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(1) Summarize a current affairs video in 500+ words (must be typed) “Are Robots Hurting Job Growth?” In your summary, critically evaluate how new technologies are replacing workers, at the same time making US economy more competitive with low wage countries like China and India? How this new high tech economy will impact income inequality? What economic lesson you learned frown this video?
(2)Answer the following critical thinking questions:
Economists observe that one country nominal GDP increased two tears in a row, but real GDP fell over the same two years. How can this have occurred? Construct a numerical example to illustrate this possibility.
Suppose you were worried that national income did not adequately take into account the depletion of the stock of fish in the economy. Describe how you would advise the Commerce Department to take this into account in their calculation. Make up fictional GDP data for this county explain how your recommendation will work.
In Economy A, the government puts on the payroll as government employees workers who cannot find jobs for long periods, but these “employees” do not work. In Economy B, the government does not hire any long-term unemployed workers; instead, it just gives them cash grants. How do the GDP statistics compare between the two, otherwise identical economies? Make up fictional unemployment data for both these countries and explain how unemployment rate will be reported.
The starting salary for a new assistant professor was $35,000 in 2000 and $65,000 in 2015. The value of CPI for 2015 was 164.3 compared to 55.6 in 2000. In which year did a newly hired professor earn more in real the real terms? Show your calculations to demonstrate how your derived at your conclusion.
Interpreting World Unemployment Statistics
A student looking at the above table argues that Spain must have very high cyclical unemployment compared to Japan because Spain unemployment rate is so high. Explain in detail why the student may not be correct.
In a major city, the vacancy rate for apartment was approximately 15%. Yet, substantial numbers of individuals were searching for new apartments. Can you explain in detail why this occurs and relate it to unemployment?