ECO364: Project Answer Sheet

Please Provide your responses to Sections 3 and 4 using this sheet. When you are done, save this file as a pdf with the file name “lastname_firstname_studentnumber.pdf” and upload to the Quercus submission portal. Please use 11 point Times New Roman font and single-line spacing.
Question 7 (10 points, three sentences maximum):
The 5 countries have relative abundance of capital and skilled Labour with relative scarcity of unskilled labour. They export labour and electronics and optical products which are capital intensive. The countries produce those goods for export since they have the comparative advantage due to the educated population.
Question 8 (10 points, three sentences maximum):
They have relative abundance of unskilled, relative scarcity of capital and labour. They have comparative advantage of producing and exporting labour intensive products like textiles. Most of their population have less education hence they do manual work such as producing textiles as figures indicate.
Question 9 (10 points, three sentences maximum):
The Rybczynski Theorem states that if the endowment of some resource increases in the country, the industry that uses that resource most intensively will increase its output while the other industry will decrease its output. Educated population increased by 15% in a span of 10 years which increased the skilled Labour in the population thus increasing the country’s GDP output. This was made possible since china became china’s relative abundance in Labour and comparative advantage increased producing capital-intensive products like optical with relative scarcity in unskilled labour.
Question 10 (50 points, 300 words maximum):
Artificial intelligence and Robots are very important invention and much needed in the society but it also has a fair share of disadvantages. It is not a doubt that Robots and Artificial intelligence (AI) have started declaring some labourers redundant. The situation has to be managed before many people are rendered jobless. The fast-rising invention is capital intensive and requires more skilled labour. Canada needs to focus solving two problems to remain in the international market map.
To maintain the comparative advantage in the society, the Canadian government should focus on advancing the skills of the local labourers. This can be done in different ways such as Job training and education. Maintaining the relative abundance in high skilled Labour will give Canada a comparative advantage over other countries as explained by Rybczynski Theorem. The country also aught to employ more capital in manufacturing sector to boost production of Electronics sector and AI products. So, the only way Canada can maintain its comparative advantage is by enhancing Labour skills, training more people and employing more capital on the same.
Inequality also arises because, few people with high-end skills control robots and other AI while most of the workers are left jobless. To solve this, the Canadian government retrain workers with the required new skills and if not possible, new job should be created and sourced for them to continue generating income. This can be done by worker using their current skills in new areas such as teaching hence promoting equality in the country.
Order Now

Calculate a fair price for your paper

Such a cheap price for your free time and healthy sleep

1650 words
Place an order within a couple of minutes.
Get guaranteed assistance and 100% confidentiality.
Total price: $78
WeCreativez WhatsApp Support
Our customer support team is here to answer your questions. Ask us anything!
👋 Hi, how can I help?