Assignment Essay (Essay Sample)

Assignment
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Assignment
1 Introduction
The purpose of this study is to provide answers for a set of economics questions given. The study attempts to find answers from existing published literature which are recent.
2 Give an example for a positive statement and an example of a normative statement
Dessler & Parson (2009) educates that positive and normative statements are used as arguments to support or go against proposed cause of actions. Positive statements are said to be what we know and normative statements are about what we or should value. This finding is further elaborated that positive claims refer to what is true about things. For instance, trends, state of affairs or relationships that are causal. An example of a positive statement would be: "eating unbalanced diet attracts health related disorders”. A normative statement is explained to be evaluative in terms of how things should be. An example of this statement is: "you should have called your mother earlier on”.
3.0 Give an example of some government agencies that collect economic data and make economic policy in Dubai
United Arab Emirates discusses about the Dubai Supreme Council of Energy (DSCE) that is also informed to be concerned in monitoring and providing reports related to the country's state of innovation, technology and investment. The agency is said to be involved in sourcing for energy sustainability measures and also using data provided by the government, UNDP, other international bodies like the International Renewable Energy Agency and the World Wide Fund among others, to enable them establish suitable economic policies.
4.0 Name three parts of government that regularly rely on advice from economists
One is the President who is the leader of a State. It is informed that in countries like the United States, Presidents normally rely on many economists. Some of whom have formed Councils that offer guidance to the President. These Councils are said to have offices located near the Presidents offices and their roles are purposely to issue advice and make economical reports. The Treasury and the Administration branches of government also require inputs from economists in order to make sound economic financial policies in terms of tax regulations, budget formulation and others. The other branch listed is the Department of Labor that also needs to make policies about the country's labor market (Mankiw, 2014).
5.0 Draw a production possibility frontier for a society that produces food and clothing.
Quantity of Clothing Produced
a- the infeasible point
b-an efficient point
c-inefficient point
Quantity of Food Produced
Figure 1: A production possibility frontier for a society that produces food and clothing (Wu, n.d)
To appreciate this drawing, a production possibilities frontier is said to be a graph that informs about the total combination of outputs that a given economy can possibly produce with the available factors of production and technology (Wu, n.d).
6.0 List the determinants of the quantity of pizza you demand. Make up an example of a demand schedule for pizza, and the graph implied demand curve. Give an example of something that would shift this demand curve. Would a change in the price of pizza shift this demand curve?
Fullerton College (n.d) discusses about factors that determine demand of products. And these determinants are observed to influence the demand curve of products. One determinant that is listed is income especially for the consumers. Increase in income, will increase the demand for pizza while a decrease in income will automatically reduce its demand.
The other determinant is consumer preferences and alternative products. In terms of availability of other favorable options that would affect consumer preferences like hotdogs will reduce demand for pizza. Number of buyers for pizza is also another determinant where more buyers imply increase in demand and few ones results to decrease in demand (Fullerton College, n.d).
Price of Pizza per Slice in US$

Number of Pizza Slices Demanded

1.0

10

1.5

9

2.0

8

2.5

7

3.0

6

3.5

5

4.0

4

4.5

3

5.0

2

5.5

1

6.0

0

Figure 2: A demand schedule for pizza (State University of New York at Geneseo, n.d)...