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Discuss the impact of economic issues on policy formulation and implementation
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- Discuss the impact of economic issues/activities on policy formulation and implementationCritically discuss and evaluate the strengths and weaknesses of the theoretical arguments against the centrally planned economyWhich of the following questions would be best addressed with the tools of microeconomics? Group of answer choices Predicting the effect of a price increase on the sales of surfboards in Wilmington. Predicting US inflation for next year. Understanding the impact on national output (GDP) of imposing trade restrictions (e.g. limits on imports from other countries). Understanding the causes of the Great Recession.
- Which of the following is An instrument designed directly or indirectly by a government to solve a given economic problem or to obtain a given economic objective ? A, Policy B. Law C, Principle D, TheoryDetermine 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 countryAnalyze why use of the concept Ceteris paribus is not realistic in explaining real world economic problems.
- A normative statement reflects opinions or beliefs, while a positive statement... Cannot be tested is based on facts Reflects only positive opinions Is always trueexplain why neglecting opportunity cost in policy-making can cause governments to make poor decisions.Which of the following is a normative statement? Group of answer choices An increase in taxes will cause higher unemployment in an economy. An increase in tariffs in a country will increase the prices paid by domestic consumers. Income should be redistributed from the top 2 percent of wage earners to the low-income group. Income should be redistributed from the top 2 percent of wage earners to the low-income group. National debt imposes a burden on both current and future generations...