Engineering Mangement and Entrepreneurship
While making economic policies every government face trade off between
efficiency and equality. These two goals often conflict. How ? Give arguments
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Purpose: To develop the skill of making and assessing economic arguments and to deepen understanding of...
Purpose: To develop the skill of making and assessing economic arguments and to deepen understanding of the economic concepts introduced in Chapter 8. Context: Normative economic statements are economic policy goals and values. There are two types of economic goals: efficiency and equity. We will begin with efficiency. Efficiency goals are based on maximizing the value of resources by producing the maximum amount of the most highly valued goods (allocative) and producing them at least cost (productive). [See page 57...
Normative economic statements are economic policy goals. Equity goals are based on what happens--the fairness of...
Normative economic statements are economic policy goals. Equity goals are based on what happens--the fairness of outcomes. Efficiency arguments are based on how it happens--maximizing the social value of output. We will do equity arguments this week. A compelling normative argument usually contains some positive (factual) supportive statements. Consider these equity statements: Statement One: It is acceptable to use GDP to measure output but it should not be used as a measure of well-being since this is unfair to those...
Economics is about setting and ordering economic goals which are economic growth,full employment,economic efficiency, price level...
Economics is about setting and ordering economic goals which are economic growth,full employment,economic efficiency, price level stability,economic freedom,equitable distribution of income, economic security, balance of trade. How you order the goals is based on your political philosophy-its based on value judgements-its a normative issue. Some goals are complimentary while others conflict. For example if you prioritize economic freedom and growth you are a conservative and likely to vote republican.. You would de-emphasize equity and security. If equity and security are...
Which of the following statements explains the trade-off between equity and efficiency? O A The equity-efficiency...
Which of the following statements explains the trade-off between equity and efficiency? O A The equity-efficiency trade-off represents the nub of the conflict between those who support big government and those who call for smaller government O B The equity-efficiency trade-off represents the balance between ensuring an equitable allocation of resources (equity) and increasing social surplus or total outout O C. The equity-efficiency trade-off represents the balance between ensuring an equitable allocation of resources (equity) and decreasing social surplus or...
6. Problems and Applications Q6 Classify each of the following statements as positive or normative. Positive...
6. Problems and Applications Q6 Classify each of the following statements as positive or normative. Positive Normative Statement A reduction in the rate of money growth will reduce the rate of inflation. Lower tax rates encourage more work and more saving Policy makers face trade-off between equality and efficlency. The government should limit unemployment benefits to last for only two years. Economic development should not take place at the expense of social justice.
6. Problems and Applications Q6 Classify each of the following statements as positive or normative. Positive...
6. Problems and Applications Q6 Classify each of the following statements as positive or normative. Positive Normative Statement A reduction in the rate of money growth will reduce the rate of inflation. Lower tax rates encourage more work and more saving Policy makers face trade-off between equality and efficlency. The government should limit unemployment benefits to last for only two years. Economic development should not take place at the expense of social justice.
1. In a market economy, ___________________. a. economic equality is a natural outcome. b. individuals are...
1. In a market economy, ___________________. a. economic equality is a natural outcome. b. individuals are given incentives to work hard c. government interferes with the economy frequently In a command economy, ________. a. businesses and consumers are assumed to be the best judges of how resources should be allocated b. the government sets goals and determines the price and quantity of what is produced c. each enterprise sets its goals before making reports to the central government Governments should...
Weigh the trade-offs between "fairness" and "equality" in the U.S. tax policy for foreign individuals doing...
Weigh the trade-offs between "fairness" and "equality" in the U.S. tax policy for foreign individuals doing business in the United States. How do you think such policies encourage (or discourage) economic growth from domestic and foreign sources?
What is cultural conservatism? Cultural conservatism often conflicts with the country’s economic interest in relation to immigration. How...
What is cultural conservatism? Cultural conservatism often conflicts with the country’s economic interest in relation to immigration. How does his occur? Does cultural conservatism or economic interests prevail? Give three historical examples when these interests are in conflict. In your response, be sure to highlight how both interests have been important for developing the country’s immigration and economic policies.
3. Recently, the economic advisers of the Government have favored the establishment of a food tax...
3. Recently, the economic advisers of the Government have favored the establishment of a food tax to increase its taxable income. This may occur since the demand for food consumption is inelastic. How does this approach show the trade-off between efficiency and equity in a market economy? How can this type of tax be favored or not?
Purpose: To develop the skill of making and assessing economic arguments and to deepen understanding of the economic concepts introduced in Chapter 8. Context: Normative economic statements are economic policy goals and values. There are two types of economic goals: efficiency and equity. We will begin with efficiency. Efficiency goals are based on maximizing the value of resources by producing the maximum amount of the most highly valued goods (allocative) and producing them at least cost (productive). [See page 57...
Economics is about setting and ordering economic goals which are economic growth,full employment,economic efficiency, price level stability,economic freedom,equitable distribution of income, economic security, balance of trade. How you order the goals is based on your political philosophy-its based on value judgements-its a normative issue. Some goals are complimentary while others conflict. For example if you prioritize economic freedom and growth you are a conservative and likely to vote republican.. You would de-emphasize equity and security. If equity and security are...
Which of the following statements explains the trade-off between equity and efficiency? O A The equity-efficiency trade-off represents the nub of the conflict between those who support big government and those who call for smaller government O B The equity-efficiency trade-off represents the balance between ensuring an equitable allocation of resources (equity) and increasing social surplus or total outout O C. The equity-efficiency trade-off represents the balance between ensuring an equitable allocation of resources (equity) and decreasing social surplus or...
6. Problems and Applications Q6 Classify each of the following statements as positive or normative. Positive Normative Statement A reduction in the rate of money growth will reduce the rate of inflation. Lower tax rates encourage more work and more saving Policy makers face trade-off between equality and efficlency. The government should limit unemployment benefits to last for only two years. Economic development should not take place at the expense of social justice.
6. Problems and Applications Q6 Classify each of the following statements as positive or normative. Positive Normative Statement A reduction in the rate of money growth will reduce the rate of inflation. Lower tax rates encourage more work and more saving Policy makers face trade-off between equality and efficlency. The government should limit unemployment benefits to last for only two years. Economic development should not take place at the expense of social justice.
3. Recently, the economic advisers of the Government have favored the establishment of a food tax to increase its taxable income. This may occur since the demand for food consumption is inelastic. How does this approach show the trade-off between efficiency and equity in a market economy? How can this type of tax be favored or not?
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