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ECON1010 Introductory Microeconomics

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Consider a closed economy in which GDP equals $20 billion, consumption equals $13 billion, government purchases equal $3 billon and tax revenue equals $1 billion. Use this information to answer the following questions:

What is private savings equal to in this economy?

What is public savings equal to in this economy?

How would the level of public savings impact the supply of loanable funds?

What is national saving equal to in this economy?

What are net exports equal to in this economy?

What is investment equal to in this economy?

Explain how labour productivity is determined. In your answer address why human capital is considered to be so vital to lifting labour productivity levels. To illustrate your understanding provide an example. Your answer should be between ½ page and a full page.
When Hans Rosling talks about China ‘catching up’ with the United States, explain in more detail what he means by this? Your answer should be around ¼ of a page.
How can free trade help middle income countries or emerging economies ‘catch up’ with the high income or developed economies? Your answer should be ½ a page and include a relevant example.
On the y-axis of the visualisation Hans Rosling presents in the Gapminder video, income per person is shown. What is an alternative label or term that we have used in the course that means the same as income per person?
The income per person referred to in part c. above is ‘inflation adjusted’. Why is it necessary to adjust this for inflation? Your answer a should be no longer that ¼ of a page

Having read the Report answer the following questions:

The report identifies one the forces shaping the future as automation. Discuss how automation may impact unemployment in years to come. In your discussion be sure to identify the type(s) of unemployment it may lead to and comment on what policy makers can do to address this. Your answer should be around ½ a page.
Globalisation is a dominant economic force that creates new opportunities but also presents some challenges. Provide an example from Australia of an industry or sector of the economy that has suffered job losses as a result of globalisation. In your answer explain why globalisation can create unemployment in some industries or sectors of a national economy.  Your answer should be around ½ a page.
Comment on something you have found interesting from reading the Report (that differs from your answers in parts a and b). Your answer should be in one long or two shorter paragraphs.
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