User Account

All Pages

Australian economy originally starts at long-run equilibrium

Assignment Help Macroeconomics
Reference no: EM133277606

Assume that the Australian economy originally starts at the long-run equilibrium.

The shock in focus is the introduction of robots to undertake manual tasks and replace low-skilled workers.

In 2019, Oxford Economics forecasted that approximately 20 million jobs around the world could be replaced by robots by 2030. This trend will exert sweeping and profound impacts on economies around the world, including Australia.

1. Considering the shock above, point out how aggregate demand (AD), short-run aggregate supply (SRAS) and long-run aggregate supply (LRAS) will be affected.

2. Explain clearly in words the reasons behind the effects on AD, SRAS and LRAS, as pointed out in prompt #1.

3. Describe how the AD, SRAS and LRAS curves will shift following the shock above.

4. Explain clearly in words how the key macroeconomic variables (i.e. average price level, inflation rate, real GDP and unemployment rate) will be affected by the shock above.

Reference no: EM133277606

Questions Cloud

Provide convincing evidence that the cognitive : EDN 2000 University of North Carolina, provide convincing evidence that the cognitive or metacognitive perspective provides the most appropriate frame
Describe the managerial implications : Describe the managerial implications-- this is the why does this matter as a manager statement, So we had to read an article called Following Lance Armstrong.
Is there research on how likely developed 11-12-month-old : PSYCHOLOGY PSYC22 University of Toronto, Scarborough Is there research on how likely developed 11-12-month-old infants are to respond to caregivers and produce
At which organization would you prefer to work : At which organization would you prefer to work? Why? Does the structure have anything to do with your decision
Australian economy originally starts at long-run equilibrium : Assume that the Australian economy originally starts at the long-run equilibrium.
What theory of motivation described in the textbook : PSYCHOLOGY 1101 West Georgia Technical College What theory of motivation described in the textbook do you think best explains what motivates your behavior
Understanding of social roles or inequalities : SOC 112 Southern New Hampshire University explain what they mean by that and provide an example of social change that has occurred during your lifetime
Prices cause amounts supplied by producers to change : Explain how and why changes in prices cause the amounts supplied by producers to change.
What population benefits from treatment or work in field : What population benefits from treatment or work in this field? What theoretical approach or treatment approaches are used in this field

Reviews

Write a Review

Macroeconomics Questions & Answers

  What would be the estimated value for the average increase

Y = 20000 + 4000X. What would be the estimated value for the average increase in income from going to college for four years versus going to work directly out of high school?

  Find the marshallian demand

Suppose that an individual with income I cares about two goods, X and Y. The price of the two goods is Px and Py. The individual has the following utility function:

  Explain how has a more diversified labor force affected

Explain how has a more diversified labor force affected the corporate structure and the economy.

  Comparing reformation theologians

In 1 paragraph of at least 100 words, explain why you believe 1 particular theologian best reflects biblical Christianity. The important point is not which individual you choose but how well you explain and defend your choice. Be specific.

  Predicting price-setting strategies

From the scenario for Katrina's Candies, determine the importance of predicting the pricing strategies of rival firms in an industry characterized by mutual interdependence.

  Game theory of money and banking

These questions concentrate on the game theory of money and banking. Consider the Principle-Agent problem in relation to banking.

  Various forms of unemployment

There are various forms of unemployment. There are also ongoing debates on the effectiveness of measuring the rate of unemployment and its policy implications.

  Condition that would have a demand increases

can you give me a condition that would have a Demand increases, supply decreases.

  Describe sustainable and conventional agriculture

For each of the following concepts provide a definition, a complete explanation as to their significance, and a practical example.

  Draw a graph depicting the demand for and supply

Draw a graph depicting the demand for and supply of U.S. dollars with the exchange rate expressed as pesos per dollar. Label all curves. Plot and label the equilibrium

  As the research begins to come in about your expansion

As the research begins to come in about your expansion opportunities abroad, the marketing department has discovered that the price elasticity

  What is aquilonia money supply now

The people of Aquilonia deposited half of their currency into the banking system. If banks do not hold excess reserves, what is Aquilonia's money supply now?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd