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Public Debt — Economics STD 10 — Question

ICSE BoardEnglish MediumSTD 10EconomicsPublic Debt2 Marks
Question
Distinguish between voluntary and compulsory loans.
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Answer

When the government borrows by issuing securities, it is called voluntary debt. But when the government takes loans from the people forcibly, it is called compulsory debt. Compulsory debt is taken during an emergency like war and during inflation to reduce the volume of purchasing power.

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