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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?

Economic crisis Signup and view all the answers

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

Budget deficit Signup and view all the answers

Which of the following best defines economics?

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

What is scarcity?

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

What is utility?

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

What are economic resources?

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

What is labor in economics?

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