Question

the government and policy makers use statistical data to formulate suitable policies off economic development;illustrate with two examples​

Answer 1

Statistics are useful in analyzing such economic problems as population growth, rising prices, unemployment, poverty, etc.  

Example I:

• By using statistical tools it is simple to determine whether the family planning strategy is successful in testing the issue of ever-increasing population in India.

Example (II):

• Oil prices are rapidly rising worldwide at the present time. Therefore, serious action must be taken towards the problem of how much oil, based on statistical data, should be imported. This amount of import would in the future depend on domestic oil production and also oil demand.

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Answer 2

Answer:

The statistical data is important for Government and policy makers to formulate suitable policies of economic development. It not only helps in analysing and evaluate the outcomes of the past policies but also assist them to take corrective measures and to formulate new policies accordingly. It is clear from examples -

(i) It can be ascertained easily by using statistical techniques whether the policy of family planning is effective in checking the problem of rapidly growing population.

(ii)  In preparing annual government budget, previous data of government expenditures and government revenues are taken into consideration for estimating the allocation of funds among various projects.