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    Applied Economics-Worksheet-Week 1

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    Christine Joy Calupig
    1) The president is concerned about a large budget deficit that is forecast to add about P150 billion per year to the national debt. 2) As the president's chief economic advisor, you would advise reducing unemployment below 6% without fueling inflation. 3) Your reasoning would include how lowering unemployment through government programs and policies can stimulate the economy without causing wage-price spirals that lead to higher inflation.

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    Applied Economics-Worksheet-Week 1

    Uploaded by

    Christine Joy Calupig
    148 views1 page
    1) The president is concerned about a large budget deficit that is forecast to add about P150 billion per year to the national debt. 2) As the president's chief economic advisor, you would advise reducing unemployment below 6% without fueling inflation. 3) Your reasoning would include how lowering unemployment through government programs and policies can stimulate the economy without causing wage-price spirals that lead to higher inflation.

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    APPLIED ECONOMICS-WORKSHEET-WEEK 1

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    1) The president is concerned about a large budget deficit that is forecast to add about P150 billion per year to the national debt. 2) As the president's chief economic advisor, you would advise reducing unemployment below 6% without fueling inflation. 3) Your reasoning would include how lowering unemployment through government programs and policies can stimulate the economy without causing wage-price spirals that lead to higher inflation.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    148 views1 page

    Applied Economics-Worksheet-Week 1

    Uploaded by

    Christine Joy Calupig
    1) The president is concerned about a large budget deficit that is forecast to add about P150 billion per year to the national debt. 2) As the president's chief economic advisor, you would advise reducing unemployment below 6% without fueling inflation. 3) Your reasoning would include how lowering unemployment through government programs and policies can stimulate the economy without causing wage-price spirals that lead to higher inflation.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 1

    SUBJECT APPLIED ECONOMICS 1st SEM QUARTER 1 WEEK 1

    NAME
    DATE
    (Surname, First Name, MI)

    MRS. CHRISTINE JOY T.


    SECTION TEACHER
    CALUPIG

    ACTIVITY 1: Article Analysis (Traumatic Stress in the Your task.


    Age of COVID-19: A Call to Close Critical Gaps and Adapt to 1. Suppose the President asks you to explain carefully
    New Realities by: Danny Horesh, March 2020) the economic consequences of a large budget deficit.
    Abstract Outline what you would tell him.
    The Issue: Coronavirus-19 (COVID-19) is transforming 2. Supplement your explanation with (an) appropriate
    every aspect of our lives. Identified in late 2019, COVID- diagram(s).
    19 quickly became characterized as a global pandemic by ACTIVITY 3: Situational Study (30 pts)
    March of 2020. Given the rapid acceleration of The situation.
    transmission, and the lack of preparedness to prevent During the past decade, high rates of unemployment and
    and treat this virus, the negative impacts of COVID-19 high rates of inflation have plagued the Philippine
    are rippling through every facet of society. Although economy. Assume you are the President's chief economic
    large numbers of people throughout the world will show advisor; you've been assigned the task of developing a
    resilience to the profound loss, stress, and fear logical, cohesive program to reduce the rate of
    associated with COVID-19, the virus will likely unemployment to below the 6% level without rekindling
    exacerbate existing mental health disorders and inflationary forces.
    contribute to the onset of new stress-related disorders Your task.
    for many. Recommendations: The field of traumatic 1. What would you tell the President to do (include any
    stress should address the serious needs that will emerge advice)?
    now and well into the future. However, we propose that 2. Carefully outline the reasoning underlying your advice.
    these efforts may be limited, in part, by ongoing gaps that 3. Provide diagrams as appropriate.
    exist within our research and clinical care. In particular, ACTIVITY 4: Problems and Applications (10 pts.
    we suggest that COVID-19 requires us to prioritize and Each)
    mobilize as a research and clinical community around 1. Outline the importance of the study of applied
    several key areas: (a) diagnostics, (b) prevention, (c) economics to the status of the economy of the
    public outreach and communication, (d) working with country.
    medical staff and mainstreaming into nonmental health 2. Explain how applied economics maybe practiced
    services, and (e) COVID-19-specific trauma research. As at macroeconomics or microeconomics level.
    members of our community begin to rapidly develop and 3. Evaluate the value of applied economics.
    test interventions for COVID-19-related distress, we 4. Relate economic theories and its importance to
    hope that those in positions of leadership in the field of applied economics.
    traumatic stress consider limits of our current 5. Describe how applied economics become
    approaches, and invest the intellectual and financial important for economy of the country.
    resources urgently needed in order to innovate, forge ACTIVITY 5: Modified True or False
    partnerships, and develop the technologies to support Write T if the statement is True or F if it is False. If the
    those in greatest need. statement is false turn it into a true statement. (T-1 pt., F-
    Guide Questions: (15 pts.) 2 pts.)
    1. Can you identify what will be the focus of the 1. The phenomenon of scarceness stems from the
    following: business firms, entrepreneurs and fact that resources are limited.
    economists? 2. In a market economy, economic activity is guided
    2. How important the knowledge in applied by government.
    economics can solve the problems? 3. An economic theory is usually more complex
    3. Explain why certain events occur and predict the than the real world.
    likely effects pf events and government actions. 4. Applied economics is the study of observing how
    ACTIVITY 2: Situational Study (20 pts) theories work in practice.
    Read and analyze the situation given and explain your 5. An economic model is a statement or set of
    answer in 300 words or more. related statements of a presumed relationship
    The situation. between two or more economic variables like
    You are the President's chief economic advisor. He comes price, quantity demanded, quantity supplied.
    to you, deeply disturbed about the size of the deficit
    being forecast for the upcoming fiscal year. His instincts Remarks: Read the textbook Applied Economics
    are that such a large deficit, adding about P150 billion to by Efren S. Basilla, Jr. from pages 2-18
    the national debt per year, has to wreak considerable
    damage on the economy. His political advisors, however,
    say "not to worry, the deficit hurts no one."

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