Issues in Economics Today 8th edition Robert C. Guell - Solutions

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 people can be better used producing one good rather than another.d. there is always some level of
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 resources within a fixed level of technology.d. is unemployment of resources.
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 policy.
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 another.d. always make more of all goods simultaneously.

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