ECON10003 - Introductory Macroeconomics - Report Writing Assessment Answer

 Introductory Macroeconomics 

Assessment Task:

1. Measuring GDP
The following table contains some data from the Australian economy that was sourced from the Australian Bureau of Statistics.
Table 1: Growth Rates of Selected Variables
Variable 1970-1990 1990-2019 nominal GDP 12.7 5.6 real GDP 3.1 3.4
Do you agree or disagree with this statement? Explain your reasoning.

2. Automation and the Labour Market
a) In the media, there is a discussion of how automation and the development of arti?cial intelligence may make production workers obsolete and lead to a large increase in the unemployment rate. Use our model of the labour market, discussed in lectures, to describe how labour supply and/or labour demand curves must shift as a result of automation for this rise in unemployment to occur. 
b) Currently, there are very few signs of increased unemployment due to automation. Unemployment is low and labour force participation rates are high. However, if automation does eventually lead to a rise in unemployment, would you expect this to lead to an increase in cyclical, frictional or structural unemployment? Brie?y, explain your reasoning. 

3. House Prices and Consumption
In the last 12-18 months, house prices across Australia have declined. This has a?ected the wealth of Australian households. Approximately 70 per cent of Australian households own or are in the process of purchasing a home. As the value of housing has declined, this has had an impact on the wealth of some individuals. As household wealth has decreased, this has reduced their consumption expenditure.
Use a Keynesian model of the macroeconomy to describe what e?ect this decline in consumption will have upon output in the Australian economy. Be speci?c and describe what components of expenditure are a?ected and why. Discuss the adjustment process associated with moving from an initial equilibrium (before the fall in house prices) to a ?nal equilibrium (after the fall in house prices). In particular, discuss the mechanism that leads to a change in output and includes a relevant diagram. Finally, explain what the multiplier is and the role it has in explaining the fall in output.

This Economics Assessment has been solved by our Economics Experts at My Uni Paper. Our Assignment Writing Experts are efficient to provide a fresh solution to this question. We are serving more than 10000+ Students in Australia, UK & US by helping them to score HD in their academics. Our experts are well trained to follow all marking rubrics & referencing style.

Be it a used or new solution, the quality of the work submitted by our assignment experts remains unhampered. You may continue to expect the same or even better quality with the used and new assignment solution files respectively. There’s one thing to be noticed that you could choose one between the two and acquire an HD either way. You could choose a new assignment solution file to get yourself an exclusive, plagiarism (with free Turnitin file), expert quality assignment or order an old solution file that was considered worthy of the highest distinction.