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1)Write no more than 300 words

Economics Oct 31, 2020

1)Write no more than 300 words.
To what extent do you agree or disagree with this argument:
“Robots 'to replace up to 20 million factory jobs' by 2030

2)

The questions below are based on the following information, which relates to the Keynesian model for an open economy:

C = R600 million + 0.75Y

Z = R200 million + 0.45Y

T = 0.20Y

Where:

C = Consumption

Y = Income

Z = Imports

T = Tax

Additionally:

  • Investment spending = R350 million
  • Government spending = R500 million
  • Exports = R350 million
  • Full employment level of income = 3 000 million.

1.1Calculate the value of the marginal propensity to save.

1.2 Calculate the value of the multiplier for an open economy.

1.3Calculate the value of the multiplier for an open economy.

1.4Answer the following questions regarding equilibrium for this economy:

1.4.1 Calculate the equilibrium income for an open economy

1.4.2 Calculate the amount of tax collected at equilibrium and state show whether there is a budget deficit of surplus.

1.5Calculate the value of total imports at equilibrium.

Expert Solution

1)I totally agree with the statement robots to replace up to 20 million factory by 2030 . Around 1.6 manufacturing job will be lost by manufacturing of each new industrial robot and the regions with least skilled will be severely affected.Region where there are already low skilled workers leads to low Economic growth and high unemployment ratio and introducing robots in these regions will although boost the Economy but will lead to more unemployment. With increase in population, companies need to increase their production at great scale for which they are finding robots to be beneficial in form of Increase in production as well as time saving. On a average, as more additional robots will be installed more job losses will be there in comparison to high skilled regions. Even robots are there to put factory workers to journalist , out of those particular jobs giving rise to white collar work which getting vulnerable to automation. But the basic idea regarding replacing the job with robots is that companies eants to increase their profit and they don't care about the job losses they just want to increase their profit earning ratio which can be done only by increasing production and decreasing cost per unit . If we talk about Initial job losses, more than 1.7 million job have lost since year 2000 , and country which are mainly affected by this is china followed by Europe and then United states.

2)Please use this google drive link to download the answer file.       

https://drive.google.com/file/d/1M8hXshlkq2OKR4olj6aABy2qwrKVydg0/view?usp=sharing

Note: If you have any trouble in viewing/downloading the answer from the given link, please use this below guide to understand the whole process. 

https://helpinhomework.org/blog/how-to-obtain-answer-through-google-drive-link 

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