Questions and Answers of Issues in economics

Discretionary fiscal policy is the purview ofa. Congress only.b. The president only.c. Congress and the president collectively through law.d. The Federal Reserve.
The underlying reason production possibilities frontiers are likely to be bowed out (rather than linear) isa. choices have consequences.b. there are always opportunity costs.c. some resources and
The underlying reason that there are unattainable points on a production possibilities frontier diagram is that therea. is government.b. are always choices that have to be made.c. is a scarcity of
Adjustments to tax and spending policies serve as primary elements ofa. Discretionary fiscal policy.b. Non-discretionary fiscal policy.c. Monetary policy.d. Exchange rate policy.
A production possibilities frontier is a simple model ofa. scarcity and allocation.b. prices and output.c. production and costs.d. inputs and outputs.
The existence of the federal income tax and the welfare system serve as the primary elements ofa. Discretionary fiscal policy.b. Non-discretionary fiscal policy.c. Monetary policy.d. Exchange rate
Scarcity implies that the allocation scheme chosen by society cana. not make more of any one good.b. always make more of any good.c. typically make more of a good but at the expense of making less of

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