When recommending specific policies to undertake economists make

1. Research and identify possible policy options.

You can do this by reviewing research literature, conducting an environmental scan, and surveying best practices to understand what other communities are doing.

2. Describe the possible policy options.

As you conduct your policy analysis, pay attention to the health impact, cost of implementation, and feasibility of each option. To describe these three factors, you can ask yourself and your stakeholders questions such as:

  • What population(s) will be affected by each policy option? By how much? And when?
  • What is the context around the possible policy options, including political history, environment, and policy debate?
  • What are the costs and benefits associated with each policy option from a budgetary perspective?

When you are assessing feasibility, it is important to identify any barriers that could prevent a policy from being developed, enacted, or implemented. A policy might be more feasible in one city or at a certain time, but not others. You might find that as circumstances change, what is considered affordable or publicly acceptable may change with them.

3. Rank the possible policy options and pick the one you think is best.

Compare the policy options for health impact, economic and budgetary impact, and feasibility. Next, rank each one based on those criteria. Stakeholders can provide guidance on how to do this. Your rankings will always be partially subjective, so it helps to systematically document your rationale. In some cases, your review may reveal a clear winner—a policy that is a) feasible, b) has a strong, positive impact on public health, and c) is economically and fiscally viable. In other cases, ranking the options may be more complicated and involve assessing trade-offs.

For example, when considering policies for reducing smoking, there are trade-offs related to feasibility and impact between options. (Feasibility and impact depends on your context, like your location.) You may have to have choose between a more feasible policy (like an indoor smoking ban for restaurants) and one with more widespread impact (like raising prices on tobacco products in your state).

EC 111- Exam 1Practice Test Answers1)The line that relates the price of a good and the quantity demanded of that good is

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2)When society requires that firms reduce pollution, there is

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3)Which of the following changes would not shift the demand curve for a good or service?

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4)When recommending specific policies to undertake, economists makenormative statements.

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6)Which of the following is not an example of a group responding to an incentive?

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7)Suppose you like to make, from scratch, pies filled with bananas and vanilla pudding. Younotice that the price of bananas has increased. As a result, your demand for vanillapudding would

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8)Where can an economy not produce?

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9)Graph on phone. Refer to figure. The shift from S’ to S in the market for chocolate cakecould be caused by

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11) Which of the following would shift the demand curve for gasoline to the right?

C.Perception versus Reality1.While it seems as if economists do not agree on much, this is in fact not true. Themajority of economists agree on major issues.2.Almost all economists believe that rent control adversely affects the availabilityand quality of housing.3.Most economists also oppose barriers to trade.

Quiz 21 / 1 pointWhich of the following statements about models is correct?

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Models cannot be used to make predictions.Question21 / 1pointIn the simple circular-flow diagram, which of the following is

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Question31 / 1pointIn the circular-flow diagram, in the markets forgoods and services, households and firms are both sellers.goods and services, households are buyers and firms are sellers.the factors of production, households are buyers and firms are sellers.the factors of production, households and firms are both buyers.

Question41 / 1pointIn the circular-flow diagram, which of the following items flows from households to firms through themarkets for goods and services?Goods and servicesDollars paid to land, labor, and capitalDollars spent on goods and servicesWages, rent, and profit

Question51 / 1pointWhere can an economynotproduce?

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Question61 / 1pointFigure 2-3

Refer to Figure 2-3.It isnotpossible for this economy to produce at point

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Question71 / 1pointFigure 2-3

Refer to Figure 2-3. Efficient production is represented by which point(s)?

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Question81 / 1pointTable 2-3Production PossibilitiesCorn(Bushels)Wheat(Bushels)2,00001,6007001,2001,3008001,800

Refer to Table 2-3.Which of the following combinations of corn and wheat isnotcurrently attainable butwould be attainable if there was an improvement in overall production technology?

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Question91 / 1pointFigure 2-6Refer to Figure 2-6. Consider the production possibilities frontier for an economy that produces onlysofas and cars. When society moves from point A to point B,the opportunity cost is the same as when society moves from point B to point C.

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Question101 / 1pointWhen recommending specific policies to undertake, economists makeclaims about how the world is.

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What is the role of economists in policy making?

A primary role of economic researchers in policy making is to help draw a clear line between value judgements and economic analysis. Proper institutions are key to making sure that economic research influences policymaking in an appropriate way.

Do economists make positive or normative statements?

Economists frequently distinguish between 'positive' and 'normative' economics. Positive economics is concerned with the development and testing of positive statements about the world that are objective and verifiable. Normative statements derive from an opinion or a point of view.

How is economics applied to public policy?

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Why is economics important in public policy?

Economists have always played an important role in major public policy debates, in areas as diverse as the rationale for free trade, the financing of wars, the design of Social Security, the introduction of Medicare and Medicaid, the reform of welfare and other anti-poverty programs, minimum wage legislation, student ...