the government and policy makers use statistical data to formulate suitable policies of economic development. illustrate with two examples
Answers
Explanation:
Yes,in economics policies statistics play a vital role in decision making for example.
1) In the present time of rising global oil prices it might be necessary to decided how much oil india should import in 2010
2) Economics planners as to decided in 2005 how much the economics should produce in 2010 by expecting level of consumption in 2010
Answer:
Concept:
Statistics is useful in analysing economic problems such as; growing population, rising prices, unemployment, poverty etc.
Find:
the government and policy makers use statistical data to formulate suitable policies of economic development. illustrate with two examples
Given:
the government and policy makers use statistical data to formulate suitable policies of economic development. illustrate with two examples
Explanation:
The government and the policy makers use the statistical data to formulate suitable policies of economic development. No analysis of a problem would be possible without the availability of data on various factors underlying an economic problem. For example if the government wants to make a policy to solve the problem of unemployment and poverty, reliable data are required for it. The number of persons who are waiting for a job, unemployed and semi employed persons, educated and illiterate persons, the number of people living below the poverty line, the related data may be required. If the government wants to remove poverty and disparity in income and wants to take appropriate action then proper reliable data are required. For example, if the government wants to help the people affected by Tsunami earthquakes, the bird flu dangers then data should be collected and put together about the disaster's cost systematically and correctly.
Modern economists now includes learning the basic skills involved in making useful studies for measuring poverty, how incomes are distributed, how earning opportunities are related to education, how environmental disasters affect our lives and so on.
Example (i): It can be ascertained easily by using statistical tools whether the policy of family planning is effective in checking the problem of everincreasing population in India.
(ii): In the present time oil prices are rapidly
increasing at global level. Therefore it is necessary to take serious action towards the problem that how much oil should be imported, based on statistical data. This quantity of import would depend on the domestic production of oil and also demand for oil in future.
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