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Economy 4: Inflation Video Lecture | General Knowledge (GK) for LIC AAO Exam (English) - Banking Exams
FAQs on Economy 4: Inflation Video Lecture - General Knowledge (GK) for LIC AAO Exam (English) - Banking Exams
| 1. What is inflation? |  |
Ans. Inflation refers to the general increase in prices of goods and services over a period of time. It means that the purchasing power of money decreases as the cost of living rises.
| 2. What causes inflation? | |
Ans. Inflation can be caused by various factors such as an increase in demand for goods and services, cost-push inflation due to rising production costs, monetary factors like an increase in money supply, and external factors like changes in exchange rates or import prices.
| 3. How is inflation measured? | |
Ans. Inflation is commonly measured using a price index, such as the Consumer Price Index (CPI). The CPI tracks the average change in the prices of a basket of goods and services consumed by households over time.
| 4. What are the effects of inflation on the economy? | |
Ans. Inflation can have both positive and negative effects on the economy. Moderate inflation can stimulate economic growth by encouraging spending and investment. However, high or unpredictable inflation can erode purchasing power, reduce consumer confidence, disrupt long-term planning, and create economic instability.
| 5. How can inflation be controlled or managed? | |
Ans. Governments and central banks use various monetary policy tools to control inflation. These include adjusting interest rates, reserve requirements, and open market operations. Additionally, fiscal policies like taxation and government spending can also be used to manage inflation. The aim is to strike a balance between controlling inflation and promoting economic growth.
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Nov 22, 2024 Last updated |
Video Description: Economy 4: Inflation for Banking Exams 2024 is part of General Knowledge (GK) for LIC AAO Exam (English) preparation.
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