ECO372 ECO 372 Week 5 DQs

1) Economic forecasts should be dynamic

2.) The federal government should balance its budget each year.

3.) The production possibilities curve is seldom a straight line.

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I believe this statement is true due to the fact that forecasting models are far from accurate representations of complex, dynamic modern economic and commercial systems. In fact, even models that attempt to closely represent the economy and that provide reasonably accurate forecasts for one or more periods may suddenly prove unreliable thereafter. Abrupt shifts arise from technological developments, political turmoil, legislation and regulation, and similar factors. Especially in this global economy, forecast models thus must “adapt” to sudden shifts to minimize the duration for forecast failures. Forecasting failures under or over the expected result are not unusual, but they should not be permitted to persist for a significant duration.

The federal government should balance its budget each year, this statement is true. When balancing the budget each year they are able to see what they have spent money on year to year. The federal government can see what area they have been spending money in more and may be able to cut back on some of the spending. I believe being able to balance a budget each year also will let the government know ahead of time if the economy is in good or bad shape. Balancing the budget each year can also cut down on unnecessary spending. I want to say that we have landed ourselves into so much debt because we have gave out money we didn’t have and since we don’t have the funds it’s more debt being added onto the several trillions we’ve already accumulated. For example, the military needs funds and we already are in debt but we still supply them with the funds. In order to have a smooth running economy its best that we balance budgets each year to make sure we aren’t overspending and doing unnecessary spending. The more money that is being spent the more debt we burry ourselves in and with the budget being balanced yearly would help out the economy a lot, it will show if we’ve progressed, stayed the same or got worse as an economy.

True. The production possibilities curve is a graph that represents combinations of the amounts of two goods and services than an economy can produce by transferring resources from one good or service to the other. The curve is used to explain economic growth and efficiency for the economy. When opportunity costs increase, more resources are being used that are less efficient in producing it. The curve bows outward. If opportunity costs are constant, a straight line is produced. In this case, resources are not specialized and can’t be substituted for each other with

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