1. For question (1), answer two of the options below: a) Americans have become heavily dependent on air travel – especia
Posted: Wed Jul 06, 2022 5:55 am
1. For question (1), answer two ofthe options below:
a) Americans have become heavilydependent on air travel – especially for long-distance travel(e.g., from the east coast to the west coast). Since airline pilotsplay a crucial role in such travel, dramatic increases in wages forpilots will not impact thenumber of pilots hired by airlines. Do you agree with thisstatement? Explain.
b) Predict how each of thefollowing events will raise or lower the equilibrium wage andquantity of coal miners in West Virginia. (Consider the effects ofchanges in supply and/or demand).
*The price ofoil rises.
*New coal-mining equipment isinvented that is cheap and requires few workers to run.
*Several major companies thatdo not mine coal open factories in West Virginia, offering a lot ofwell-paid jobs.
*Government imposes costlynew regulations to make coal-mining a safer job.
c) Is income distributed "fairly" in theU.S.? Provide a rationale with relevant data.
d) Should government (federal and/or state)play a role in redistributing income? Elucidate.
a) Americans have become heavilydependent on air travel – especially for long-distance travel(e.g., from the east coast to the west coast). Since airline pilotsplay a crucial role in such travel, dramatic increases in wages forpilots will not impact thenumber of pilots hired by airlines. Do you agree with thisstatement? Explain.
b) Predict how each of thefollowing events will raise or lower the equilibrium wage andquantity of coal miners in West Virginia. (Consider the effects ofchanges in supply and/or demand).
*The price ofoil rises.
*New coal-mining equipment isinvented that is cheap and requires few workers to run.
*Several major companies thatdo not mine coal open factories in West Virginia, offering a lot ofwell-paid jobs.
*Government imposes costlynew regulations to make coal-mining a safer job.
c) Is income distributed "fairly" in theU.S.? Provide a rationale with relevant data.
d) Should government (federal and/or state)play a role in redistributing income? Elucidate.