You can use the Buffer tool (Toolboxes\System Toolboxes\Analysis Tools.tbx\Proximity\Buffer)
If you want circles, put a point where you want the circles to be centered on and run the buffer on that point. You can do this twice to create the two circles. If they are not where you want them, edit the layer(s) and move them.
You can also buffer polygons. If you have several polygons, you can edit and merge the buffers after the running the buffer tool or choose the "Dissolve" option when you run it. Again, you can buffer twice.
I think in Arc Info you can use the multiple buffer tool to get all the buffers in one tool run.