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Fiscal Policy and its Types Quiz

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Questions and Answers

What is fiscal policy primarily concerned with?

Boosting consumer spending

Increasing government salaries

Estimating taxation and government spending (correct)

Investing in infrastructure projects

When is expansionary fiscal policy typically used?

When the economy is growing steadily

During times of high inflation

During periods of economic stability

In times of high unemployment and recession (correct)

What is the goal of contractionary fiscal policy?

To increase government spending

To slow economic growth in case of high inflation (correct)

To boost consumer spending

To lower taxes

How does taxation impact the economy according to the text?

By changing consumer's income and leading to changes in real GDP Signup and view all the answers

Which of the following is NOT a key tool of fiscal policy as mentioned in the text?

Interest rates Signup and view all the answers

What is the purpose of government spending as part of fiscal policy?

To fund welfare programs, subsidies, and infrastructure projects Signup and view all the answers

What is the primary role of fiscal policy?

Affecting real GDP Signup and view all the answers

Who formulates the fiscal policy in India?

Union Finance Minister Signup and view all the answers

What is a key objective of fiscal policy related to income and wealth?

Minimize income and wealth inequalities Signup and view all the answers

How is income tax calculated under fiscal policy?

Directly proportioned to individuals' income Signup and view all the answers

Who is primarily responsible for implementing monetary policy?

Reserve Bank of India (RBI) Signup and view all the answers

What differentiates fiscal policy from monetary policy?

Fiscal policy sets taxation and spending, monetary policy manages money supply and interest rates Signup and view all the answers