Famfa Oil Ltd is oil depletion a good thing Essay

Famfa Oil Ltd is oil depletion a good thing - Essay Example In such a way, the author will discuss four of the following environmental drawbacks that oil drilling within Nigeria, and elsewhere throughout the world for that matter, necessarily poses: the disruption in aquatic and sea life that the high level of noise generated by such a process necessarily entails, the level of habitat destruction that oil drilling causes, the environmental impacts and risks that oil spills pose, and the somewhat unregulated and oftentimes sloppy means by which third-party oil extraction companies often engage in such a process. Similarly, the analysis will also discuss what this author deems to be at least one overall benefit that oil drilling necessarily poses for the environment, the creation of man-made reefs on the ocean floor, as well as the issue of domestic oil ownership. By waiting each of these determinants, the analysis will also seek to determine whether or not, regardless of the economic benefits with such a process necessarily entails, the comple te exhaustion of hydrocarbon resources around the globe would be a benefit for the environment and by extension mankind as a whole. Background history: As compared to the multinational conglomerates of Chevron, Shell, BP, and others, FAMFA Oil is a relatively newcomer to the world of oil and gas exploration. Additionally, whereas many of the other firms which it previously been specified Tens of thousands of oilfield leases throughout the entire globe, FAMFA Oil operates specifically within its own nation of origin; Nigeria. This helps to set FAMFA Oil apart from many of its competitors do not only to its relatively recent entry into the world of oil drilling and exploration, but also sets it apart as Nigeria’s only domestically operated oil exploration and extraction entity. FAMFA Oil was originally founded in 1993. Soon thereafter, it began exploration of potential oil fields directly off the coast of Nigeria in what is now termed as the Guinea shelf. Soon thereafter, in 19 98, the Agbami field was discovered. This represented one of the first new hydrocarbon deposits discovered within recent history. Granted a leasehold right to over one half million acres of this oilfield in the late 1990s, FAMFA Oil soon became a dominant player sharing remainder of the oilfield with the likes of Texaco, Chevron, and a litany of other subsidiaries. Besides being one of the first oil companies operate within this oil-rich region, FAMFA Oil also had the additional benefit of extracting a very high quality crude that is been defined by many spectators as light, sweet, and low in sulfur content. Naturally, the overall level of oil that is exhibited within this particular field, and other fields in and around Nigeria necessarily means that a higher profit margin exists for this firm due to the fact that the crude oil extracted from these regions is of a higher value and needs less refinement prior to being turned into usable petroleum resources. Environmental Issues and Concerns: Firstly, from the interview which was conducted, it became clear that the CEO of FAMFA Oil was keenly aware of the overall risks related to noise pollution that oil drilling necessarily entails. Whereas environmentalists and society in general for that matter, are keenly aware of the risks of oil spills that necessarily result from oil extraction and exploitation around quote, few are aware of the fact that one of the secondary or tertiary

Social Work -- Process Recording Analysis Paper Research

Social Work -- Process Recording Analysis - Research Paper Example SW recognized the fact that she was able to turn up amidst her tight schedule. Personally, I believe that this was necessary to convince her to open up and freely share her situation. I would feel remorseful for her but would encourage her that everything is ok and things will work out. SW did little encouragement after appreciation of her time. I would encourage her that the experts are doing their best to see her through the recovery process. In administering the interview I would also be directed by the fact that she was recently treated for mood disorder and was on the process of recovering. I would consider that she might not come to the meeting because of her previous condition and personal dedication to the therapy session provided by the DSS where she works. This would be justified because she needs of source of income and is trying hard to recover from her condition and get back to her children, therefore, in case she did not turn up, I was not going to blame her. Instead, I would encourage her to keep attending the therapy sessions since it would help her regain her life, job and children. She told SW that she has no problem meeting him and discussing about the therapy session. SW introduced himself as one of the therapy group members of the DSS. I believe this would get her attention and probably she would be freer to talk. I think this was meant to introduce SW as one of the members of DSS and, therefore, eliminate the image of a stranger that would jeopardize the interview. I believe also that SW took a position that would encourage feeling like having someone to share her fears, dreams and expectation. This may be the reason that SW referred to Mr. G, the group leader. I would personally consider this position taken by SW because, according to me, it was the best way to get Linda to divulge information. SW went further to elaborate that Mr. G directed him to find out about her group that is regarded as the most

Components of the International Political System

Components of the International Political System International Political System I. International Political System and Its Components Pre-Socratic Greek philosopher Heraclitus said that the only thing constant in this world is change. Taking this statement, he believes that people must not only accept the changes happening, moreover, they must know how to celebrate it.[1] By trying to look around, one can clearly see the things that have changed and are continuously changing; some getting better, some becoming worse, others are mixed, name it, the world has it. Among the most common things that have changed and/or modified over the years are the value of every care the value of currency against the other, monetary inflation rate, voting behavior of people, climate, language, technology, among others. Despite the fact of these changes happening, each state has its own way of coping, mobilizing, promoting and even recreating to it and has a parallel effect to the global society. It is very important to recognize these changes for it will be one of the bases in order to provide answer to the question that will be solved in this paper: As of now, do we have an international political system? After thorough research and analysis, the stand of this paper acclaims that yes, as of now, we do have an international political system. In this paper, arguments related to government structure, behavior of the populace, power, and development will be presented in order to toughen its claim that there is international political system nowadays and its presence today was brought about by the different actions of the people in the yesteryears and significant events that had happened then. Before proceeding to the points that will strengthen the claim, it is important to unlock first the complex terms used in the formulating the question and break it into smaller ideas. The question at hand can be divided into three parts in order to make sure that at the end, there will be a proper riposte. For the first part, the question suggests a certain time frame as to when the answer must be based on, which is the present time, â€Å"as of now,† next, a certain manifestation is being searched upon, â€Å"do we have,† and lastly, the main factor that is being considered, the â€Å"international political system.† Since the first and second parts of the query are relating on the third one, this time, it is necessary to define the said system and explain it for this will greatly help in guiding the points that will be presented on the latter part of this paper. The term â€Å"international political system† is comprised of three different terms that carry different significant meaning in the study of Political Science and this calls for identifying each before understanding it as a single thought. First to be identified is the system. System is the composite formed by a structured set of interacting units.[2] Unit is the entity composed of various sub groups, organizations, communities, and many individuals, sufficiently cohesive to have actor quality (i.e. to be capable of conscious decision-making), and sufficiently independent to be differentiated from others and to have standing at the higher levels (e.g. states, nations, transnational firms).[3] To highlight, it is important that the system must have interacting units, meaning, there is reciprocal action or influences between such. Otherwise, it cannot be considered as a system. Next is politics. It might be best characterized as the constrained use of social power – the study of the nature and source of those constraints and the techniques for the use of social power within those constraints.[4] It can also be lowered to an idea of chasing interests and decisions. Whenever an individual is faced with choices or when a state is choosing to possible decisions on issue of just and unjust for the populace, they fall to the same ground, politics. To be given meaning lastly is the term international. This term was fashioned by Jeremy Bentham and he footnoted in his work that the word international, it must be acknowledged, is a new one; though, it is hoped, sufficiently analogous and intelligible. It is calculated to express, in a more significant way, the branch of the law which goes commonly under the name of the law of nations: an appellation so uncharacteristic that, were, it not force of custom, it would seem rather to refer to international jurisprudence.[5] From this definition, he only wanted to imply that while there are laws that can be implemented exclusively within the territory of every state, on the other hand, there is also law, an international law, that is being followed and must be abide by all the states that recognize such since they share a common region or organizational goal. Example of this is the UNCLOS or the United Nations Convention on the Law of the Sea. It lays down a comprehensive regime of law a nd order in the worlds oceans and seas establishing rules governing all uses of the oceans and their resources.[6] Through UNCLOS, contradicting claims of every state relative to world’s oceans and seas are being put into table, subjected to presentation of evidences, similar in a trial court, and draws the judgment from the substantiations offered by each of the state. Having defined the concepts that make up the idea of international political system, this time, it is significant to draw the definition of IPS itself. From the delineations provided, it can be illustrated that an international political system simply means that it is a system with the same components or units that are interacting between each other or amongst one another, dependent to every other units within it, and has a trajectory of similar, related, or parallel goal or purpose. Reaching this definition, it only provides that if the system that we currently have in the society today do not fit in the three major qualifications of [a.] interacting units, [b.] dependent to each or one another, and [c.] has analogous goal, it can obviously be declared that we do not have an international political system. For the next pages, these factors will be the foundation of the paper’s stand. II. State and International Government Organizations A better way to proceed to next part of this paper is by citing a clichà © quote which has been attributed to International Relations for quite a long time, from Lord Palmerston, and he said â€Å"We have no permanent allies, we have no permanent enemies, we only have permanent interests.†[7] Seeing the status quo, of different states shifting alliances, focused on constantly claiming territories, and partnership with other countries for strengthening military defenses, Lord Palmerston was never wrong even it was already more than a century ago when he mentioned it. Security is important for a state since it greatly affects the populace, economy, the government and its sovereignty. If the state’s security is threatened, it does not only put the people into the brink of harm, but moreover, it places the entire territory beyond the threshold of peace, thus, violence. Because of these possibilities, it is significant that a state must establish alliance with other state or be part of an international government organization. Being part of the international organization brings the concept of international systems or the largest conglomerates of interacting or interdependent units that have no system level above them.[8] International government organizations exist to help the states handle issues that they cannot alone and they also create cooperation between the states.[9] By being part of an international government organization, it is true that at this point, the member state does not only consider what is solely good and beneficial for his country, but then it learns to recognize the existence of other states and realize, in one way or another, their importance to itself. International government organizations help each country to fully understand and be educated about the process of diplomacy. Process is what units are actually doing in the system.[10] Diplomacy is the process wherein they send representative, called a diplomat, to other state, or into an IGO to conduct arbitration and settle state disputes. The study of the concentration and distribution of power in the international system is an important topic in the study of world politics because of a presumed correlation with the likelihood of war.[11] This is why, as mentioned, diplomacy is important and participation with the international government organizations is beneficial because it greatly influences in maintaining a state and the entire region’s peace, cooperation and security. IGOs such as United Nations, World Trade Organization, International Monetary Fund; and the regional organizations like Association of Southeast Nations and North Atlantic Treaty Organization, greatly help in meeting the needs of the states which has affiliation to these organizations. They aid in the healthcare, security, financial needs of the member state and they debate on issues to determine the best solution for problems arising in the states and the organization as a whole. III. The Three Major Qualifications Going back, I have mentioned that if the system that we currently have in the society today do not fit in the three major qualifications of [a.] interacting units, [b.] dependent to each or one another, and [c.] has analogous goal, it can obviously be declared that we do not have an international political system. In brief, this paper strongly confirms that presently, there is International Political System. One of the strongest points to prove it is the presence of order in the society. There are laws that are being followed, there are international government organizations that have the same goal which is to help every member state for its development, and the units here, or the groups or organizations with an actor-quality like decision-making, were able to have connections, relations, and interactions in various fields be it for economic purposes, cooperation for stronger bond of the organization and for active participation of every member states. From the very start, the question itself used the phrase â€Å"as of now†, and for this, I will also cite the specific proof of the presence of IPS in the present time. First is the serious effort of the United Nations in finding way to help the Fijian UN peacekeepers captured by the Syrian branch of Al Qaeda. Just last Sunday, Filipino p eacekeepers were able to escape from the rebels. The UN has also offered aid to the nearly  three million  Syrian refugees it has registered in neighboring countries.[12] Another, the ASEAN Integration will be put into effect for less than a year and a half from now until the self-imposed due date of end-2015.[13] These are the proofs that the units follow a certain system in the political grounds of the society today which creates ordered processes. [1] John Mansley Robinson,An Introduction to Early Greek Philosophy, (Boston: Houghton Mifflin Company, 1968), 91 [2] Barry Buzan and Richar Little, International Systems in World History: Remaking the Study of International Relations, (New York: Oxford University Press Inc., 2000), 442. [3] Ibid. p. 442. [4] Robert E. Goodin and Hans Dieter-Klingemann, A New Handbook of Political Science, (Oxford: Oxford University Press Inc., 1998),p. 4. [5] M. W. Janis, Jeremy Bentham and the Fashioning of â€Å"International Law,† (The American Journal of International Law, 1984), pp. 405-418 [6] Daniel Hollis, United Nations Convention on the Law of the Sea (UNCLOS) 1982, The Encyclopedia of Earth, 2010), www.eoearth.org/view/article/156775. [7] David Brown, Palmerston and the Politics of Foreign Policy, 1846-1855 (Manchester: Manchester University Press, 2002), pp. 82-83. [8] Barry Buzan and Richard Little, International Systems in World History: Remaking the Study of International Relations, (New York: Oxford University Press Inc., 2000), pp. 69. [9] Henderson. Understanding International Law, 33. [10] Buzan and Little, International Systems in World History: Remaking the Study of International Relations, 80. [11] Diana Richards, A Chaotic Model of Concentration in the International System, (International Studies Quarterly 1993), 37, pp. 55-72. [12] Ben Hubbard, (2014, August 31). Affiliate of Al Qaeda Confirms Capture of U.N. Peacekeepers in Syria. Retrieved August 31, 2014, from The New York Times: http://www.nytimes.com/2014/09/01/world/middleeast/un-peacekeepers-captured-in-syria.html?_r=0 [13] Rommel W. Domingo. (2014, September 1). Asean inches closer to economic integration. Retrieved September 1, 2014, from Inquirer.net: http://business.inquirer.net/177832/asean-inches-closer-to-economic-integration

Patient Safety: Hospital Inpatient Falls Essay -- Health Care, Inpatie

If patient safety is the most important issue in Health Care facilities then how come hospital inpatient falls continue to be the most reported of all accidental falls (Tzeng & Yin, 2009)? Throughout the years, hospitals continue to make changes to decrease the risk of accidents and increase the quality of patient safety. With research studies and improvements made, patient falls still hold the largest portion of reported incidents in hospitals (Tzeng, & Yin, 2008). According to Tzeng & Yin (2008), â€Å"fall prevention programs apparently do not effectively reduce inpatient fall rates because of human factors and ergonomics in a hospital environment (p.179, para. 2). The two studies reviewed in this paper were performed with the hopes of decreasing the high fall rate among inpatients. In a qualitative study â€Å"Nurse’s Solutions to Prevent Inpatient Falls in Hospital Patient Rooms,† Huey-Ming Tzeng and Chang-Yi Yin’s purpose was to promote understanding of and to prevent inpatient falls. The research took place between February and April of 2007 in one acute, adult unit consisting of 32 beds in a Michigan medical center. The basis was on individual participation in a 45 to 60 minute long interview with nine current nursing staff and their opinions on five primary root causes of inpatient falls. Twenty-four potential solutions identified from the nurse’s interviews and the intervention strategies toward preventing patient falls were used to elicit and analyze data for useful and cost-effective fall-prevention strategies (Tzeng, & Yin, 2008). Huey-Ming Tzeng and Chang-Yi Yin also did an exploratory study â€Å"Relatioinship between call light use and response time and inpatient falls in acute care settings,† to determine whether t... ... and Yin have done different studies to find ways of reducing the high fall rate in health care facilities. The study on the call light response time didn’t seem to impact the patient fall rate; however, this was only one study in one health care facility. I believe that including nurses in fall prevention programs only makes sense. Falls will always be a risk in health care facilities but the input for preventing them should also come from the people who spend the most time with the patients. Nurse’s are the one’s who assess, diagnose, plan, implement, and evaluate their patients’ needs. Their knowledge and opinions are important. Work Cited Huey-Ming Tzeng, PhD, RN, Chang-Yi Yin, Nurses' Solutions to Prevent Inpatient Falls in Hospital Patient Rooms. Nurs Econ. 2008;26(3):179-187. View at: http://www.medscape.com/viewarticle/576954

Different Types of Markets Essay

What are the conditions for a perfectly competitive market? What are the conditions for a monopolistic market? What are the conditions for a monopolistic competitive market? What are the conditions for an oligopolistic market? How would you explain the differences among these market structures? Identify which market structure your organization competes in and why you think so. Colander (2008) specified that, a flawlessly modest market is a market in which financial services operate unhindered. There are six situations for a perfectly modest market, and they are as follows: both purchasers and vendors are price takers, the amount of businesses is large, there are no fences to entry, firms’ goods are indistinguishable, there is complete evidence, and finally, vending firms are profit-maximizing commercial firms. The situations for a anticompetitive market are as follows: there is only one partnership, which is large in size, this firm has to deliver all of the souk’s stock, there are high walls to entry, there are no close alternates for the good the domination firm produces, anticompetitive market should make up the whole market, the market has to take into explanation that its production result can touch price; its bordering income is not its price, and finally, a monopolist’s bordering revenue should continuously be below its price. The circumstances for a anticompetitive modest market are as follows: the market has several small companies, there are no fences to enter the market, each firm proposals a dissimilar categories of invention to the market, and finally, this market has a normal, downward-sloping demand arc. The situations for an oligopolistic market are as follows: afterward oligopolistic companies have made a choice, they should reflect the response of other companies; there are rare firms in the market, they are equally symbiotic, and finally, they can be collusive or non-collusive.

Interesting Ideas in Unwind Essay

In the novel ‘Unwind’ by Neal Shusterman, an interesting idea is the idea of the collective vs. the individual. This interesting idea was shown to me in three manifestations. The idea of the collective vs. the individual was shown to me through an individual conquering a collective, language manipulation and human rights. In the dystopian world of ‘Unwind’, between the ages of thirteen and eighteen, a teenager may be signed off to the Authorities for the process of unwinding. Unwinding is where the parts of the child are separated and given to donors who need them. Under the Bill of Life, this is perfectly legal. As long as the teenager’s life doesn’t ‘technically’ end. Connor, Risa and Lev find themselves marked for unwinding. And all find themselves drawn together when escaping the process. Firstly, Neal Shusterman highlights major characters to show us how an individual can conquer a collective. A major character Neal Shusterman highlights is the character of Connor Lassiter. At the end of a novel, Connor finally conquers the collective. As Connor stands under the wing of the jet that brought the runaway unwinds to the Graveyard – an old air force hanger that holds old unused planes and runaway unwinds in the middle of Arizona – he addresses them with courage, respect and determination of conquering the collective. â€Å"†¦ †¦ They let us stay here because they don’t see us as a threat. Well we’re going to change that. † In this quote, I see Connor finally able to conquer the collective. I see that he is able to finally conquer the Authorities as an individual unwind wanting freedom, though he is able to achieve it with the support of Risa, Haydn and each and every runaway unwind who arrived in the Graveyard. In 1939, Germany invaded Poland and the Second World War began. England’s King at the time was King George VI. It was his duty as the King of England to deliver a speech to the people empowering them and assuring them that though the world was at war again, everything would be okay. However, speeches were not King George VI’s favourite duty as he had a speech impediment. He had a stammer. Due to his stammer, many believed he could not deliver the speech well enough. Many people believed that a speech on live radio, delivered to the entire nation would be too much of a challenge for their King. But he did it. He did it so well that throughout the entire Second World War, King George VI was a symbol of resistance in the face of Hitler. He was a leader who the people of England were able to stand against. Through his wartime speech, I see how King George VI was an individual able to conquer the collective. Secondly, Neal Shusterman employs language manipulation to illustrate the ways in which the collective controls the individual. Neal Shusterman uses euphemisms to illustrate this interesting idea. A euphemism is a term or phrase that is used to make something seem nicer that may otherwise be considered harsh, unpleasant or offensive. Throughout the entire novel of ‘Unwind’, Neal Shusterman uses a euphemism to describe the process of unwinding in a way that doesn’t make it seem like dying. â€Å"It’s not dying. You will still be living, just in a divided state. When Risa is told that she is marked for unwinding, a social-worker uses another euphemism to describe the same process. â€Å"It’s change, that’s all. You will live, Risa. Only in different form. † These two different uses of euphemisms by Neal Shusterman to describe the process of unwinding illustrates to me the many different ways in which a collective can control the individual through language manipulation. In the real world, the government uses euphemisms frequently to distance public people form the horrors of war. Euphemisms such as friendly fire (accidentally killing a member of your own side) and collateral damage (killing civilians) are used to describe things which may distress many members of the public. Another for of language manipulation that Neal Shusterman uses is neologisms. Neologisms are words which describe new concepts or an existing word that has taken on a new meaning. In â€Å"Unwind†, Neal Shusterman has brought to life many new concepts in the dystopian world he has created. ‘Clappers’ is one of these neologisms. Neal Shusterman has used this word throughout the novel to describe a group of extreme terrorists. â€Å"Clappers again†¦ What did they hit this time?†¦ They blew up an Old Navy in the North Akron Mall. † Neologisms are used to describe new concepts in our ever growing society of technology. ’Cold –finger’ of not emailing or texting somebody back. A neologism in our technological society. Finally, Neal Shusterman uses human rights to make the reader aware of how a collective can control an individual. The Authorities of in the world of ‘Unwind’ breach many articles of the Universal Declaration of Human Rights. One of the most significant articles which are broken throughout the novel is Article 7. All are equal before the law and are entitled without any discrimination to equal protection of the law. All are entitled to equal protection against any discrimination in violation of this Declaration and against any incitement to such discrimination. In short – The law is the same for everyone, it should be applied in the same way to all. I see this article breached many times in the novel. The first time I see it breached is in the third chapter of the book when Lev has his tithing party. â€Å"†¦ dirty unwind †¦ Just because he’s to be unwound does NOT mean he’s an Unwind. † This to me shows what the society thinks of unwinds. That they are though of as lower class citizens. No matter how innocent they are, once they are signed over to the government – they are criminals. Wanted by the law, juvey-cops and many of the average citizens. I further see this article breached when Connor, Risa and Roland arrive at Happy Jack Harvest camp. Connor is discriminated against and paraded past the rest of the unwinds as to show the power and how futile it is to resist to the rest of the inmates at Happy Jack. â€Å"On the fourth of February, three kids arrive by police escort. Two are brought unceremoniously into the welcome centre. The third is singled out to take the longer route that passes the dormitories, the sports fields, and all the various places where unwinds are gathered. † Connor is discriminate against due to his status as the ‘Akron AWOL’. Though he has done nothing more than Risa or Roland.

Preventive Maintainance System in Primary Schools Essay Example

Preventive Maintainance System in Primary Schools Essay Example Preventive Maintainance System in Primary Schools Paper Preventive Maintainance System in Primary Schools Paper Everything built by man requires preventive maintenance especially schools built for the education of a country’s citizens. For Primary Schools to continue being ideal places of education for pupils and teachers alike, preventive maintenance should be regarded as an important aspect of the schools program. Commenting on preventive maintenance, PC Kaiser and Harvey H say this; â€Å"Preventive maintenance† means scheduled maintenance actions that prevents the premature failure or extends the useful life of a facility, or a facility’s systems and components that are cost-effective on a life-cycle basis. (PC, Kaiser, Harvey H 1991: 9-10) In this paper the term preventive maintenance has been used in a broader sense to include all those activities that are desirable and regularly scheduled to prevent premature failure or to maximize the useful life of a Primary School facility. This has been referred to as Preventive Management System and abbreviated PMS. For the purpose of this essay, preventive maintenance will be understood as planned and scheduled maintenance to all building systems, lawns, flowers, trees, school gardens, instruments, fittings and production unit. Scheduled activities includes things like daily sweeping and dusting, roof inspections, repainting of classrooms, door hardware adjustments, lubrication of mobile equipment, replacements of broken windows, caring for lawns and flowers, and pruning of trees. This paper has been divide into two main parts . The first part will look at five reasons why preventive maintenance system is important in a primary school. The second part will consider how preventive maintenance system is organized with reference to my school. It will also look at the challenges faced and suggested ways in which these challenges can be overcome. The first and most important reason why PMS is important is that it will maximize the useful life of School buildings. Huge public funds go into construction of these school facilities and therefore, to extend useful life span preventive maintenance must be carried out. Primary Schools are unique and exceptional from other building types due to their intense use and abuse and young occupants. If a preventive maintenance system is implemented in a primary school, it will ensure that a regular schedule of care and maintenance is followed. Any problems with the building and other school facilities are identified and corrected before they actually lead to a failure. This in itself will improve the useful life of the school buildings and improve the way they look. Some of this maintenance especially to buildings would require specialized services and cost some money. The school administration should arrange this through the ministry of education. In avoiding costs of major repairs, preventive, maintenance creates efficiencies. †(Marilyn Howard 2006: 4) Indeed replacement costs are avoided because repairs are done during preventive maintenance. The second reason is too prevent premature failure of buildings in the school. A preventive maintenance system if properly implemented would prevent premature failures to any building or school facilities that would interrupt occupant’s activities and the delivery of lessons. School buildings that operate trouble-free allow teachers to do their jobs efficiently and effectively. Because preventive maintenance includes regular inspections and replacement of equipment crucial to operating a building, maintenance staff reduces the problems that might otherwise lead to a breakdown in learning activities. Faults in school desks, windows, doors and many other facilities will be prevented as these things are maintained before they break down. This in effect reduces cost of replacements should item be left to completely wears out. When maintenance is delayed, one risks losing the true value of the capital, premature equipment failure, and product damage and production delays. †(Hardman1998:3). In terms of school infrastructure, well maintained buildings will not collapse or the roof will not be blown off during the rain seasons. This will improve the safety of both pupils and teachers. The third reason why PMS is important is that it can sustain a safe and healthful environment by keeping school buildings and their components in good repair and structurally sound. The school surrounding is an important aspect of learning environment. â€Å"A classroom with broken windows and cold drafts doesn’t foster effective learning. † (Forrojalla 1993: 15)Preventive maintenance in schools should include the regular watering of flowers and lawns and planting of trees. Trees and flowers should be an integral part of any learning institution. Proper care should be taken to ensure that these things do not pose any problems to buildings and pupils. Szuba T and R Young mphasize the fact that preventive maintenance is â€Å"†¦is about providing clean and safe environments for children. It is also about creating a physical setting that is appropriate and adequate for learning. †(Szuba T R Young 2003:11) The fourth reason is that a well developed preventive maintenance system involves all members of staff at the primary school and the pupils. Involvement of pupils in the preventive maintenance activities will instill a sense of responsib ility in the pupils and help them to grow into responsible citizens. This is also cost effective way of maintaining the school environment while inculcating the spirit of team work in the pupils and teachers. The overall benefit of a good learning environment as a result of the preventive maintenance system will make learning enjoyable for pupils. Pupils will grow with a sense of responsibility for public property and are more likely to avoid vandalism. The fifth and final reason considered is that a well organized PMS will ensure that buildings and surroundings function the way they were intended to do. This will reduce inefficiencies and make the building safe for the pupils and teachers all the time. There have been numerous reports of some remote schools in Zambia where roofs from classrooms are blown off during the rainy season while pupils and teachers are in class. This cannot happen where a serious preventive maintenance system is in place. The loose iron sheets could be identified and the problem rectified at minimal costs. A well organized preventive maintenance system is not a one man show. It requires that everyone be involved from the school headmaster to the pupils in the lowest grade. With a well planned mission and vision, different committees will be formed to participate in various aspects of the preventive maintenance and this will ensure team work amongst teachers and pupils working towards the same goal of making the school a safe place for effective learning. As different members of the different committees interact, they will learn to work together thereby fostering the spirit of teamwork. â€Å"Participants’ involvement in school facilities maintenance ranged from one to 30 years. Ten participants had experience of less than 10 years, three with less than 20 years, two with less than 30 years and one had 30 years of experience. † – (M I Xaba 2012: pp3). By involving different teachers in the committees with varying experiences, the PMS in primary school can work effectively and interactions amongst teachers and pupils fosters the spirit of team work which is a vital in society. In the light of its significance, it is necessary that a preventive maintenance system be accorded high priority as part of a school’s schedule aimed at promoting teaching and learning goals with effectiveness. As Coll and McCarthy put it, â€Å"School facilities can be broadly be classified into buildings, grounds and service systems. School buildings consist of the external building envelope, which comprises the building foundation and external walls of buildings, which, in conjunction with the roof, windows and external doors, separate accommodation from the external environment† (Coll McCarthy Architects, 1998:3-02)In this regard, the preventive maintenance system in a primary school is headed by the School Head teacher. This is the main Committee of the PMS. In return the head teacher puts in place various sub committees and appoints chairpersons for these committees. The deputy head teacher is appointed chairman general for all these committees and reports directly to the head teacher. In this way, despite having a busy schedule, the head teacher is the overall supervisor and system owner for the PMS. The main PMS committee is chaired by the Head teacher and comprises the deputy head as secretary, the PTA chairperson, and all teachers who are chairpersons of various sub committees. In many instances, the Head teacher is also the financial officer of the organization and is therefore in a position to provide guidance when it comes to budgeting for requirements. This committee sits to draw up programs and policies and schedules and budgets for the entire school PMS. â€Å"Good plans include short- and long-term objectives, budgets, and timelines, all of which demonstrate organizational commitment to facilities maintenance. †(Szuba T R Young 2003: 13) The chairpersons of the sub committees will then take these decisions made for implementations in their areas. The main PMS committee therefore is responsible for the overall implementation of the programme. The main sub committees has been made to ensure that PMS runs properly are buildings and Construction Committee, School Furniture Committee, School Environment Committee, School Sports facilities Committee, School Production Unit Committee. Each committee is headed by a chairperson who ensures that policies and objectives of the school regarding PMS are implemented in his area of appointment. Teachers eading these committees may or may not have specialized training in these areas but they work in consultations with the school deputy head teacher and the head teacher. Building Construction Committee usually headed by the industrial arts teacher is responsible for the maintenance of all buildings all class teachers and the pupils are also involved in maintaining their classrooms in a clean state. The buildings and Construction committee implements, all programs to do with inspections of bu ildings, painting, replacement of window panes, roof maintenance and any construction works that are being undertaken. The chairperson records and updates the Head teacher and the deputy regularly on the success and problems faced during any period under review. The School furniture committee comes second to buildings and is comprised of the chairperson who is a teacher and includes several other class teachers. This committee ensures that all furniture in the school is in good condition especially pupil’s desks. They carry out regular inventories of all school furniture and allocate required numbers to various classrooms and offices. Regular reports on the status of school furniture are given to the deputy and head teacher. Another equally important subcommittee is the production unit committee. This is one of the largest main subcommittees with divisions such as gardening, poultry and School tuck shop. The committee is headed by one of the teachers known as the Production Unit coordinator. Each of the subcommittees has a teacher in charge that is responsible for direct management of the unit. Other In addition to teachers, a prefect called production Unit Captain. The production unit teacher, gardening ensures that a suitable area is identified within the school premises and each class is allocated a specified time to take care of the garden. The Tuck-shop committee ensures that the school tuck shop is well stocked and accurate records of accounts are maintained with regular reports going to the Head teacher. They may have additional income generating ventures like poultry and this falls under production unit. The production units subcommittee of preventive maintenance usually acts as an income generating unit of the school and is therefore very important. Apart from that, it can also result in pupils acquiring skills that can help them later in future. The sports facilities committee ensures that all school sports facilities are well maintained at scheduled times. The committee is made up of the Sports teacher, other teachers in charge various sports and a prefect called the sports captain. Together, this committee will coordinate the maintenance of sports infrasturre. Like the popular saying goes, â€Å"all work and no play make Jack a dull boy† sports play an important role in the development of pupils as responsible citizens. The formation and composition of these committees have made preventive maintenance system possible. This also makes it easy for the Head teacher and the deputy to have control of all aspects of the PMS by meeting with members of the main preventive maintenance committee. The Head teacher may not attend all meetings but the deputy head will be there to provide leadership and guidance. In most cases, members of the community through the Parent Teachers association PTA will also participate effectively. The buildings committee will ensure that School buildings are well maintained regularly. Regular maintenance of buildings will prevent premature failure of the buildings and preserve their original beauty. This will ensure that all school buildings including classrooms are well maintained and continue to be effective learning places. The committee has established a schedule that includes high dusting; cleaning of chalk or marker boards; emptying pencil sharpeners and wastebaskets; daily dust mopping of the floor. After the classroom is cleaned, the desks are arranged in an orderly manner, and windows cleaned. Each class has a daily cleaning schedule during which time these activities are carried out. In order to motivate the pupils, a reward system has been put in place. Inspections are done by different teachers during the week and the points for each class are recorded. After the inspections of the cleaned classrooms, each of them is graded and the overall best is given an award by the school administration at the end of the term. The Furniture subcommittee is important because effective learning cannot take place without desks for learners to sit on and write. The committee on furniture carries out regular inspections and all desks and teachers furniture that are not in good condition are taken for maintenance instead of waiting for them to breakdown completely. This avoids replacement costs which are high and reduces running costs. The teachers responsible ensure that learners are taught how to inspect the desks and remove those that need maintained. The school environment involves all class room surroundings, lawns and flowers. The teacher who is the chairperson of this committee has divided the entire school surrounding into zones that all allocated to different classes. The class teachers in turn supervise their classes and ensure that these areas are well maintained. Other school maintenance staff is involved where pupils cannot manage. Szuba and Young put it this way when talking about the school environment, â€Å"Students and staff thrive in an orderly, clean, and safe environment. † ((Szuba T R Young 2003: pp11) When it comes to production unit activities, all classes of pupils have been assigned a specific day of the week in which to perform their specified task. This may be any of the following, watering the school gardens, cleaning the poultry and dressing the chickens for sale. At the end of their assigned task, the preventive maintenance teacher will then do an inspection and offer some recommendations on whether the work has been done to his satisfaction. All the activities that are part of the school preventive maintenance must be planned and should be fully supported by management. â€Å"Effective maintenance plans reflect the vision and mission of the organization, include an accurate assessment of existing facilities, incorporate the perspectives of various stakeholder groups, and focus on preventive measures that ensure that capital investment is managed responsibly. (Szuba T R Young 2003: 7) Once the PMS plans are reflected in the school vision, it is very easy for all members to relate to them and carry out their roles. A work schedule for implementation of a PMS has been prepared which shows tasks to be carried out and times frequency. A sample of the preventive maintenance schedule is shown in figure 1. 0 for general cleaning and maintenance of school buildings and surroundings. In addition to this schedule, there must be an inspection schedule to for the Head teacher and the main PMS committee to carry out inspection. Figure 1. 0 – Schedule for General Cleaning, Classroom and environment.

Qualities of a good leader

Qualities of a good leader What makes a good leader of a country? A leader can be defined as someone who leads others. According to Greer, â€Å"a leader can be someone who is in charge or commands others in an organization or a country† (30). Leadership cannot be based solely on an individual’s responsibility. It is important to add that a leader is not just about politics. Advertising We will write a custom essay sample on Qualities of a good leader specifically for you for only $16.05 $11/page Learn More Thus, leaders can be found in every sector including sports, entertainment, and corporate sector among other areas. The argument about leadership focus on: what are the right qualities? What should the leaders do to strengthen these qualities? How are these qualities developed? This paper seeks to argue the qualities that ultimately define a good leader in a country. To answer the question on what makes a good leader appropriate, it is important to acknowledge that tr aditional qualities that have defined a good leader such as aptitude, strength, determination, and vision are not sufficient in today’s world. In this changing world, a leader- in addition to the listed qualities- needs a high degree of emotional intelligence. A look at history can reveal a number of highly skilled and intelligent leaders who took over leadership of their country only for them to perform dismally. Therefore, it can be concluded that finding the right leader is an art and science. Notably, â€Å"although leaders may share general qualities, each leader has a personal style of doing things. Some leaders are passive and analytical while others are very proactive and confrontational† (Daft and Lane 52). Another important thing to acknowledge is that a leader, especially in a country or state, will often face different situations that will often require different approaches. While pursuing diplomacy, the leader will be required to be a sensitive negotiator ; while consoling victims of a disaster, the leader will need to show empathy and comfort; when dealing with state enemies, the leader is needed to have a forceful authority. The general conclusion, in my opinion, is that, to be leader, intelligence, hard work, and vision are important aspects to consider. However, even with all these, a leader should have the emotional intelligence to be successful and sustain the leadership status that is made possible by the primary characteristics listed. There are various aspects of emotional intelligence that are critical to good leadership. According to Goleman, â€Å"they include self-awareness, enthusiasm and responsiveness. Others include group skills and self-regulation† (21). Researchers have carried out studies in the corporate world, and the results have shown that emotional intelligence is often what distinguishes the outstanding leader. Advertising Looking for essay on government? Let's see if we can help you! Get you r first paper with 15% OFF Learn More The first component I analyze is the aspect of self-awareness. This refers to the ability to have a deep understanding of one’s emotions, strengths, weaknesses, motivational factors. To be self aware means that one is honest with his or herself. It also implies that the individual is neither critical of others nor unrealistic. Further, individuals who are self aware can predict how different emotions will affect them and the performance of their work. For example, a leader who has self awareness may know that interviews with the press often make him or her nervous. Therefore, it is prudent to avoid such interviews and choose other methods of communication. The same self awareness can be applied when it comes to ideals and values in which an individual believes. It has often been said that a leader who does not believe in anything will fall for anything. Therefore, the leader with self-awareness will be able to turn down a n investor’s request to set up a big industry in the country if that investment will hurt the environment. Weak leaders who lack self awareness will accept to do something, but after two or three years down the line, they will rescind their decision. It can be noted that people who have self awareness are coherent and articulate. They are able to speak openly and precisely tackle the areas they are addressing. They are also able to describe themselves accurately (Northouse 154). The other component of emotional intelligence is self regulation. From the onset, it is important to acknowledge that emotions are part human life. Although humans cannot do away with emotions, it is possible to control and manage them. Self regulation is the ability to manage and control ones feelings in order to make one free from distractions. In this case, individuals should also be able to direct these feelings to a useful channel. For example, a leader may witness a shambolic presentation by m embers of his cabinet to a key investor. With the disappointment, the leader may feel the urge to kick a chair or bang the table which will bring a negative side of him to the investors. Therefore, self-regulation is the ability to apologize to the investor and carefully select the words that will authoritatively, yet humbly explain to the members of the cabinet the areas that will need to be corrected. Another example is when the leader of a country faces a threat of attack from another country. Advertising We will write a custom essay sample on Qualities of a good leader specifically for you for only $16.05 $11/page Learn More In such a delicate matter, one wrong move can cost the country in many ways. However, if the leader maintains calmness, does not panic, and can prepare the relevant stakeholders to deal with the problem, then the effect is different, and the damage can be controlled. Self-regulation is also a strong pillar of integrity. Thornton no ted, â€Å"on many occasions, people with integrity are often caught in decisions that lack integrity† (p.13). Although such leaders have integrity, they lack self-regulation, which often enhances integrity. An example is a leader who is faced with a crisis and has no solution for the crisis. In the heat of things, the leaders may decide to apply a solution that is outside the law. Thus, although the action may have been intended to help the country, lack of self regulation may lead the leader to undermine his own integrity. The third aspect of emotional intelligence is motivation. It is almost an unwritten rule that a good leader should have motivation. In this context, motivation refers to the urge to achieve. A motivated leader is one who is never contented with the status quo. They are always striving to do better things and doing them differently. Such leaders often raise the performance bar, and they keep track of the scores. In this case, a good example is Thomas Sank ara, the slain leader of Burkina Faso from Africa. Sankara became the leader of Burkina Faso at a time when the country was reliant on donor funds. Uncomfortable, with the status quo, he led his countrymen on an overdrive to practice farming to a level that had hitherto been unseen. The country was for the first time able to feed all its population without the aid from foreign countries. The same leader introduced a government policy requiring all top government officials to stop the usage of the extravagant Mercedes Benzes. Instead, government officials were encouraged to use the modest Volkswagen vehicles so as to save money for increment of teacher’s salaries. The fourth component of emotional integrity is empathy. The uniqueness of this component is that, unlike the aforementioned components, this component is very easy to identify and recognize. However, the modern world will rarely reward a leader in business or politics on account of empathy. In this case, the convent ional understanding of empathy is to be able to take other peoples feelings and give them priority as if they were one’s own. In this context, empathy refers to the ability of the leader to consider the interests of all stakeholders when making decisions. The last component is the idea of social skills. The two components are related as they are concerned with the ability to establish meaningful relationships with other people. A leader is always leading and managing people. Thus, a good leader should be able to get along with these people.Advertising Looking for essay on government? Let's see if we can help you! Get your first paper with 15% OFF Learn More From the discussion, it is clear that, to lead a country, a great team is what will deliver great leadership. However, in every country, there is a leader. Some are led by a monarch, others by dictators, or others like the United States by a democratically elected leader. In monarchs and dictatorships, leaderships will tend to be highly concentrated around an individual. On the other hand, democracies allow power to be decentralized to other institutions like the parliament, judiciary and the executive. The common denominator is that, whether the power is decentralized or centralized, the leader or leaders of the country need to possess certain qualities to lead the country effectively. The argument put forward is that, apart from the conventional qualities, a good leader of a country should possess the quality of emotional intelligence. Daft, Richard, and Patricia Lane. The Leadership Experience. Mason, OH: Thomson/South-Western, 2008. Print. Goleman, Daniel. Emotional Intelligen ce: Why It Can Matter More Than IQ. London: Bloomsbury, 1996. Print. Greer, Eddie. Dare To Lead: Continuous Learning Creates The Best Leaders. Professional Safety, 56.6 (2011): 30-31. Print. Northouse, Peter. Leadership: Theory and Practice. Thousand Oaks: Sage Publications, 2010. Print. Thornton, Grant. What makes a good leader? 2008. Web. www.grant-thornton.co.uk/pdf/20-leadership-report.pdf

The 10 Commandments Of Writing Great Copy

The 10 Commandments Of Writing Great Copy What does it take to write great copy? Great copy looks different depending upon where you find it; each audience has a different set of copywriting rules that they respond to. Great blog copy might make terrible ad copy, and vice versa. So lets talk about the copy youre creating for your website and blog. What rules apply? 1. Write as a conversation. People prefer conversations rather than lectures. Lectures talk down to them, while conversations speak with them on the same level. How do you write conversationally? Theres a real human here. When I write, I have a specific person in mind as I write. I need a face to write to, or I write generic, faceless posts. This approach keeps me from acting as if I am lording over a reader, but sitting next to her and having a conversation about something. Perhaps it is a fan on Twitter or a reader who left a comment who I am thinking of when writing. This is made easier when you listen to your audiences feedback and write posts that they request or suggest. Second person over there. When you illustrate with a real-life example, its OK to use the first-person (I, me, we). For the rest of your post, use second person (you, yours). Grammar says no, dont mix the two, but think of how you carry on a conversation. You should stay away from skunks. Why? I had a bad experience once. Thought it was a cat. You really want to avoid that. You can mix the two in your blog copy if you reserve I for your examples and stories, and you for the rest. The point is to be conscious of it, and not sloppily mix we and you from one paragraph to the next when no illustration or personal story is involved. 2. Dont fall in love with your pets. Kill them. You have pet phrases that you love. These are the ways of handling words and ideas that you return to again and again. Maybe you are like Ronald Reagan, and prefer to start everything with a well, Your pets have been loyal and served you well and you dont even notice them anymore, but not everyone who visits your blog appreciates your dog jumping up on them and slobbering all over their face every paragraph or so. During the edit process, look for the so, but, well, therefore that dont need to be there. Youll often see them at the start of a sentence. Look for the larger phrases, too. At the end of the day, to make matters worse, if you can believe it, they arent necessary. They are pets, not work horses. You want words that do work, not look cute. 3. Make friends with simplicity. Simple is good. If churning out copy is what you do all day, youll find it easy to bloat your writing. Words are what you think of and write all day long, and when weariness seeps in, your copy starts to bloat because it is  more difficult to write simple sentences that it is to write long sentences. When you are tired of writing, your copy gets bloated. Simple writing takes more work.You are free to start complicated, as long as you end up simple. Thats part of the blog writing system we use here. What is simple copy? Speaks plainly and directly.  Says what it means to say. Not laden with gimmicks, either in words or ideas. Has breathing room, both in white space on the page and the sound of the sentences (mix short with long sentences). Clear ideas. No meandering around. Skips jargon and impossible words that make readers feel stupid when they dont understand. Stand up straight and speak directly. If youre afraid to say something in your copy, wrapping it in pet phrases and caveats doesnt soften the blow. It merely makes it mushy. 4. Write to sell. All writing is selling. It pains me to say that out of fear of being crass, but even fiction writing is selling. It sells an ideology, a philosophy, a fantasy, a hope, a chance. You have to know what you are selling with your copy before you can write the copy.

Capitalism vs. Socialism Essay Example | Topics and Well Written Essays - 1000 words

Capitalism vs. Socialism - Essay Example As the essay discusses capitalism increases competition whereas socialism discourages competition. Every country needs domestic food production for its own national security and independence. Domestic food production can be increased only with the help of competition. In nom-competing economies or in socialist countries, the absence of competition makes people lazy. The resources in this world are fixed whereas the population size is increasing. It is difficult for the increasing population to find better living standards if they adhere to a particular level of productivity. Socialism on the other hand does not believe much in competition. It works on certain impractical principles which may appear good at a glance. This discussion stresses that none of the socialistic world or communist countries succeeded in achieving the objectives of socialism which is the major reason why communism wiped off from Europe and on the verge of destruction in other parts of the world as well. Not only China, even Cuba has recently announced lot of economic reformation policies which were earlier black listed by these countries as the bi-products of capitalist economy. Capitalism utilizes the willpower of individuals, especially entrepreneurs, to foment economic activity. Capitalism is based on the assumption that individuals operate based on self interest; however, by doing so they not only help themselves, but also propel others towards economic success. (Socialism vs Capitalism). One of the major criticisms against capitalism is that it makes two types of citizen in a country; rich and poor. However, it should be noted that even after years of implementation of socialistic principles, countries like China, Cub a and Soviet Union failed to reduce the gap between the rich and poor in their territory. On the other hand, it should be noted that capitalist countries like America and Britain not only remain wealthy, but also succeeded in reducing the gap between t

Wholefood Company evaluation Essay Example | Topics and Well Written Essays - 500 words

Wholefood Company evaluation - Essay Example Customers who are not able to reach the outlets are able to ask for home deliveries using social media, which can be made available for them. Interaction with customers of all kinds helps Whole Foods Company understand their customers better and learn about their interests and dislikes. One of their major goals was to make relevant contents. All their stores located at different places created different accounts to inform customers on latest foods, and information about new developments at the stores. These accounts address specific customers’ desires and interests. Customers’ feedback about Whole Foods Company products, gives a general understanding of how customers enjoy the services, and what changes can be made to improve the company. Events happening at any of the stores are updated in the account, as well as foods review. The company also created other accounts for different products, which the customers use to interact with the department heads. Social interaction has helped Whole Foods Company to reach customers no matter where they are. Interaction with customers is important for growth of the company. The company has other social medial channels which help to expand channels of communication with customers. This is to give satisfaction and reach as many customers as possible. Customers also learn a lot concerning ingredients, healthy tips and various recipes, an action that makes the company more interesting and appealing. Whole Foods Company uses social media to attract customers who only shop occasionally for just a few favorite items. They do this by making announcements of promotions or short-term sales of some items to be sold on a single day only. In such an occasion, customers who do not shop regularly make time and shop at the store. Whole Foods allow time for customers to ask questions about products or anything else. This makes the company easy to approach and clear any doubts about products and prices. Customers post their

Women's movments Essay Example | Topics and Well Written Essays - 750 words

Women's movments - Essay Example Mass women’s movements are no longer there since the beginning of the era of organizations that acts on their behalf such as the National Organization for Women. Opposition to women demands also led to the decline and the backsliding of the women’s movement in many forms such as silence and backlash in legal attacks on the actions taken, and the media portrayal of some women. There were also a lot of opposition from politicians, employers, and bureaucrats in the private and the public arena as Epstein (2002) asserts. The job evaluators were not keen on increasing women’s salaries to equalize it with the mens but wanted to protect the interests of their private employers. Employers also opposed any pay rises due to the fear of high costs, and working men feared a pay cut to increase the womens wages. Men with masculine superiority never wanted women work to be equal to theirs and opposed the idea greatly. There were also employment and economic changes by capitalists aimed at achieving flexibility, maximize profits, and make the movement weak. Males were opposed to payrise for women, as they wanted them to remain inferior to them in all aspects (Ehrenreich, 2005). Many changes occurred in the organizations such as labor movements not related to feminism leaving feminism organizations to focus on races, cross-class, and global focus.Women remain the active caregivers with or without pay. One major cause of the decline in the womens movement is the continuous attack on feminism and the decline of the other activist’s movements that encouraged women to demand their rights. There is a big decline in the Black Power Movements and the civil rights such that they have weakened. The other groups such as the gay and lesbian rights groups nowadays have no direction and the movement’s leaders are not willing to discuss the problems facing movements in the

Exemplification - Stereotyping Essay Example | Topics and Well Written Essays - 1000 words

Exemplification - Stereotyping - Essay Example This essay assesses the cognitive approach that classification is an important cognitive process that unavoidably leads to stereotyping in the media and gender. Adverts are created with a specific audience in mind. In spite of being designed to appeal the bigger majority in the target audience, there is no finance, resource or capability to market each unique person. Advertisers mostly exploit stereotypical types of genders with the aim of producing advertisements that have the biggest appeal. For instance, in the vast part of the United States, it is believed that men are more aggressive than women. With that mentality, men are mostly used in adverts with the intention of such adverts appealing to a bigger audience (Hawkins-Dady, 2012). It is therefore, important to distinguish between gender, sex and stereotype for research purposes. As a matter of fact, sex is the biological difference between males and females. For gender, it is the social, psychological and cultural characteristics of being a male or a female. In such a case, stereotype comes as a standardized image or conception of specific group of individuals or objects. For example, Bond and Desoto adverts show some exaggerated masculine. The men in the advert seem to be strong, tough and free. The coca cola adverts portray women as caring mothers, socially refined and serving housewives. Additionally, the Levi advert portray women as being sexually promiscuous. Also, the Hitachi telephone portray women as secretaries (Faust, 2013). Coming to the United States made me realize that women are today portrayed as being confident, independent and successful. Most adverts in the papers in United States portray the mentioned qualities, but beauty in women is still linked to being successful. Although, there is a move from this notion as noticed in one Dove advert. This advert seems to go against the norm which portrays women as thin model. The advert uses a fat woman in advertising the

Activities Problem(s) c16 2,7,14,and 21, c17 7 and 25 Essay

Activities Problem(s) c16 2,7,14,and 21, c17 7 and 25 - Essay Example If you did quit, you expect you could find a new job paying $85,000 per year, but you would be unemployed for 3 months while you search for it. Marpor Industries has no debt and expects to generate free cash flows of $16 million each year. Marpor believes that if it permanently increases its level of debt to $40 million, the risk of financial distress may cause it to lose some customers and receive less favorable terms from its suppliers. As a result, Marpor’s expected free cash flows with debt will be only $15 million per year. Suppose Marpor’s tax rate is 35%, the risk-free rate is 5%, the expected return of the market is 15%, and the beta of Marpor’s free cash flows is 1.10 (with or without leverage). You own your own firm, and you want to raise $30 million to fund an expansion. Currently, you own 100% of the firm’s equity, and the firm has no debt. To raise the $30 million solely through equity, you will need to sell two-thirds of the firm. However, you would prefer to maintain at least a 50% equity stake in the firm to retain control. Natsam Corporation has $250 million of excess cash. The firm has no debt and 500 million shares outstanding with a current market price of $15 per share. Natsam’s board has decided to pay out this cash as a one-time dividend. d. Suppose Raviv retained the cash so that it would not need to raise new funds from outside investors for an expansion it has planned for next year. If it did raise new funds, it would have to pay issuance fees. How much does Raviv need to save in issuance fees to make retaining the cash beneficial for its investors? (Assume fees can be expensed for corporate tax

Case study Example | Topics and Well Written Essays - 1750 words - 7

Case Study Example Despite these challenges many women fail to understand or are ignorant that the law provides them with rights. The case study on Paul Bryant Group management handling of Camilla provides a clear insight into the plight many women go through in our society particularly at workstations during and after maternity leave. The big issue in most cases is that women are seen as being less committed to their bosses or employer since they are now mothers. Many companies today are settling out of court since they dont want to be viewed by their stakeholders to be treating pregnant women or new mothers as such. In the case study for instance, Camilla’s position as a front desk clerk was unlawfully given to another individual despite her notification and officially being out for maternity leave. The case study is based on various aspects of human resource management that one may encounter in any working station in today’s business world and interesting lessons for future managers. Camilla has the ground for a lawsuit against the Paul Bryant Group. The basis for her lawsuit is rooted in the protection of rights she enjoys and too from the un-procedural dismissal from her previous duty by the supervisor. Firstly, the law protects Camilla against being unfairly selected for redundancy due to her pregnancy or taking maternity leave. Sadly, this is the exact scenario that happened. This should not however have been the case. If her job was genuinely redundant while she was absent, then she was entitled to being offered a suitable alternative vacancy (if one was in the company). Ideally, on terms and conditions not considerably less favorable than those of her old job. As per the case study, this did not happen with Camilla at Good Night Inn. These rights are set out in Employment Rights Act 1996 and the Maternity and Parental Leave Regulations amended in 1999 (Lengnick-Hall et al.,

Activities Problem(s) c16 2,7,14,and 21, c17 7 and 25 Essay

Activities Problem(s) c16 2,7,14,and 21, c17 7 and 25 - Essay Example If you did quit, you expect you could find a new job paying $85,000 per year, but you would be unemployed for 3 months while you search for it. Marpor Industries has no debt and expects to generate free cash flows of $16 million each year. Marpor believes that if it permanently increases its level of debt to $40 million, the risk of financial distress may cause it to lose some customers and receive less favorable terms from its suppliers. As a result, Marpor’s expected free cash flows with debt will be only $15 million per year. Suppose Marpor’s tax rate is 35%, the risk-free rate is 5%, the expected return of the market is 15%, and the beta of Marpor’s free cash flows is 1.10 (with or without leverage). You own your own firm, and you want to raise $30 million to fund an expansion. Currently, you own 100% of the firm’s equity, and the firm has no debt. To raise the $30 million solely through equity, you will need to sell two-thirds of the firm. However, you would prefer to maintain at least a 50% equity stake in the firm to retain control. Natsam Corporation has $250 million of excess cash. The firm has no debt and 500 million shares outstanding with a current market price of $15 per share. Natsam’s board has decided to pay out this cash as a one-time dividend. d. Suppose Raviv retained the cash so that it would not need to raise new funds from outside investors for an expansion it has planned for next year. If it did raise new funds, it would have to pay issuance fees. How much does Raviv need to save in issuance fees to make retaining the cash beneficial for its investors? (Assume fees can be expensed for corporate tax

Patton-Fuller Hospital Essay Example for Free

Patton-Fuller Hospital Essay Patton-Fuller Hospital is a community hospital that has remained aiding the community since the year 1975. Yearly examinations have been conducted by self-governing audits to review this years financial performance in comparison to preceding years. The financial statement review highpoints the alteration between the audited and unaudited reports classifies the association amongst revenue resources and expenses, despite the fact defining the assets of revenue sources on recording. Financial statement assessments subsidize an excessive level accounting of the statistics controlled in the audit. Financial statements of audited and unaudited statements contain the same type of statistics. Patton-Fuller Community hospital conducts audits agreement with auditing ethics in the United States. Self-governing Auditors ensure audited the balance sheet of Patton-Fuller Community Hospital as of December 31 of 2009 and 2008. The audited balance sheet reports the assets for 2009 which a sum of $587,767. The audited balance sheet reports the whole assets for 2008 of a total $548,535. The upsurge from 2008 to 2009 is 39,232. Liability total for 2009 is $ 462,153. The liability volume for the year 2008 is $213,450. This was a rise from 2008 to 2009 and the amount of the growth is $248,703. The entire equity and liabilities for 2009 is $587,767 and 2008 $548,535. This is an upturn from 2008 to 2009 with $ 39,232. In 2009 the total revenues show for $ 462,982 and then for 2008 $ 42,314. This total increase from 20o8 and 2009 is $41,668 according to the audited revenue and expenses annual report. The increase of $25,869 from 2008 to 2009 is shown from the audited revenue and expenses annual report. The year 2009 had $463,293 and 2008 had $437,424. The effects of revenue can be seen on the financial reporting by the fluctuations versus the expenses. From year to year you can see the fluctuation in revenue for the hospital. The revenues and expenses are grouped together by total revenues, total expenses, and net income. The total revenues include net patient revenues and other revenues. The total expenses include salaries and benefits, supplies, utilities, and depreciation. The net income shows the non-operating income (loss) as well as the investment income. By grouping the revenues and expenses it will help with separation and looking at the reports. The Patton Fuller Community Hospital’s revenue comes from a  variety of sources, this includes net patient revenue and other different types of revenue. The revenue has definitely increased from 2008. When comparing the revenue received by the hospital to its operating expenses the difference lies in what revenue items are included in each ratio formula. In 2008 the total operating revenue is less than the total operating expenses therefore; the hospital operated at a loss and gave them a negative operating margin. In 2009 the total operating revenue exceeds the total operating expenses therefore; the hospital had a profit that year. As a result there was a positive operating margin. The way in which a hospital’s revenues and expenses are grouped for planning and control varies from hospital to hospital. At Patton-Fuller Community Hospital, the expenses are grouped by salaries and benefits, supplies, interest, and a lot more. During salaries, the staff of the hospital must be paid for the work they do. Members of the staff (therapist or surgeons) have a highly qualified job in which they have spent more time in education which causes them to have higher wages. During benefits, there are hospitals who offer benefits for the employee and their family with a discount. This can be very expensive for the hospital. The hospital needs supplies in order to fulfill their duty and many of the supplies are expensive as well as cheap. Because the hospital has to order the supplies in large quantities, it becomes very expensive. Interest is another expensive thing that the owners of the hospital have to deal with. With the hospital building costing so much, it leads to the owners taking a big mortgage out to pay for the building. When a mortgage is being taking out, interest develops. Another reason for an interest to develop is a loan to buy high price technology or machinery. There are many ways that Patton- Fuller Community Hospital grouped for planning and control for revenues and expenses. Inclusive the analysis of the financial statement originate many constructive results and the audited information and unaudited information enclosed the equivalent data. The revenue sources ensured a confident influence on the hospital and will lead to forthcoming development. Patton-Fuller Hospital Revenue review did not disclose any concealed problems. Financial managers need to carry on making assessments of the daily actions. Reference Patton-Fuller Community Hospital. Retrieved July 14, 2014 from https://ecampus.phoenix.edu/secure/aapd/cist/vop/Healthcare/PFCH/isoverview.asp?subgroup=hr

Coca Colas Strategic Choices

Coca Colas Strategic Choices Strategic choices are concerned with decisions about an organisations future and the way in which it has to respond to the myriad of pressures and influences as a result of its immediate and macro environment. To this end there are three basic choices to be made as shown below. Methods for pursuing strategies The choices about how strategies are to be pursued Strategy directions The choices of products and markets available to an organisation Bases of competitive Strategy The choices as to how an organisation positions itself in relation to competitors Bases of competitive Strategy directions Methods for pursuing Strategy strategies Source: Adapted from Johnson, Scholes and Whittington; exploring corporate strategy 2008: pp217. Bases of competitive strategy This area has to do with how Coca-Cola has positioned itself in relation to its competitors. The Coca-Cola Company competes in the non-alcoholic beverages segment of the commercial beverages industry. The non-alcoholic beverages segment of the commercial beverages industry is highly competitive, consisting of numerous firms. These include firms that, like Coca-Cola, compete in multiple geographic areas, as well as firms that are primarily regional or local in operation. Competitive products include numerous non-alcoholic sparkling beverages; various water products, including packaged, flavoured and enhanced waters; juices and nectars; fruit drinks and dilutables (including syrups and powdered drinks); coffees and teas; energy and sports and other performance-enhancing drinks; dairy-based drinks; functional beverages; and various other non-alcoholic beverages. These competitive beverages are sold to consumers in both ready-to-drink and other than ready-to-drink form. In many of the co untries in which Coca-Cola does business, including the United States, PepsiCo. Inc. is one of its primary competitors. Other significant competitors include, Nestl ´e, Dr Pepper Snapple Group, Inc., Groupe Danone, Kraft Foods Inc, and Unilever etc. In certain markets, its competition includes beer companies. Coca-Cola also competes against numerous regional and local firms and, in some markets, against retailers that have developed their own store or private label beverage brands. The strategy clock: competitive strategy options High Differentiation 2 4 Hybrid 5 Focussed differentiation 3 Perceived Product/ Service 2 Low price 6 7 1 No frills Strategies destined for failure 8 Low High Low Price Source: Adapted from Johnson, Scholes and Wittington; exploring corporate strategy. 2008; pp 225 The strategy clock above represents different positions in a market where customers or potential customers have different requirement in terms of value for money. Coca-Cola has therefore taken the strategy option of hybrid, in which case it maintains its price but tries to differentiate itself from competitors. The Company has had a mix of pricing, advertising, sales promotion programs, product innovation, increased efficiency in production techniques, the introduction of new packaging, new vending and dispensing equipment, and brand and trademark development and protection. In this regard Coca-Cola has increased its annual marketing budget substantially, launched many new products, and developed a model to help its retail customers maximize their sales while it continue to plan for the future. The risk of this choice is that one could lose market share due to its low prices but then it can be tackled through economies of scale where the company produces in large quantities to cover cost and tries to penetrate different geographies as is the case of Coca-Cola. This choice has actually proved beneficial to Coca-Cola even though its market share has not grown tremendously as one would think over the last ten years but it definitely has a much higher market share than its competitors, especially Pepsi Co. This has been possible for Coca-Cola due to its recognised brand name and strong presence in so many geographies including Africa, Asia, Europe, Latin America, North America and the Pacific spanning across 200 countries. Strategy direction This has to do with the scope of a company in terms of its products. Over the last few years Coca-Cola has introduced a lot of products to its portfolio, including the recent Coca-Cola zero, which sold more than 600 million cases globally. Today Coca-Cola does not only deal in non-alcoholic soft drinks, but it also makes a lot of juices and juice drinks, still and carbonated products. As a matter of fact Coca-Cola has more than 3,300 products in more than 200 countries. In general one can rightly say that Coca-Cola has gone into diversification since it has not only shifted from soft drink to juices and even energy drinks but has also ventured and penetrated larger market over the years. Diversification is simply a strategy that takes the organisation away from both its existing market and its existing products. We have therefore used the Ansoff matrix below to identify the strategy direction which Coca-Cola is taking Box D, which is diversification. The Ansoff matrix provides a simp lified way of generating four basic alternative directions for strategic development. Strategic directions (Ansoff matrix) Products Existing New A B Market penetration Product development Consolidation C D Market development Diversification Existing Markets New Source: Adapted from Johnson, Scholes and Wittington; exploring corporate strategy. 2008; pp258 Diversification happened to be a good strategic option for Coca-Cola as it helped the Company to break new grounds in business. For instance a new product like the Coca-Cola zero did so well in terms of sales. This therefore impacted positively on the companys market share. Again shifting from soft drinks to energy and sports drinks also gave Coca-Cola an opportunity of a larger market share. However diversification can be capital intensive as not all organisations will be able to cope with the finances involved since a lot of finances will be needed to go into research and development for the new product. For instance Pepsi-cola once came up with a new product called Meca cola but it wasnsuccessful and the product was withdrawn later on. Surely there will be a lot of laboratory works and feasibility studies to go with a new product and this will equally require skilled people getting involved and consequently hiring more employees so if the organisation does not have enough finances it may not be able to cope. Again the organisation which decides to diversify will put in place an adequate amount of public awareness in terms of advertisements and trainings. This may involve using news papers, television, internet etc. All these can be very enormous so diversification requires careful planning. Methods for pursuing strategies Most of Coca-Cola products are manufactured and sold by its bottling partners. The Company typically sell concentrates and syrups to its bottling partners, who convert them into finished packaged products which they sell to distributors and other customers. Separate contracts (Bottlers Agreements) exist between the Company and each of its bottling partners regarding the manufacture and sale of Company products. Subject to specified terms and conditions and certain variations, the Bottlers Agreements generally authorize the bottlers to prepare specified Company Trademark Beverages, to package the same in authorized containers, and to distribute and sell the same in (but, subject to applicable local law, generally only in) an identified territory. The bottler is obligated to purchase its entire requirementof concentrates or syrups for the designated Company Trademark Beverages from the Company or Company-authorized suppliers. Coca-Cola agrees to refrain from selling or distributing, or from authorizing third parties to sell or distribute, the designated Company Trademark Beverages throughout the identified territory in the particular authorized containers. The Coca-Cola Company has created and achieved a strategic lock-in such that it has achieved dominance in the industry. For instance many people will think of Coke once they think of using or taking a soft drink.

Essay --

Introduction Genetically modified (GM) foods are foods that are derived from genetically modified organisms (GMOs). Genetically modified organisms (GMOS) are defined as organisms in which the genetic material i.e. DNA has been altered in a way that doesn’t occur naturally. Genetically modified foods or genetically modified organisms are most commonly referred to crop plants that are made for human and or animal consumption using molecular biology techniques. When these plants are modified they are done in the laboratory to enhance traits that are desirable , for example, improving the nutritional content of foods and increased resistance to herbicides. When developing genetically modified plants, one or more genes are usually added to the plants genome in the lab, the plant can then be tested for other desirable traits like the delayed ripening of tomatoes which in turn is helpful for the transportation and storage of tomatoes. GM foods are produced for many reasons, the main one being the advantages to the producer or to the customer. Initially the objective of developing plants using GM organisms was to improve the protection of crops. Currently the crops that are in the market are mainly aimed at increasing the level of protection given to crops by introducing resistance against plant disease that can be cause by insects or viruses or herbicides. What is food security? The World food summit have defined food security as existing â€Å"when all people at all times have access to sufficient, safe, nutritious food to maintain a healthy and active life.† The concept of food security is defined as when both the economic and physical access to foods that meet the people’s needs and for fill their dietary needs. In many developing cou... ...pesticides. As discussed earlier, the use of less pesticides can have a big positive impact on human health. There is a chance when using GM foods to be able to increase the nutritional value of a food as I discussed earlier with â€Å"golden† rice. This is a big step for developing countries as rice is their main staple diet, so in being able to enhance the rice with the appropriate nutrients that they will need in everyday life is a big advantage. In relation to food security, GM foods have the possibilities to enhance food sustainability. However, there are a number of issues that will still need to be discussed if GM labelling becomes mandatory such as; who will be responsible for educating the public about GM food labels. The biggest issue will be educating the public with correct information without damaging the public trust and causing fear of GM food products.

The Writings of John Updike :: Biography Biographies Essays

The Writings of John Updike      Ã‚  Ã‚  Ã‚  Ã‚   John Updike's Rabbit books tell the story of a man whose life is in constant turmoil. Harry "Rabbit" Angstrom's downward spiral started the day his senior basketball season ended. Rabbit was a basketball jock; he knew nothing else. He married his high school sweetheart more out of convenience than love and worked in the same printing press as his father. Rabbit couldn't face the working world, couldn't face his parents, and couldn't face his wife and son. He was constantly caught somewhere in the middle ground between righteousness and sinful pleasure. Rabbit's mind was constantly wandering, searching for something he could hold on to, something that would remain constant through the thick and thin of life. He needed another basketball.    Rabbit's life is the perfect model for a case study on how not to live. Anything appealing that entered his mind, he did it. Rabbit cheated on his wife, ignored his mother, was unaffected when his wife left him, took up with an eighteen year old girl when he was well into his thirties and did not attempt to hide any of it from his twelve year old son, Nelson. Rather than getting tough when times were hard, Rabbit ran. He ran from a pregnant wife, Janice, from Nelson who was then twelve, from employment, from his parents, from everything. Rabbit practiced the opposite of perseverance. When life wasn't going well, Rabbit simply moved on to something else.    Rabbit matters because he was so wrong. Our thoughts often mimic Rabbit's actions. But Rabbit takes the heat for us. His twisted, perverse life shows us that the choices he made were the wrong ones. Not to imply that he was in any way godly, but like Jesus, Rabbit suffered for our sins. How many times do we find ourselves bored in life, wishing that we could just move on to something else, give up and start over? Each time we do, we can remember Rabbit. Rabbit reminds us that without work, life is not fulfilling. He shows us that you can't start over, that you can never leave your life behind.    Rabbit shows us that we have to live with our mistakes, that we can't just act like they never happened. Rabbit tries to run, but he can't. He reminds us that people don't just forget and move on.

Measuring a Nation’s Income

Chapter 23 Measuring a Nation's Income TRUE/FALSE 1. In years of economic contraction, firms throughout the economy increase their production of goods and services, employment rises, and jobs are easy to find. ANS:FDIF:1REF:23-0 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:Economic expansionMSC:Definitional 2. Macroeconomic statistics include GDP, the inflation rate, the unemployment rate, retail sales, and the trade deficit. ANS:TDIF:1REF:23-0 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:MacroeconomicsMSC:Definitional 3.Macroeconomic statistics tell us about a particular household, firm, or market. ANS:FDIF:1REF:23-0 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:MacroeconomicsMSC:Definitional 4. Macroeconomics is the study of the economy as a whole. ANS:TDIF:1REF:23-0 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:MacroeconomicsMSC:Definitional 5. The goal of macroeconomics is to explain the economic changes that affect many households, firms, and markets simultaneously. ANS:TDIF:1REF:23-0 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:MacroeconomicsMSC:Definitional . Microeconomics and macroeconomics are closely linked. ANS:TDIF:1REF:23-0 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:Microeconomics | MacroeconomicsMSC:Definitional 7. The basic tools of supply and demand are as central to macroeconomic analysis as they are to microeconomic analysis. ANS:TDIF:1REF:23-0 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:Demand | SupplyMSC:Definitional 8. GDP is the most closely watched economic statistic because it is thought to be the best single measure of a society’s economic well-being. ANS:TDIF:1REF:23-0NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Definitional 9. GDP can measure either the total income of everyone in the economy or the total e xpenditure on the economy’s output of goods and services, but GDP cannot measure both at the same time. ANS:FDIF:2REF:23-1 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Interpretive 10. For an economy as a whole, income must exceed expenditure. ANS:FDIF:1REF:23-1 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:Income | ExpenditureMSC:Definitional 11.An economy’s income is the same as its expenditure because every transaction has a buyer and a seller. ANS:TDIF:1REF:23-1 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:Income | ExpenditureMSC:Definitional 12. GDP is the market value of all final goods and services produced by a country’s citizens in a given period of time. ANS:FDIF:1REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Definitional 13. GDP adds together many different kinds of products into a single measure of the value of economic act ivity by using market prices. ANS:TDIF:1REF:23-2NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Definitional 14. U. S. GDP includes the market value of rental housing, but not the market value of owner-occupied housing. ANS:FDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Interpretive 15. U. S. GDP excludes the production of most illegal goods. ANS:TDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Interpretive 16. U. S. GDP includes estimates of the value of items that are produced and consumed at home, such as housework and car maintenance. ANS:FDIF:2REF:23-2NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Applicative 17. GDP includes only the value of final goods because the value of intermediate goods is already included in the prices of the final goods. ANS:TDIF:1REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of ec onomics TOP:GDP | Intermediate goodsMSC:Definitional 18. Additions to inventory subtract from GDP, and when the goods in inventory are later used or sold, the reductions in inventory add to GDP. ANS:FDIF:1REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDP | InventoryMSC:Definitional 9. While GDP includes tangible goods such as books and bug spray, it excludes intangible services such as the services provided by teachers and exterminators. ANS:FDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Applicative 20. At a rummage sale, you buy two old books and an old rocking chair; your spending on these items is not included in current GDP. ANS:TDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Applicative 21. When an American doctor opens a practice in Bermuda, his production there is part of U.S. GDP. ANS:FDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definit ions of economics TOP:GDPMSC:Applicative 22. If the U. S. government reports that GDP in the third quarter was $12 trillion at an annual rate, then the amount of income and expenditure during quarter three was $3 trillion. ANS:TDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Applicative 23. The government computes measures of income other than GDP because these other measures usually tell different stories about overall economic conditions.ANS:FDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDP | IncomeMSC:Interpretive 24. Expenditures by households on education are included in the consumption component of GDP. ANS:TDIF:2REF:23-3 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:ConsumptionMSC:Interpretive 25. Most goods whose purchases are included in the investment component of GDP are used to produce other goods. ANS:TDIF:2REF:23-3 NAT:AnalyticLOC:The study of economics and d efinitions of economics TOP:InvestmentMSC:Interpretive 26.New home construction is included in the consumption component of GDP. ANS:FDIF:2REF:23-3 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:InvestmentMSC:Interpretive 27. Changes in inventory are included in the investment component of GDP. ANS:TDIF:2REF:23-3 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:InvestmentMSC:Interpretive 28. The investment component of GDP refers to financial investment in stocks and bonds. ANS:FDIF:2REF:23-3 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:InvestmentMSC:Interpretive 29.The government purchases component of GDP includes salaries paid to soldiers but not Social Security benefits paid to the elderly. ANS:TDIF:2REF:23-3 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:Government purchasesMSC:Interpretive 30. If the value of an economy’s imports exceeds the value of that economy’s exports, then net exports is a negative number. ANS:TDIF:2REF:23-3 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:Net exportsMSC:Interpretive 31. If someone in the United States buys a surfboard produced in Australia, then that purchase is included in both the consumption component of U.S. GDP and the net exports component of U. S. GDP. ANS:TDIF:2REF:23-3 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:Consumption | Net exportsMSC:Applicative 32. If consumption is $4000, exports are $300, government purchases are $1000, imports are $400, and investment is $800, then GDP is $5700. ANS:TDIF:2REF:23-3 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Applicative 33. If exports are $500, GDP is $8000, government purchases are $1200, imports are $700, and investment is $800, then consumption is $6200. ANS:TDIF:2REF:23-3NAT:AnalyticLOC:The study of economics and definitions of economics TOP:ConsumptionMSC:Appli cative 34. If consumption is $1800, GDP is $4300, government purchases are $1000, imports are $700, and investment is $1200, then exports are $300. ANS:FDIF:2REF:23-3 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:ExportsMSC:Applicative 35. U. S. GDP was almost $14 billion in 2007. ANS:FDIF:1REF:23-3 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Definitional 36. In 2007, government purchases was the largest component of U. S. GDP. ANS:FDIF:2REF:23-3NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Interpretive 37. If total spending rises from one year to the next, then the economy must be producing a larger output of goods and services. ANS:FDIF:2REF:23-4 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Interpretive 38. An increase in nominal U. S. GDP necessarily implies that the United States is producing a larger output of goods and services. ANS:FDIF:2REF:23-4 NAT :AnalyticLOC:The study of economics and definitions of economics TOP:Nominal GDPMSC:Interpretive 39.Nominal GDP uses constant base-year prices to place a value on the economy’s production of goods and services, while real GDP uses current prices to place a value on the economy’s production of goods and services. ANS:FDIF:1REF:23-4 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:Nominal GDP | Real GDPMSC:Definitional 40. Real GDP evaluates current production using prices that are fixed at past levels and therefore shows how the economy’s overall production of goods and services changes over time. ANS:TDIF:1REF:23-4 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:Real GDPMSC:Definitional 1. The term real GDP refers to a country’s actual GDP as opposed to its estimated GDP. ANS:FDIF:2REF:23-4 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:Real GDPMSC:Interpretive 42. Changes in real GDP reflect only changes in the amounts being produced. ANS:TDIF:1REF:23-4 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:Real GDPMSC:Definitional 43. Real GDP is a better gauge of economic well-being than is nominal GDP. ANS:TDIF:1REF:23-4 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:Nominal GDP | Real GDPMSC:Definitional 44.Changes in the GDP deflator reflect only changes in the prices of goods and services. ANS:TDIF:2REF:23-4 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDP deflatorMSC:Interpretive 45. If nominal GDP is $10,000 and real GDP is $8,000, then the GDP deflator is 125. ANS:TDIF:2REF:23-4 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDP deflatorMSC:Applicative 46. If nominal GDP is $12,000 and the GDP deflator is 80, then real GDP is $15,000. ANS:TDIF:2REF:23-4 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:Real GDPMSC:Applicative 7. Economist s use the term inflation to describe a situation in which the economy’s overall production level is rising. ANS:FDIF:1REF:23-4 NAT:AnalyticLOC:Unemployment and inflationTOP:Inflation MSC:Definitional 48. If the GDP deflator in 2006 was 160 and the GDP deflator in 2007 was 180, then the inflation rate in 2007 was 12. 5%. ANS:TDIF:2REF:23-4 NAT:AnalyticLOC:Unemployment and inflationTOP:Inflation rate MSC:Applicative 49. If the GDP deflator in 2004 was 150 and the GDP deflator in 2005 was 120, then the inflation rate in 2005 was 25%. ANS:FDIF:2REF:23-4NAT:AnalyticLOC:Unemployment and inflationTOP:Inflation rate MSC:Applicative 50. The GDP deflator can be used to take inflation out of nominal GDP. ANS:TDIF:1REF:23-4 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDP deflatorMSC:Definitional 51. In 2004, the level of U. S. real GDP was close to four times its 1965 level. ANS:TDIF:1REF:23-4 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:Real GDPMSC:Definitional 52. The output of goods and services produced in the United States has grown on average 3. 2 percent per year. ANS:TDIF:1REF:23-4NAT:AnalyticLOC:Productivity and growthTOP:Growth MSC:Definitional 53. Periods during which real GDP rises are called recessions. ANS:FDIF:1REF:23-4 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:RecessionsMSC:Definitional 54. Recessions are associated with lower incomes, rising unemployment, and falling profits. ANS:TDIF:1REF:23-4 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:RecessionsMSC:Definitional 55. If real GDP is higher in one country than in another, then we can be sure that the standard of living is higher in the country with the higher real GDP. ANS:FDIF:2REF:23-5NAT:AnalyticLOC:The study of economics and definitions of economics TOP:Real GDP | Standard of livingMSC:Interpretive 56. Real GDP per person tells us the income and expenditure of the average person in th e economy. ANS:TDIF:1REF:23-5 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:Real GDP per personMSC:Definitional 57. GDP does not directly measure those things that make life worthwhile, but it does measure our ability to obtain many of the inputs into a worthwhile life. ANS:TDIF:1REF:23-5 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Definitional 58.GDP does not make adjustments for leisure time, environmental quality, or volunteer work. ANS:TDIF:2REF:23-5 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Interpretive 59. Other things equal, in countries with higher levels of real GDP per person, life expectancy and literacy rates are higher than in countries with lower levels of real GDP per person. ANS:TDIF:2REF:23-5 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Interpretive SHORT ANSWER 1. GDP is defined as the market value of all final goods and services produ ced within a country in a given period of time.In spite of this definition, some production is left out of GDP. Explain why some final goods and services are not included. ANS: GDP excludes some products because they are so difficult to measure. These products include services performed by individuals for themselves and their families, and most goods that are produced and consumed at home and, therefore, never enter the marketplace. In addition, illegal products are not included in GDP even if they can be measured because, by society's definition, they are bads, not goods.DIF:2REF:23-2NAT:Analytic LOC:The study of economics and definitions of economicsTOP:GDP MSC:Interpretive 2. Explain why it is the case that the value of intermediate goods produced and sold during the year is not included directly as part of GDP, but the value of intermediate goods produced and not sold is included directly as part of GDP. ANS: Intermediate goods produced and sold during the year are not included separately as part of GDP because the value of those goods is included in the value of the final goods produced from them.If the intermediate good is produced but not sold during the year, its value is included as inventory investment for the year in which it was produced. If inventory investment was not included as part of GDP, true production would be underestimated for the year the intermediate good went into inventory, and overestimated for the year the intermediate good is used or sold. DIF:2REF:23-2NAT:Analytic LOC:The study of economics and definitions of economicsTOP:GDP | Intermediate goods MSC:Interpretive 3. Since it is counted as investment, why doesn't the purchase of earthmoving equipment from China by a U. S. orporation increase U. S. GDP? ANS: The purchase of foreign equipment is counted as investment, but GDP measures only the value of production within the geographic borders of the United States. In order to avoid including the value of the imported equipment, impo rts are subtracted from GDP. Hence, the value of the equipment in investment is canceled by subtracting its value as an import. DIF:2REF:23-3NAT:Analytic LOC:The study of economics and definitions of economicsTOP:GDP | Investment | Imports MSC:Applicative 4. Identify the immediate effect of each of the following events on U. S. GDP and its components. a. |James receives a Social Security check. | |b. |John buys an Italian sports car. | |c. |Henry buys domestically produced tools for his construction company. | ANS: |a. |Since this is a transfer payment, there is no change to GDP or to any of its components. | |b. |Consumption and imports will rise and cancel each other out so that there is no change in U. S. GDP. | |c. |This increases the investment component of GDP and so increases GDP. | DIF:2REF:23-3NAT:Analytic LOC:The study of economics and definitions of economics TOP:GDP | Transfer payments | Net exports | InvestmentMSC:Applicative . Between 1929 and 1933, NNP measured in cur rent prices fell from $96 billion to $48 billion. Over the same period, the relevant price index fell from 100 to 75. |a. |What was the percentage decline in nominal NNP from 1929 to1933? | |b. |What was the percentage decline in real NNP from 1929 to 1933? Show your work. | ANS: |a. |NNP measured in current prices is nominal NNP. Nominal NNP fell from $96 billion to $48 billion, a decline of 50 percent. | |b. |Real NNP is nominal NNP divided by the price index and multiplied by 100. Real NNP in 1929 was ($96 b/100) [pic] 100 = $96 | | |b.Real NNP in 1933 was ($48 b/75) [pic] 100 = $64 b. Real NNP fell from $96 billion to $64 billion, a decline of 33 | | |percent. | DIF:2REF:23-4NAT:Analytic LOC:The study of economics and definitions of economicsTOP:Nominal NNP | Real NNP MSC:Applicative 6. You find that your paycheck for the year is higher this year than last. Does that mean that your real income has increased? Explain carefully. ANS: Real income is nominal income adjusted for gene ral increase in prices. If my paycheck is higher this year than last, my nominal income has increased.Whether my real income has increased or not depends on what has happened since last year to the level of prices of things I buy with my income. If the percentage increase in prices is less than the percentage increase in my nominal income, then my real income has increased. Otherwise, my real income has not increased. DIF:2REF:23-4NAT:Analytic LOC:The study of economics and definitions of economics TOP:Nominal income | Real incomeMSC:Interpretive 7. U. S. real GDP is substantially higher today than it was 60 years ago. What does this tell us, and what does it not tell us, about the well-being of U.S. residents? ANS: Since this is in real terms, it tells us that the U. S. is able to make a lot more stuff than in the past. Some of the increase in real GDP is probably due to an increase in population, so we could say more if we knew what had happened to real GDP per person. Supposing t hat there was also an increase in real GDP per person, we can say that the standard of living has risen. Material things are an important part of well-being. Having sufficient amounts of things such as food, shelter, and clothing are fundamental to well-being.Other things such as security, a safe environment, access to safe water, access to medical care, justice, and freedom also matter. However, many of these things are more easily obtained by being able to produce more using fewer resources. Countries with higher real GDP per person tend to have longer life spans, less discrimination towards women, less child labor, and a higher rate of literacy. DIF:2REF:23-5NAT:Analytic LOC:The study of economics and definitions of economics TOP:Real GDP | Economic welfareMSC:Interpretive Sec00 – Measuring a Nation's Income MULTIPLE CHOICE 1.Statistics that are of particular interest to macroeconomists |a. |are largely ignored by the media. | |b. |are widely reported by the media. | |c. | include the equilibrium prices of individual goods and services. | |d. |tell us about a particular household, firm, or market. | ANS:BDIF:2REF:23-0 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:MacroeconomicsMSC:Interpretive 2. Macroeconomists study |a. |the decisions of households and firms. | |b. |the interaction between households and firms. | |c. |economy-wide phenomena. | |d. |regulations on firms and unions. | ANS:CDIF:1REF:23-0NAT:AnalyticLOC:The study of economics and definitions of economics TOP:MacroeconomicsMSC:Definitional 3. Which of the following newspaper headlines is more closely related to what microeconomists study than to what macroeconomists study? |a. |Unemployment rate rises from 5 percent to 5. 5 percent. | |b. |Real GDP grows by 3. 1 percent in the third quarter. | |c. |Retail sales at stores show large gains. | |d. |The price of oranges rises after an early frost. | ANS:DDIF:2REF:23-0 NAT:AnalyticLOC:The study of economics and defin itions of economics TOP:Microeconomics | MacroeconomicsMSC:Interpretive 4.Which of the following questions is more likely to be studied by a microeconomist than a macroeconomist? |a. |Why do prices in general rise by more in some countries than in others? | |b. |Why do wages differ across industries? | |c. |Why do production and income increase in some periods and not in others? | |d. |How rapidly is GDP currently increasing? | ANS:BDIF:2REF:23-0 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:Microeconomics | MacroeconomicsMSC:Interpretive 5. Which of the following topics are more likely to be studied by a macroeconomist than by a microeconomist? |a. the effect of taxes on the prices of airline tickets, the profitability of automobile-manufacturing firms, and | | |employment trends in the food-service industry | |b. |the price of beef, wage differences between genders, and antitrust laws | |c. |how consumers maximize utility, and how prices are established i n markets for agricultural products | |d. |the percentage of the labor force that is out of work, and differences in average income from country to country |ANS:DDIF:2REF:23-0 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:Microeconomics | MacroeconomicsMSC:Interpretive 6. We would expect a macroeconomist, as opposed to a microeconomist, to be particularly interested in |a. |explaining how economic changes affect prices of particular goods. | |b. |devising policies to deal with market failures such as externalities and market power. | |c. |devising policies to promote low inflation. | |d. |identifying those markets that are competitive and those that are not competitive. | ANS:CDIF:2REF:23-0NAT:AnalyticLOC:The study of economics and definitions of economics TOP:Microeconomics | MacroeconomicsMSC:Interpretive 7. Which of the following is not a question that macroeconomists address? |a. |Why is average income high in some countries while it is low in others? | |b. |Why does the price of oil rise when war erupts in the Middle East? | |c. |Why do production and employment expand in some years and contract in others? | |d. |Why do prices rise rapidly in some periods of time while they are more stable in other periods? | ANS:BDIF:2REF:23-0NAT:AnalyticLOC:The study of economics and definitions of economics TOP:MacroeconomicsMSC:Interpretive 8. The basic tools of supply and demand are |a. |useful only in the analysis of economic behavior in individual markets. | |b. |useful in analyzing the overall economy, but not in analyzing individual markets. | |c. |central to microeconomic analysis, but seldom used in macroeconomic analysis. | |d. |central to macroeconomic analysis as well as to microeconomic analysis. | ANS:DDIF:1REF:23-0 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:Demand | SupplyMSC:Definitional . Which of the following statistic is usually regarded as the best single measure of a society’s economic w ell-being? |a. |the unemployment rate | |b. |the inflation rate | |c. |gross domestic product | |d. |the trade deficit | ANS:CDIF:1REF:23-0 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:DefinitionalSec01 – Measuring a Nation's Income – The Economy's Income and Expenditure MULTIPLE CHOICE 1. Which of the following statements about GDP is correct? |a. |GDP measures two things at once: the total income of everyone in the economy and the unemployment rate of the economy’s | | |labor force. | |b. |Money continuously flows from households to government and then back to households, and GDP measures this flow of money. | |c. |GDP is to a nation’s economy as household income is to a household. | |d. |All of the above are correct. | ANS:CDIF:2REF:23-1NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Interpretive 2. Gross domestic product measures two things at once: |a. |the total spending of everyone in the economy and the total saving of everyone in the economy. | |b. |the total income of everyone in the economy and the total expenditure on the economy's output of goods and services. | |c. |the value of the economy's output of goods and services for domestic citizens and the value of the economy's output of | | |goods and services for the rest of the world. | |d. the total income of households in the economy and the total profit of firms in the economy. | ANS:BDIF:1REF:23-1 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Definitional 3. For an economy as a whole, |a. |wages must equal profit. | |b. |consumption must equal saving. | |c. |income must equal expenditure. | |d. |the number of buyers must equal the number of sellers. | ANS:CDIF:2REF:23-1 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:Income | ExpenditureMSC:Interpretive 4. For an economy as a whole, income must equal expenditure because |a. the number of firms is equal to the number of households in an economy. | |b. |international law requires that income equal expenditure. | |c. |every dollar of spending by some buyer is a dollar of income for some seller. | |d. |every dollar of saving by some consumer is a dollar of spending by some other consumer. | ANS:CDIF:2REF:23-1 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:Income | ExpenditureMSC:Interpretive 5. If an economy’s GDP rises, then it must be the case that the economy’s |a. |income rises and saving falls. | |b. |income and saving both rise. |c. |income rises and expenditure falls. | |d. |income and expenditure both rise. | ANS:DDIF:2REF:23-1 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:Income | ExpenditureMSC:Interpretive 6. If an economy’s GDP falls, then it must be the case that the economy’s |a. |income falls and saving rises. | |b. |income and saving both fall. | |c. |income falls and expenditure rises . | |d. |income and expenditure both fall. | ANS:DDIF:2REF:23-1 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:Income | ExpenditureMSC:Interpretive . Because every transaction has a buyer and a seller, |a. |GDP is more closely associated with an economy’s income than it is with an economy’s expenditure. | |b. |every transaction contributes equally to an economy’s income and to its expenditure. | |c. |the number of firms must be equal to the number of households in a simple circular-flow diagram. | |d. |firms’ profits are necessarily zero in a simple circular-flow diagram. | ANS:BDIF:2REF:23-1 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:Income | ExpenditureMSC:Interpretive 8.Which of the following statements about GDP is correct? |a. |GDP measures two things at once: the total income of everyone in the economy and the total expenditure on the economy’s | | |output of goods and services. | |b. |Mon ey continuously flows from households to firms and then back to households, and GDP measures this flow of money. | |c. |GDP is generally regarded as the best single measure of a society’s economic well-being. | |d. |All of the above are correct. | ANS:DDIF:2REF:23-1 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Interpretive 9.In a simple circular-flow diagram, total income and total expenditure are |a. |never equal because total income always exceeds total expenditure. | |b. |seldom equal because of the ongoing changes in an economy’s unemployment rate. | |c. |equal only when one dollar is spent on goods for every dollar that is spent on services. | |d. |always equal because every transaction has a buyer and a seller. | ANS:DDIF:2REF:23-1 NAT:AnalyticLOC:Understanding and applying economic models TOP:Circular-flow diagramMSC:Interpretive 10. In a simple circular-flow diagram, |a. |households spend all of their income. |b. |all goods and services are bought by households. | |c. |expenditures flow through the markets for goods and services, while income flows through the markets for the factors of | | |production. | |d. |All of the above are correct. | ANS:DDIF:2REF:23-1 NAT:AnalyticLOC:Understanding and applying economic models TOP:Circular-flow diagramMSC:Interpretive 11. In a simple circular-flow diagram, firms use the money they get from a sale to |a. |pay wages to workers. | |b. |pay rent to landlords. | |c. |pay profit to the firms’ owners. | |d. |All of the above are correct. | ANS:DDIF:1REF:23-1NAT:AnalyticLOC:Understanding and applying economic models TOP:Circular-flow diagramMSC:Definitional 12. In the actual economy, households |a. |spend all of their income. | |b. |divide their income among spending, taxes, and saving. | |c. |buy all goods and services produced in the economy. | |d. |Both (a) and (c) are correct. | ANS:BDIF:2REF:23-1 NAT:AnalyticLOC:Understanding and applying economic models TOP:C ircular-flow diagramMSC:Interpretive 13. In the actual economy, goods and services are purchased by |a. |households, but not firms or the government. | |b. |households and firms, but not the government. |c. |households and the government, but not firms. | |d. |households, firms, and the government. | ANS:DDIF:2REF:23-1 NAT:AnalyticLOC:Understanding and applying economic models TOP:Circular-flow diagramMSC:Interpretive Sec02 – Measuring a Nation's Income – The Measurement of Gross Domestic Product MULTIPLE CHOICE 1. GDP is defined as |a. |the market value of all goods and services produced within a country in a given period of time. | |b. |the market value of all goods and services produced by the citizens of a country, regardless of where they are living, | | |in a given period of time. | |c. the market value of all final goods and services produced within a country in a given period of time. | |d. |the market value of all final goods and services produced by the citiz ens of a country, regardless of where they are | | |living, in a given period of time. | ANS:CDIF:1REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Definitional 2. Gross domestic product is defined as |a. |the quantity of all final goods and services demanded within a country in a given period of time. | |b. |the quantity of all final goods and services supplied within a country in a given period of time. |c. |the market value of all final goods and services produced within a country in a given period of time. | |d. |Both (a) and (b) are correct. | ANS:CDIF:1REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Definitional 3. To compute GDP, we |a. |add up the wages paid to all workers. | |b. |add up the costs of producing all final goods and services. | |c. |add up the market values of all final goods and services. | |d. |take the difference between the market values of all final goods and services and the co sts of producing those final | | |goods and services. ANS:CDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Interpretive 4. GDP adds together many different kinds of products into a single measure of the value of economic activity by using prices determined by |a. |banks. | |b. |economists. | |c. |the government. | |d. |markets. | ANS:DDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Interpretive 5. In order to include many different goods and services in an aggregate measure, GDP is computed using, primarily, |a. values of goods and services based on surveys of consumers. | |b. |market prices. | |c. |consumer and producer surpluses. | |d. |costs of producing goods and services. | ANS:BDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Interpretive 6. Gross domestic product adds together many different kinds of goods and services into a single measure of the value of economic activity. To do this, GDP makes use of |a. |market prices. | |b. |prices that government economists believe reflect the true value of goods and services to society. |c. |the assumption that quantities of goods and services produced are unchanged from year to year. | |d. |the assumption that prices of goods and services are unchanged from year to year. | ANS:ADIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Interpretive 7. In computing GDP, market prices are used to value final goods and services because |a. |market prices do not change much over time, so it is easy to make comparisons between years. | |b. |market prices reflect the values of goods and services. | |c. if market prices are out of line with how people value goods, the government sets price ceilings and price floors. | |d. |None of the above is correct; market prices are not used in computing GDP. | ANS:BDIF:2REF:23-2 NAT:AnalyticLOC:The study of economic s and definitions of economics TOP:GDPMSC:Interpretive 8. If the price of a DVD player is three times the price of a CD player, then a DVD player contributes |a. |more than three times as much to GDP as does a CD player. | |b. |less than three times as much to GDP as does a CD player. | |c. |exactly three times as much to GDP as does a CD player. | |d. to GDP but a CD player does not contribute to GDP. | ANS:CDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Applicative 9. Which of the following is correct? |a. |The market value of rental housing services is included in GDP, but the market value of owner-occupied housing services | | |is not. | |b. |The market value of owner-occupied housing services is included in GDP, but the market value of rental housing services | | |is not. | |c. |The market values of both owner-occupied housing services and rental housing services are included in GDP. | |d. Neither the market value of owner-occupied housing services nor the market value of rental housing services is included | | |in GDP. | ANS:CDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Interpretive 10. The value of the housing services provided by the economy's owner-occupied houses is |a. |included in GDP, and the estimated rental values of the houses are used to place a value on these housing services. | |b. |included in GDP, and the actual mortgage payments made on the houses are used to estimate the value of these rental | | |services. | |c. excluded from GDP since these services are not sold in any market. | |d. |excluded from GDP since the value of these housing services cannot be estimated with any degree of precision. | ANS:ADIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Interpretive 11. Suppose an apartment complex converts to a condominium, so that the former renters are now owners of their housing units. Suppose further t hat a current estimate of the value of the condominium owners' housing services is the same as the rent they previously paid. What happens to GDP as a result of this conversion? a. |GDP necessarily increases. | |b. |GDP necessarily decreases. | |c. |GDP is unaffected because neither the rent nor the estimate of the value of housing services is included in GDP. | |d. |GDP is unaffected because previously the rent payments were included in GDP and now the rent payments are replaced in | | |GDP by the estimate of the value of housing services. | ANS:DDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Applicative 12. James owns two houses. He rents one house to the Johnson family for $10,000 per year. He lives in the other house.If he were to rent the house in which he lives, he could earn $12,000 per year in rent by doing so. How much do the housing services provided by the two houses contribute to GDP? |a. |$0 | |b. |$10,000 | |c. |$12,000 | | d. |$22,000 | ANS:DDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Applicative 3. GDP excludes most items that are produced and sold illegally and most items that are produced and consumed at home because |a. |the quality of these items is not high enough to contribute value to GDP. | |b. |measuring them is so difficult. | |c. |the government wants to discourage the production and consumption of these items. | |d. |these items are not reported on income tax forms. | ANS:BDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Interpretive 14. Estimates of the values of which of the following non-market goods or services are included in GDP? |a. the value of unpaid housework | |b. |the value of vegetables and other foods that people grow in their gardens | |c. |the estimated rental value of owner-occupied homes | |d. |All of the above are included in GDP. | ANS:CDIF:2REF:23-2 NAT:AnalyticLOC:The study o f economics and definitions of economics TOP:GDPMSC:Applicative 15. Over the last few decades, Americans have chosen to cook less at home and eat more at restaurants. This change in behavior, by itself, has |a. |reduced measured GDP. |b. |not affected measured GDP. | |c. |increased measured GDP only to the extent that the value of the restaurant meals exceeded the value of meals previously | | |cooked at home. | |d. |increased measured GDP by the full value of the restaurant meals. | ANS:DDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Applicative 16. Over time, people have come to rely more on market-produced goods and less on goods that they produce for themselves. For example, busy people with high incomes, rather than cleaning their own houses, hire people to clean their houses.By itself, this change has |a. |caused measured GDP to fall. | |b. |not caused any change in measured GDP. | |c. |caused measured GDP to rise. | |d. |probably changed measured GDP, but in an uncertain direction; the direction of the change depends on the difference in | | |the quality of the cleaning that has resulted. | ANS:CDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Applicative 17. Ralph pays someone to mow his lawn, while Mike mows his own lawn. Regarding these two practices, which of the following statements is correct? a. |Only Ralph’s payments are included in GDP. | |b. |Ralph’s payments as well as the estimated value of Mike’s mowing services are included in GDP. | |c. |Neither Ralph’s payments nor the estimated value of Mike's mowing services is included in GDP. | |d. |Ralph’s payments are definitely included in GDP, while the estimated value of Mike’s mowing services is included in GDP | | |only if Mike voluntarily provides his estimate of that value to the government. | ANS:ADIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definit ions of economics TOP:GDPMSC:Applicative 18.If Susan switches from going to Speedy Lube for an oil change to changing the oil in her car herself, then GDP |a. |necessarily rises. | |b. |necessarily falls. | |c. |will be unaffected because the same service is produced in either case. | |d. |will be unaffected because car maintenance is not included in GDP. | ANS:BDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Applicative 19. Which of the following is not included in GDP? |a. |carrots grown in your garden and eaten by your family | |b. carrots purchased at a farmer’s market and eaten by your family | |c. |carrots purchased at a grocery store and eaten by your family | |d. |More than one of the above is not included in GDP. | ANS:ADIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Applicative 20. A professional gambler moves from a state where gambling is illegal to a state where gambling is legal. Most of his income was, and continues to be, from gambling.His move |a. |necessarily raises GDP. | |b. |necessarily decreases GDP. | |c. |doesn't change GDP because gambling is never included in GDP. | |d. |doesn't change GDP because in either case his income is included. | ANS:ADIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Applicative 21. If a state made a previously-illegal activity, such as gambling or prostitution, legal, then, other things equal, GDP |a. |necessarily decreases. | |b. |necessarily increases. | |c. |doesn't change because both legal and illegal production are included in GDP. | |d. doesn't change because these activities are never included in GDP. | ANS:BDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Applicative 22. Which of the following is included in GDP? |a. |medical marijuana purchased from a government-run pharmacy by a glaucoma patient | |b. |recreational ma rijuana purchased from a drug dealer by a college student | |c. |recreational marijuana produced and consumed by a man in his attic | |d. All of the above are included in GDP. | ANS:ADIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Applicative 23. Marijuana is an illegal good and broccoli is a legal good. Which of the following statements is true? |a. |Darin grows and sells marijuana to Lisa. When Darin and Lisa get married, GDP falls. | |b. |Darin grows and sells marijuana to Lisa. When Darin and Lisa get married, GDP rises. | |c. |Darin grows and sells broccoli to Lisa. When Darin and Lisa get married, GDP falls. | |d. |Darin grows and sells broccoli to Lisa. When Darin and Lisa get married, GDP rises. ANS:CDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Applicative 24. Spots, Inc. produces ink and sells it to Write on Target, which makes pens. The ink produced by Spots, Inc. is called |a. |an inventory good. | |b. |a transitory good. | |c. |a preliminary good. | |d. |an intermediate good. | ANS:DDIF:1REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:Intermediate goodsMSC:Definitional 25. Which of the following statements is correct? |a. |The value of intermediate goods is always included in GDP. | |b. The value of intermediate goods is included in GDP only if those goods were produced in the previous year. | |c. |The value of intermediate goods is included in GDP only if those goods are added to firms’ inventories to be used or | | |sold at a later date. | |d. |The value of intermediate goods is never included in GDP. | ANS:CDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDP | Intermediate goodsMSC:Interpretive 26. Grapes are |a. |always counted as an intermediate good. | |b. |counted as an intermediate good only if they are used to produce another good, such as wine. | |c. counted as an interm ediate good only if they are consumed. | |d. |counted as an intermediate good, whether they are used to produce another good or consumed. | ANS:BDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:Intermediate goodsMSC:Applicative 27. Gasoline is considered a final good if it is sold by a |a. |gasoline station to a bus company that operates a bus route between San Francisco and Los Angeles. | |b. |pipeline operator to a gasoline station in San Francisco. | |c. |gasoline station to a motorist in Los Angeles. | |d. |All of the above are correct. | ANS:CDIF:2REF:23-2NAT:AnalyticLOC:The study of economics and definitions of economics TOP:Intermediate goodsMSC:Applicative 28. A steel company sells some steel to a bicycle company for $150. The bicycle company uses the steel to produce a bicycle, which it sells for $250. Taken together, these two transactions contribute |a. |$150 to GDP. | |b. |$250 to GDP. | |c. |between $250 and $400 to GDP, depending on the profit earned by the bicycle company when it sold the bicycle. | |d. |$400 to GDP. | ANS:BDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDP | Intermediate goodsMSC:Applicative 9. Al’s Aluminum Company sells $1 million worth of aluminum to Shiny Foil Company, which uses the aluminum to make aluminum foil. Shiny Foil Company sells $4 million worth of aluminum foil to households. The transactions just described contribute how much to GDP? |a. |$1 million | |b. |$3 million | |c. |$4 million | |d. $5 million | ANS:CDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDP | Intermediate goodsMSC:Applicative 30. One bag of flour is sold for $1. 00 to a bakery, which uses the flour to bake bread that is sold for $3. 00 to consumers. A second bag of flour is sold to a consumer in a grocery store for $2. 00. Taking these three transactions into account, what is the effect on GDP? |a. |GDP increases by $2. 00. | |b. |GDP increases by $3. 00. | |c. |GDP increases by $5. 00. | |d. |GDP increases by $6. 00. | ANS:CDIF:3REF:23-2NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDP | Intermediate goodsMSC:Analytical 31. Suppose there are only two firms in an economy: Cowhide, Inc. produces leather and sells it to Couches, Inc. , which produces and sells leather furniture. With each $1,000 of leather that it buys from Cowhide, Inc. , Couches, Inc. produces a couch and sells it for $3,000. Neither firm had any inventory at the beginning of 2006. During that year, Cowhide produced enough leather for 20 couches. Couches, Inc. bought 80% of that leather for $16,000 and promised to buy the remaining 20% for $4,000 in 2007.Couches, Inc. produced 16 couches during 2006 and sold each one during that year for $3,000. What was the economy's GDP for the 2006? |a. |$48,000 | |b. |$52,000 | |c. |$64,000 | |d. |$68,000 | ANS:BDIF:3REF:23-2 NAT:AnalyticLOC:The study of economics and def initions of economics TOP:GDP | Intermediate goodsMSC:Analytical 32.Suppose there are only two firms in an economy: Rolling Rawhide produces rawhide and sells it to Chewy Chomp, Inc. , which uses the rawhide to produce and sell dog chews. With each $2 of rawhide that it buys from Rolling Rawhide, Chewy Chomp, Inc. produces a dog chew and sells it for $5. Neither firm had any inventory at the beginning of 2007. During that year, Rolling Rawhide produced enough rawhide for 1000 dog chews. Chewy Chomp, Inc. bought 75% of that rawhide for $1500 and promised to buy the remaining 25% for $500 in 2008. Chewy Chomp, Inc. produced 750 dog chews during 2007 and sold each one during that year for $5.What was the economy's GDP for 2007? |a. |$3750 | |b. |$4250 | |c. |$5250 | |d. |$5750 | ANS:BDIF:3REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDP | Intermediate goodsMSC:Analytical 33.In 2007, Corny Company grows and sells $2 million worth of corn to Tasty Cere al Company, which makes corn flakes. Tasty Cereal Company produces $6 million worth of corn flakes in 2007, with sales to households during the year of $4. 5 million. The unsold $1. 5 million worth of corn flakes remains in Tasty Cereal Company’s inventory at the end of 2007. The transactions just described contribute how much to GDP for 2007? |a. |$4. 5 million | |b. |$6 million | |c. |$6. million | |d. |$8 million | ANS:BDIF:3REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDP | Intermediate goodsMSC:Analytical 34. The total sales of all firms in the economy for a year |a. |equals GDP for the year. | |b. |is larger than GDP for the year. | |c. |is smaller than GDP for the year. | |d. |Any of the above is possible. | ANS:BDIF:3REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDP | Intermediate goodsMSC:Analytical 35.Which of the following domestically produced items is not included in GDP? |a. |a bottle of sham poo | |b. |a hairdryer | |c. |a haircut | |d. |All of the above are included in GDP. | ANS:DDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Applicative 36. Which of the following is not included in GDP? |a. |a can of bug spray | |b. the services of an exterminator | |c. |the honey produced and sold by a beekeeper | |d. |All of the above are included in GDP. | ANS:DDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Applicative 37. Gross domestic product includes all |a. |legal and illegal goods, but it excludes all legal and illegal services. | |b. |legal and illegal goods and all legal and illegal services. |c. |legal goods and services, but it excludes illegal goods and services. | |d. |legal and illegal goods and legal services, but it excludes illegal services. | ANS:CDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Interpretive 38. Transactions invol ving items produced in the past, such as the sale of a 5-year-old automobile by a used car dealership or the purchase of an antique rocking chair by a person at a yard sale, are |a. |included in current GDP because GDP measures the value of all goods and services sold in the current year. | |b. included in current GDP but valued at their original prices. | |c. |not included in current GDP because GDP only measures the value of goods and services produced in the current year. | |d. |not included in current GDP because these items have no current value. | ANS:CDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Applicative 39. Which of the following events would cause GDP for 2007 to increase? |a. |In February 2007, Amanda sells a 1996 Honda Accord to Isabella. | |b. |In February 2007, Amanda buys a ticket to visit a zoo in Florida. She visits the zoo in April 2007. |c. |In December 2007, Isabella eats onions that she harvested from her backyar d garden in October 2007. | |d. |All of the above are correct. | ANS:BDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Applicative 40. Until recently, George lived in a home that was newly constructed in 2005. In 2005, he paid $200,000 for the brand new house. He sold the house in 2006 for $225,000. Which of the following statements is correct regarding the sale of the house? |a. |The 2006 sale increased 2006 GDP by $225,000 and had no effect on 2005 GDP. | |b. The 2006 sale increased 2006 GDP by $25,000 and had no effect on 2005 GDP. | |c. |The 2006 sale increased 2006 GDP by $225,000; furthermore, the 2006 sale caused 2005 GDP to be revised upward by | | |$25,000. | |d. |The 2006 sale affected neither 2005 GDP nor 2006 GDP. | ANS:DDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Applicative 41. Tyler and Camille both live in Oklahoma. A new-car dealer in Oklahoma bought a new car from the manuf acturer for $18,000 and sold it to Tyler for $22,000. Later that year, Tyler sold the car to Camille for $17,000.By how much did these transactions contribute to U. S. GDP for the year? |a. |$18,000 | |b. |$22,000 | |c. |$39,000 | |d. |$57,000 | ANS:BDIF:3REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Analytical 42.Consider two cars manufactured by Chevrolet in 2007. During 2007, Chevrolet sells one of the two cars to Sean for $24,000. Later in the same year, Sean sells the car to Kati for $19,000. The second automobile, with a market value of $30,000, is unsold at the end of 2007 and it remains in Chevrolet’s inventory. The transactions just described contribute how much to GDP for 2007? |a. |$24,000 | |b. |$43,000 | |c. $54,000 | |d. |$73,000 | ANS:CDIF:3REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Analytical 43. Which of the following is included in U. S. GDP? |a. |the value of production b y an American working in Morocco | |b. |the value of production by a Moroccan working in the U. S. | |c. |Both (a) and (b) are correct. | |d. |Neither (a) nor (b) is correct. ANS:BDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Applicative 44. Anna, a U. S. citizen, works only in Germany. The value she adds to production in Germany is included |a. |in both German GDP and U. S. GDP. | |b. |in German GDP, but it is not included in U. S. GDP. | |c. |in U. S. GDP, but it is not included in German GDP. | |d. |in neither German GDP nor U. S. GDP. | ANS:BDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Applicative 45. An American company operates a fast food restaurant in Romania.Which of the following statements is accurate? |a. |The value of the goods and services produced by the restaurant is included in both Romanian GDP and U. S. GDP. | |b. |One-half of the value of the goods and services produced by the restaurant is included in Romanian GDP, and the other | | |one-half of the value is included in U. S. GDP. | |c. |The value of the goods and services produced by the restaurant is included in Romanian GDP, but not in U. S. GDP. | |d. |The value of the goods and services produced by the restaurant is included in U. S. GDP, but not in Romanian GDP. ANS:CDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Applicative 46. Quality Motors is a Japanese-owned company that produces automobiles; all of its automobiles are produced in American plants. In 2007, Quality Motors produced $20 million worth of automobiles, with $12 million in sales to Americans, $6 million in sales to Canadians, and $2 million worth of automobiles added to Quality Motors’ inventory. The transactions just described contribute how much to U. S. GDP for 2007? |a. |$12 million | |b. $14 million | |c. |$20 million | |d. |$34 million | ANS:CDIF:3REF:23-2 NAT:Analyti cLOC:The study of economics and definitions of economics TOP:GDPMSC:Analytical 47. Which of the following items is included in U. S. GDP? |a. |goods produced by foreign citizens working in the United States | |b. the difference in the price of the sale of an existing home and its original purchase price | |c. |known illegal activities | |d. |None of the above is included in U. S. GDP. | ANS:ADIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Interpretive 48. Which of the following items is included in U. S. GDP? |a. |final goods and services that are purchased by the U. S. federal government | |b. |intermediate goods that are produced in the U. S. ut that are unsold at the end of the GDP accounting period | |c. |goods and services produced by foreign citizens working in the U. S. | |d. |All of the above are included in U. S. GDP. | ANS:DDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Interpretive 49. Which of the following items is included in U. S. GDP? |a. |the estimated value of production accomplished at home, such as backyard production of fruits and vegetables | |b. |the value of illegally-produced goods and services | |c. the value of cars and trucks produced in foreign countries and sold in the U. S. | |d. |None of the above is included in U. S. GDP. | ANS:DDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Applicative 50. Which of the following is not included in U. S. GDP? |a. |unpaid cleaning and maintenance of houses | |b. |services such as those provided by lawyers and hair stylists | |c. the estimated rental value of owner-occupied housing | |d. |production of foreign citizens living in the United States | ANS:ADIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Applicative 51. Which of the following values would be included in U. S. GDP for 2006? |a. |the rent that John, an Amer ican citizen, would have paid on his home in New York in 2006 had he not owned that home | |b. the rent that Sarah, an American citizen, paid on her apartment in San Francisco in 2006 | |c. |the value of the legal services provided by Carlos, an attorney and a Mexican citizen, who lived in Houston and | | |practiced law there in 2006 | |d. |All of the above would be included in U. S. GDP for 2006. | ANS:DDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Applicative 52.Which of the following examples of production of goods and services would be included in U. S. GDP? |a. |Samantha, a Canadian citizen, grows sweet corn in Minnesota and sells it to a grocery store in Canada. | |b. |Ian, an American citizen, grows peaches for his family in the back yard of their Atlanta home. | |c. |Leo, an American citizen, grows marijuana in his Seattle home and sells it to his friends and neighbors. | |d. |None of the above examples of production would be in cluded in U. S. GDP. | ANS:ADIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Applicative 3. Which of the following transactions adds to U. S. GDP for 2006? |a. |In 2006, Ashley sells a car that she bought in 2002 to William for $5,000. | |b. |An American management consultant works in Mexico during the summer of 2006 and earns the equivalent of $30,000 during | | |that time. | |c. |When John and Jennifer were both single, they lived in separate apartments and each paid $750 in rent. John and | | |Jennifer got married in 2006 and they bought a house that, according to reliable estimates, could be rented for $1,600 | | |per month. | |d. |None of the above transactions adds to U.S. GDP for 2006. | ANS:CDIF:2REF:23-2 NAT:AnalyticLOC:The study of economics and definitions of economics TOP:GDPMSC:Applicative 54. Which of the following transactions adds to U. S. GDP for 2006? |a. |In 2006, Marvin Windows manufactures 20 windows that will eventual ly be installed in an office building in Minneapolis. | | |The windows remain in Marvin’s inventory at the end of 2006. | |b. |An Irish marketing consultant works in Boston during the summer of 2006 and earns $30,000 during that time. | |c.