2.2 In terms of general functions of Econometrics, explain how econometrics helps in policyevaluation. Provide examples to motivate your answer.
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2.2 In terms of general functions of Econometrics, explain how econometrics helps in policy
evaluation. Provide examples to motivate your answer.
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- Why is it important for us to use models when studying economics?1. What is the need for studying econometrics? What procedures onefollows in econometrics?After reviewing major/relevant material in microeconomics, your group has begun brainstorming the possible topics that you would like to do. 1. Find two different dependent variables that you would like to explain and 2. Find at least three independent variables that can help you to explain. 3. What the possible economic theories/concepts/graphs that support your choice of the variables are. Note: this task pertains to microeconomics concepts.
- What is the difference between positive and normative economic analysis? Give anexample for each.Which statement is not true about the use of models in economics? 1. They are based on simplifying assumptions. 2. They are used to forecast economic variaables such as GDP growth. 3. They must closely mirror real life in order to be informative. 4. There are often multiple models that seek to explain the same economic phenomena. 5. They are usually represented graphicallyExplain the difference(s) between an economic and an econometric model.
- Why do economists use models? to learn how the economy works to attract the attention of government officials to make economics accessible to the public to make sure that all of the details of the economy are included in their analysis Next Page Page 20 of 21Carefully distinguish between economic theory and economic model. What is the role of value judgments in economic analysis?In your own words, what does "economics" actually mean? What are some of the different schools of thought or ideas on what the term economics means? Why is it important to. understand these differences?
