans. Fiscal policy plays a crucial role in public finance. Government spending and taxation decisions affect the overall revenue and expenditure of the government, which directly impact public finance. By managing fiscal policy effectively, governments can ensure sustainable public finance by balancing their budget, reducing deficits, and managing public debt.
| 5. What are the limitations of fiscal policy? | |
Ans. Fiscal policy also has its limitations. Firstly, it may take time for the effects of fiscal policy to be fully realized, causing a lag in its impact on the economy. Secondly, fiscal policy can be constrained by political considerations, as decision-making may be influenced by short-term electoral interests rather than long-term economic goals. Additionally, fiscal policy can be limited by the availability of funds and the potential crowding-out effect of increased government borrowing.
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Nov 25, 2024 Last updated |
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