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Fiscal Policy Performance of the Arroyo Administration
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Fiscal Policy Performance of the Arroyo Administration

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Questions and Answers

What were some of the failures of the Arroyo administration's fiscal policy?

  • Achieving a balanced budget, addressing poverty, hunger, and misery, and preparing for global economic convulsions (correct)
  • Achieving a balanced budget and preparing for global economic convulsions
  • Achieving a balanced budget and addressing poverty
  • Addressing poverty and preparing for global economic convulsions
  • What was one of the main characteristics of the Arroyo administration's fiscal policy?

  • Lack of concern for the budget deficit
  • Inconsistent approach to addressing poverty
  • Consistent zeal in trimming the budget deficit (correct)
  • Lack of preparation for global economic convulsions
  • What was the public's need during the economic crisis according to the text?

  • Poverty alleviation
  • Increased taxes
  • Financial support from the government (correct)
  • Budget deficit reduction
  • During which period did the Arroyo administration's fiscal policy persist, albeit toned down?

    <p>Economic crisis</p> Signup and view all the answers

    What was the preoccupation of the Arroyo administration according to the text?

    <p>Budget deficit</p> Signup and view all the answers

    Which of the following best defines economics?

    <p>The study of how society uses its scarce resources to satisfy unlimited wants and needs</p> Signup and view all the answers

    What is scarcity?

    <p>The imbalance between human needs and wants and the means of satisfying them</p> Signup and view all the answers

    What is utility?

    <p>The total satisfaction received from consuming a good or service</p> Signup and view all the answers

    What are economic resources?

    <p>Goods or services available to produce valuable end-user products</p> Signup and view all the answers

    What is labor in economics?

    <p>The work, time, and human effort included in the production process</p> Signup and view all the answers

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