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Question: (1a) What is meant by fiscal policy. What are the main sources or revenue for the government? (1b) Analyse and explain how the main areas of government expenditure have changed over the years. (2a) Describe the main areas of the government\'s monetary policy. (2b) Analyse the factors which the Monetary Policy Committee takes into account when changing interest rates. (3a) Using examples explain the main features of a competitive market. (3b) What are the advantages and disadvantages of oligopoly for the consumer.
Answer: Fiscal policy refers to the level of government expenditure and taxation. The main changes in fiscal policy happen once a year in the budget where the Chancellor sets the levels of taxation and government expenditure for the year. The government can use fiscal policy to try to boost the level of economic is deteriorating a little. In this case it is called inflationary policy. But it the economy may be doing well and is in need of slowing then in this case it is called deflationary policy......(short extract)
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Details: Mark: 68% | Subject: Economics | Course: Economics | Level: A-Level | Year: Not applicable | Document type: Essay* | Words: 2438 | References: Yes | Date written: April, 2005 | Date submitted: April 18, 2009 | Essay ID: 1439
