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    RWS 1 Economics PRG1

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    DOMS X

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    RWS 1 Economics PRG1

    Uploaded by

    DOMS X
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    RWS_1_ECONOMICS_PRG1

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    13 views3 pages

    RWS 1 Economics PRG1

    Uploaded by

    DOMS X

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 3

    Economics

    Revision Worksheet 1
    Data Response Question
    Artificial Intelligence Artificial Intelligence (AI) is a form of technological
    progress. It involves computers or computer-controlled robots engaging in tasks
    usually performed by humans. Many businesses invest in AI to reduce their costs,
    to increase their efficiency by reducing human errors and to raise business
    revenues and profits. The COVID-19 pandemic has accelerated this process –
    from increased use of contactless card payment systems to large-scale
    investment in driverless taxis. In China, a leading internet search company plans
    to follow some of its rivals in the United States (US) by starting a driverless taxi
    service in 100 cities by 2030. Nevertheless, the pace of growth in AI has raised
    concerns that this will result in increased unemployment. One study suggests
    that up to 38% of US jobs are at risk from automation by the mid-2030s. To date,
    Japan has between 200 and 300 AI companies. It is also the leading supplier of
    industrial robots and third, behind China and the US, in spending on research
    and development into AI. Just a few years ago, the growth of the internet created
    similar fears. Despite these concerns, the technology created millions of jobs and
    contributed as much as 10.5% towards US GDP in 2020. As a result, some
    economists suggest that the movement towards AI will fundamentally change
    the world and the way we work and live but will not lead to large rises in
    unemployment. AI technology may create more jobs than it destroys.
    Nonetheless, the danger remains that automation will lead to a society of
    winners and losers. These newly created jobs will require new skills and
    significant investment in training young people and retraining adults. Therefore,
    governments may need to implement targeted policies to ensure that any
    changes to structural unemployment are only short-lived. However, rising
    national debt alongside projections of low economic growth, as shown in Table
    1.1, may reduce the ability of governments to deliver such policies.
    MARCH 2024
    A) Using the information in Table 1.1, compare the change in projected real
    GDP growth of Japan with that in the US between 2022 and 2025. [2]
    B) With the help of a production possibility curve (PPC) diagram,
    demonstrate the likely impact of increased investment in AI on the
    Japanese economy in the long run. [2]
    C) With the help of a demand and supply diagram, consider the impact of
    additional investment in AI on the price and output of a US carmaker. [4]
    D) Assess the possible impact on unemployment in Japan as a result of the
    increased investment in AI. [6]
    E) Assess the likely impact of the growth of AI on the specialisation and trade
    of a country such as Japan. [6]
    Essay type Questions
    1. With the help of a demand and supply diagram, explain how the
    introduction of an indirect tax affects equilibrium in a market and consider
    the extent to which the incidence of the tax will fall on the consumer. (8
    marks) March 2024
    2. Assess whether the improved provision of information is likely to be the
    best method to reduce the consumption of demerit goods. (12 marks)
    March 2024
    3. With the help of a formula, explain the meaning of income elasticity of
    demand and consider the extent to which a rise in income will increase
    the consumption of all goods and services. (8 marks) March 2024
    4. Assess whether an estimate of the price elasticity of demand for a product
    is likely to be more useful to a firm than an estimate of its price elasticity
    of supply. (12 marks) March 2024

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