The term 'Fiscal Consolidation' refers to policies aimed at:
A. Reducing the fiscal deficit and improving the sustainability of public finances
B. Only printing money to finance deficits
C. Only increasing tax rates without expenditure reform
D. Increasing the fiscal deficit continuously
Answer: Option A
Solution (By JKSSB Mock Tests)
Fiscal consolidation involves measures to reduce the fiscal deficit and put government debt on a sustainable path through a combination of revenue and expenditure reforms.
Explanation:
Consumer sovereignty means that in a market economy, consumers, through their spending decisions, ultimately determine what goods and services are produced.
Explanation:
Monopolistic competition is characterised by product differentiation, a large number of firms, free entry and exit, and significant selling costs.
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