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ECON1016 Economics Skills And Employability 1
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ECON1016 Economics Skills And Employability 1
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Course Code: ECON1016
University: University Of Southampton
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Country: United Kingdom
Question:
1.What is the type of unemployment in the following scenario? State the unemployment type and explain in a few sentences why it is the case.
a) After completing a complex computer programming project, Tetsuo got fired from his work. His prospects for a new job requiring a similar set of skills are good, and he has signed up with a job placement service for a programmer. He has declined offers for low-paying jobs.
b) When Akira and his co-workers refused to accept any pay cuts, his employer started to outsource the programming jobs to low-paid workers in another country. This outsourcing is happening throughout the programming industry.
c) Due to the current economic slowdown, Kaneda has been laid off from his programming job. His boss promises to rehire him when business picks up.
a)Compute the ratio of GDP per capita of the different income groups in year 2010 (expressed to one decimal point in %):
i.Middle- to High-income group
ii.Low- to High-income group
iii.Low- to Middle income group
b)Compute the approximate number of years it will take the Low-income and Middle-income countries to double their GDP per capita.
c)Approximate the GDP per capita for High-income, Middle-income and Low-income groups for the year 2088, and fill in column 3 of the Table.
d)Repeat part a) of the question with the computed GDP per capita in year 2088
e)Now compare your answers in part a) and part d). Comment on any changes occurred between year 2010 and 2088.
Answer:
Answer 1:
a.
Comparison of the ratio of GDP per capita of the different income groups in year 2010:
i)
Middle- to High-income group:
3980/ 38293= 0.104 = 10.4%
ii)
Low- to High-income group
507/ 38293 = 0.013= 1.3%
iii)
Low- to Middle income group
507/3980= 0.127 = 12.7%
b)
Using the rule of 70, years can be calculated:
Low-income countries are predicted to double their per-capita GDP for 70/ 3 = 23.3 years and the middle-income countries are projected for 70/ 4.8 = 14.5 years.
c)
(1)
(2)
(3)
Country group
GDP per capita (Year 2010)
Average annual growth rate of real GDP per capita (Year 2000-2010)
GDP per capita (Year 2088)
High-income
38,293
0.9%
77024.76
Middle-income
3,980
4.8%
154192.5
Low-income
507
3.0%
5058.24
Source: World Bank
d.
Comparison of the ratio of GDP per capita of the different income groups with the computed GDP per capita in year 2088
i)
Middle- to High-income group
154192.5/ 77024.76= 2.00 = 200%
ii)
Low- to High-income group
5058.24/77024.76 = 0.07 = 7%
iii)
Low- to Middle income group
5058.24/154192.5 = 0.032 = 3.2 %
e.
It is seen that both low and middle income countries have developed their per-capita GDP compare to that of high-income countries because of higher growth rates. From this, it can be said that the world is experiencing lower economic inequality. Moreover, it is also observed that middle-income countries grow at a higher rate compare to that of higher and low income group people.
Answer 2:
a.
This type of unemployment is called frictional unemployment. This is because Tetsuo has rejected the offer voluntarily for getting new jobs with higher payment (Soylu, Ö.B., Çakmak, ?. and Okur, F., 2018)
. Hence, he has kept himself frictionally unemployed to get a new job.
b.
The second scenario represents structural unemployment, as the company has outsourced its programming jobs to other countries for reducing labour cost due to lower wages. Moreover, skills of labour are mismatched with existed wages.
c.
The type of unemployment is called cyclical unemployment, as Kaneda has lost his job due to slowdown of the economy. This situation occurs within the business cycle.
Answer 3:
a.
In the loanable fund market, supply of funds comes from savings of people while demand comes from investors like people or firm. In equilibrium, this market maximises efficiency because in this situation, every lender and every borrower can perform their activity at a fixed interest rate equally (Ogbulu, Uruakpa and Umezinwa 2015). On the contrary, any disequilibrium situation can generate excess lending or excess borrowing compare to other.
b.
Due to government borrowing, the economy experiences crowding out effect that further can reduce investment. To finance the budget deficit, the government borrows money and this further crowd out other borrowers, who want to invest privately. Thus, during the budget deficit, savings within the economy decreases and this in turn increases interest rate. As a result, investment declines. However, investment is considered as chief factor of long-term economic growth and from this analysis it can be said that budget deficit adversely affects this long-term growth.
Figure 1: Impact of budget deficit on loanable fund market
Source: (created by author)
Consequently, the argument that the government has decided to eliminate all government purchase for reducing budget deficit can be supported, as it can develop the economy further.
Answer 4:
a.
Initially, child mortality rate of Singapore, Venezuela and Sweden were very high. However, this mortality rate of Sweden has decreased significantly followed by Singapore. However, mortality rate in Venezuela has decreased at comparatively lower rate. In 2018, child mortality rate in Sweden becomes 2.56% while for Singapore it becomes 2.52%. For Venezuela, this rate becomes 15.4%. Initially per capita GDP of Venezuela, Singapore and Sweden were 2470, 1510 and 1140, respectively (Gapminder.org 2018). In 2018, GDP per capita of these countries become 14.2 thousand for Venezuela, 83.9 thousand for Singapore and 47.5 thousand for Sweden.
b.
According to this trend, it can be said that Sweden and Singapore perform well to reduce their child mortality rate between 1880 and 2018. During this period, GDP per capita of these two countries have also increased significantly (Bulman, Eden and Nguyen 2017). Venezuela has also improved its per capita GDP at a higher rate thou child-mortality rate in this country cannot reduce by large extend.
c.
After observing the trend, it can be said that each country will perform well in future, as their per capita GDP is increasing continuously. However, every country needs to reduce their child mortality rate in future.
References:
Bulman, D., Eden, M. and Nguyen, H., 2017. Transitioning from low-income growth to high-income growth: is there a middle-income trap?. Journal of the Asia Pacific Economy, 22(1), pp.5-28.
Gapminder.org 2018. Gapminder Tools. [online] Gapminder.org. Available at: https://www.gapminder.org/tools/#$state$time$value=1880;&marker$select@$geo=sgp&trailStartTime=1802;&$geo=swe&trailStartTime=1802&labelOffset@:-0.006&:-0.024;;&$geo=ven&trailStartTime=1802&labelOffset@:0.136&:-0.023;;;&axis_y$which=child_mortality_0_5_year_olds_dying_per_1000_born&domainMin:null&domainMax:null&zoomedMin:null&zoomedMax:null&scaleType=genericLog&spaceRef:null;;;&chart-type=bubbles [Accessed 28 Aug. 2018].
Ogbulu, O.M., Uruakpa, P.C. and Umezinwa, C.L., 2015. Empirical Investigation of the Impact of Deposit Rates on Fund Mobilization by Deposit Money Banks in Nigeria. Journal of Finance, 3(1), pp.77-89.
Soylu, Ö.B., Çakmak, ?. and Okur, F., 2018. Economic growth and unemployment issue: Panel data analysis in Eastern European Countries. Journal of International Studies Vol, 11(1).
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