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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- 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 graphicallyWhat is the best test of an economic theory? a. Whether it produces implications that are favored by the researcher. b. Its ability to predict real-world events, patterns, and changes. c. Its eloquence. d. The plausibility of its assumptions.
- 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?Identify the kinds of things you purchase with your money. Now, think of as many alternative uses for your money as you can. If you have not done this often, begin doing it little by little, even for small purchases such as a pack of gum or can of soda. How does this relate to opportunity costs? How do your decisions relate to scarcity? Analyze the relationship between your purchases and budget constraints. How does this impact the circular flow model? Explain reasoning and show it graphically, utilizing the circular flow model. You may use yourself as an example to demonstrate this in the circular flow model.
- i. Classify the following issues as relating to microeconomics or macroeconomics. a) a family's decision about how much income to save b) the effect of government regulations on automobile emissions c) the impact of higher national savings on economic growth d) a firm's decision about how many workers to hire ii. Classify each of the following statements as positive or normative. a) Society faces a short-run trade-off between inflation and unemployment. b) A reduction in the rate of money growth will reduce the rate of inflation. c) Society ought to require welfare recipients to look for jobs. d) Lower tax ates encourage more work and more saving. Page 1 of 3 Suppose that at the beginning of the year the Accountant of the School of Business defines and outlines what he considers to be his priority expenditure ii. areas as follows. item Cost(Ghs) Reference Textbooks 100,000 Office Spaces for lecturers 50,000 Refurbishment of School Auditorium 50,000 Projectors for Lecture Halls 40,000…Please note that this question has not yet been graded. Each time I try submitting this question for help I always get feedback that it cannot be answered due to already being graded. It has not yet been graded, thank you.Determine whether each of the following statements is positive or normative. (Remember that apositive statement isn’t necessarily correct; it justmakes a factual claim rather than a moral judgment.People who pay their bills on time are lesslikely than others to get into debt.b. Hard work is a virtue.c. Everyone should pay his or her bills on time.d. China has a bigger population than any othercountry in the world.e. China’s One-Child Policy (which limitsfamilies to one child each) helped to spur thecountry’s rapid economic growth.f. Lower taxes are good for the country
