The Legal Drinking Age Should Be Abolished - 893 Words

Legal at Eighteen Currently in the United States the legal age to drink alcohol is twenty-one years old. Before the 1980s, the legal drinking age was eighteen years old. In 1980, the drinking age was changed to twenty-one to diminish the number of traffic deaths caused by young drunk drivers. Changing the drinking age to twenty-one has not reduced drinking, it only made teens drink in unsafe and illegal environments. The drinking age should be changed to eighteen, because eighteen year olds have the right to vote, marry, buy guns, join the military, are considered adults, take away the thrill of breaking the law, and it would help the economy. In the United States at eighteen years old a citizen can vote. At eighteen a person can choose who will be president, governor, senator, and other important positions. If an eighteen year old can make the decision of who should run the country, then they can decide if they want to drink alcohol. By the age of eighteen most people are intelligent enough to comprehend politics and vote, and they should be smart enough to understand how alcohol affects a person and smart responsibly. Of an eighteen year old can vote, then they should be able to drink. At the age of eighteen a person can get married. Being married is a lifelong and life changing decision. Being married means that two people will spend the rest of their lives together and share a life together. If a person can get married at eighteen they should be able toShow MoreRelatedThe Legal Drinking Age Should Be Abolished1634 Words   |  7 Pagestheir own legal drinking age. In 1984 the National Minimum Drinking Age act was passed and raised the drinking age in the United States to twenty-one. This law caused uproar in states that had declared the minimum drinking age to be eighteen. Alcohol consumption is a major factor in cultural and social matters and the National Minimum Drinking Age has affected everybody. This law is unjust because of many reasons. One of the most prominent reasons is that it is an ex-post facto law. The legal drinkingRead MoreMass Incarceration In Michelle Alexanders The New Jim Crow Laws1083 Words   |  5 Pagessegregation of schools, drink ing fountains, restrooms, buses, and restaurants. In legal theory, blacks received â€Å"separate but equal† treatment under the law--in actuality, public facilities were nearly always inferior to those for whites, when they existed at all. In addition, blacks were systematically denied the right to vote in most of the rural South through the selective application of literacy tests and other racially motivated criteria (PBS). Despite Jim Crow laws being abolished in 1964 when PresidentRead MoreThe Debate On The Minimum Legal Drinking Age2364 Words   |  10 PagesThe Debate on the Minimum Legal Drinking Age There has been a debate going on about the minimum legal drinking age, or â€Å"MLDA†. Some people believe it has no impact on our youth, and should thus be lowered to the standard age of adulthood, age 18. They refuse to acknowledge the true significance of this law, however, and continue to see it as a futile attempt to control the inevitable. Yet in reality, having an MLDA of 21 has many benefits, and stands for a healthier view of alcohol consumption,Read More The Drinking Age Should Be Lowered Essay2234 Words   |  9 Pageslinked to drinking underage. The legal drinking age in many states is twenty-one years old. The purpose of this law is to keep minors out of danger: away from drunk driving, alcohol poisoning, and injuring the brain before it is fully developed. The government supports the belief that people are not ready or responsible enough for alcohol until this age. However, various professors and researchers are discovering ways to disprove this belief. T hese people think that reducing the drinking age to eighteenRead MoreThere Has Been Debate Within The Australian Government1881 Words   |  8 Pagesof provocation should be changed or abolished. Over the years this defence has undergone changes through interpretation in cases and through legislative amendments. â€Å"Provocation; a totally flawed defence that has no place in Australia criminal law irrespective of sentencing regime†. These are the words of Andrew Hemming, a Senior Lecturer of Law within the School of Law and Justice at University of Southern Queensland. He states that provocation laws should be completely abolished throughout theRead MoreRacism By Michell Alexander s Book, The New Jim Crow Mass Incarceration1457 Words   |  6 Pagesperson does in society. In Michell Alexander’s book, â€Å"The New Jim Crow Mass Incarceration in the Age of Colorblindness† she touches on the many injustices that African Americans face in everyday life. While sh e makes good points throughout the book, there are some things that I did not completely agree with. Michelle’s book was published about fifty-five years after the Jim Crow laws were abolished. The Jim Crow laws segregated blacks and whites and were enforced by the state and towns. This segregationRead MoreTma03 W100 -Unlawful Conduct Essay1192 Words   |  5 Pagesvery broad term, we may consider the term of unlawful conduct of any conduct relating to crimes but it is much broader than this, it also includes aspects of civil law. We can consider a conduct to be unlawful in many ways; this can be by underage drinking to downloading music from the internet without paying for such a song. For a conduct to be considered unlawful, it has to be approved by parliament. Without laws we cannot consider a conduct to be unlawful. Unlawful conduct is any conduct that itRead MoreThe Black Death1203 Words   |  5 Pageswere wiped out and it is estimated that around 200 million people in Europe fell to the plague. Villages and towns began barring anyone from entering in fear of the plague and some of the rich chose to escape overseas. People began running amok, drinking and enjoying themselves as much as they could as they believed they had not long to live. Others thought that living quietly would cure them of the plague while a large amount of people believed that the world was going to end. The Crusades (a religiousRead MoreThe Legal Drinking Age Should Be Legal1956 Words   |  8 Pagessale of all alcohol. The Prohibition lasted a total of 13 years before being abolished in 1933 since the government could not stop the entire country from buying and/or selling alcohol illegally. It seemed that the more they tried to get rid of alcohol, the more people would want it so instead of having continuous law breake rs, they’d rather the people drink freely hence Prohibition ending. Drugs, on the other hand, were legal all the way up until 1914, where the Harrison Narcotics Tax Act took placeRead MorePosition Paper-Alcoholism3290 Words   |  14 Pagestries to quit drinking but the individual s craving, or strong need or compulsion to drink, compels them to continue. This need can be as strong as the need for basic necessities of life such as food, water, and air. Physical dependence, which is the body s need for a substance, in this case alcohol, is revealed by withdrawal symptoms that consist of sweating, shakiness, nausea, and anxiety. These symptoms occur when alcohol use is abruptly halted after a period of heavy drinking. With regard to

The Between Corporate Strategy And Finance - 831 Words

Week six continued to expand on the concept of NPV, with emphasis on financial tools such as the sensitivity analysis, break-even analysis, simulation, real options and decision trees. These tools allowed the class further insights into projects’ financial status before making the final accept-reject decision. Hence, at the end of the week, students that were able to grasp the concept introduced in week’s one through week five were able to apply important financial tools learned thus far to analyze projects and explain the link between corporate strategy and finance, these students were able to recap the relationships between economic rent, market prices, competitive advantages and the NPV analysis in relation to capital budgeting activities (Allen, Brealey, Myers, 2013; â€Å"Overview Objectives†, n.d.). Week seven of the course focused on how managers can successfully develop sets of tools to help decide what the adequate capital structure of their company should be. This week was very interesting because the class was able to discuss how financial markets and related institutions contributed to the overall economy of various countries. At the end of week seven, the class learned more business theories related to capital structure and the importance of financial markets and institutions to the various economies (â€Å"Overview Objectives†, n.d.). Week eight marked the final week of the course, and as stated in the syllabus the class had a final exam, this exam was to assessShow MoreRelatedCareer in Finance and Mathematics1137 Words   |  5 PagesCareer in Finance and Mathematics An B. Nguyen Grantham University BA550, Finance October 27, 2015 Abstract There is many job opportunity for individual with the career in finance or mathematics background. According to Careers-in-Finance.com, the lowest entry level related to finance start from $35K-$50K annually in small firms and can reach as high as $260K-$390K for large firms. The income can variable depended on the level of education and experiences. Around the finance corporate, thereRead MoreBusiness Environment Past Papers1115 Words   |  5 Pagesimportant business terms related to corporate objectives. Indicative Content 1.1.1 Define and show an understanding of the terms ‘corporate aims’, ‘corporate objectives’ and ‘corporate strategy’. 1.1.2 Explain how objectives and aims might change through the life of a business: survival, break-even, growth, profit maximisation, market share, diversification. 1.2 Describe the human and other resources required by a business, and relate the resources to corporate objectives. 1.2.1 Describe theRead MoreCase Study - Calpine624 Words   |  3 PagesCalpine, How should Calpine finance its high-growth strategy? In the case in question we are dealing with a power company that is planning a growth strategy. The main focus of this paper is to choose the optimal financing. The managers Kelly and Crabtree are discussing which one of the following funding strategies that would be optimal to reach Calpine’s growth strategy. The 3 options are project financing, corporate financing and a hybrid of the two. Each funding strategy has its pros and cons, whichRead MoreCorporate Finance Programs1540 Words   |  6 PagesCorporate Finance Programs Introduction In a companys operational activities, it is essential induce financial management in its organizational structure. All business operations center on the use of finances to incur profits that benefit the company employees, shareholders and their nations economic society. This context digs into the conduction of both managerial and corporate finance. The executive finance deals with managerial implication on financial techniques used alongside pecuniary decisionsRead MoreJp Morgan Background Summary1032 Words   |  5 PagesJPMorgan Corporate Finance – Energy Investment Banking, Houston JPMorgan Chase Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.2 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase serves millions of consumersRead MoreMy Personal Learning Experience Of Corporate Finance And Investments Module Essay1202 Words   |  5 PagesThe following self-assessment essay will be a brief analysis of my personal learning experience of Corporate Finance and Investments module, and a brief description of my development planning. This essay includes four paths, therefore, I shall explain my motivation of studying particularly this module, my strengths and weaknesses, critical and analytical learning, as well as my future career expectations. 1.1 Motivation As stated by the business dictionary, ‘’Motivation is leaded by internal andRead Morecase study Essay774 Words   |  4 Pagessubsidiary banking group. What are the linkages between the two organizations? Answer: Question 2: Conduct an external analysis of general environment, industry and competitive conditions to identify Ally’s marketplace advantage and disadvantage. What competitor intelligence has the greatest strategic implications for the company? Answer: The Ally’s marketplace advantage: Ally bank providing the low cost funding source and automotive finance and mortgage loan operation with a stable. AllRead MoreThe Importance Of Corporate Finance For Managers1353 Words   |  6 Pagesapparel company and possibly invest through the company she is seeking advice from. Importance of Corporate Finance for Managers Firms entrust managers to make decisions that will secure the company’s future by maximizing profits and ensure customer satisfaction. Corporate finance is important to mangers due to the opportunities and risk it represents for them as professionals. Corporate finance provides managers with the skills and information necessary to add value to their firm (Brigham andRead MoreEssay about Business-Level and Corporate-Level Strategy1104 Words   |  5 PagesIntroduction Knowing your business-level and corporate-level strategy can maximize the life of your organization. The business-level strategy focus on creating a value offering that is appealing to consumers while also being cost-effective. The business-level strategies determine who they will serve, what product or service will meet the needs of their targeted customers, and how they will keep their customers satisfied (Harvard, 2012). Corporate-level strategies help drive an organization and help determineRead MoreHalifax - Performance of Branch 54461675 Words   |  7 PagesMarkets, Finance and Accounting, and Information, which are associated with the Halifax’s Balanced Scorecard quadrants and theory ‘Z’. The main concerns were HR management and Information flow, although all perspectives had areas to improve. It was concluded that working with the current manager, building on his experience should improve the branches performance and build it to excel. Primary recommendations were to give the branch manager formal training and to link the BSC to corporate strategy

Business Economics Demand Pull and Cost-Push

Question: Describe about the Business Economics for Demand Pull and Cost-Push. Answer: (a) If the wages of cleaners is increased in a burger shop, the supply of burgers will be reduced due to increase in the cost of production. Figure 1: Decrease in Supply (Source: Created by Author) The graph shows that supply from S to S2 that in turn leads to excess demand at the old equilibrium cost P (Canto, Joines and Laffer 2014). (b) Since burger is considered as a normal good and as a result, with the fall in income the demand for burger will decrease. Most of the goods that we usually purchase are considered as normal goods. They are also considered as a superior commodity (Atkinson and Stiglitz 2015). Figure 2: Normal Good (Source: Created by Author) A single seller who sells a unique good in the market characterizes a monopoly market structure. The seller does not face any competition in the monopoly market, as he is the single owner of commodities with no close substitutes. On the other hand, an industry is a natural monopoly when a single firm can supply a commodity to a complete market at a subordinate cost (Askar 2013). Figure 3: Monopoly (Source: Created by Author) The above graph shows that more quantity Q2 can be sold at a lower price P2. The slope of the AR curve is downward sloping under monopoly that in turn implies that if the monopolist sets the high prices, the demand will decrease. Under the monopoly market structure, there is bound to be interaction between the forces of demand and supply (Anton and Biglaiser 2013). Under perfect competition price is equivalent to marginal cost at the equilibrium output. However, under monopoly the price is larger than average cost. When the Reserve Bank of Australia intervenes in the foreign exchange market, it generates demand as well as supply for the Australian dollar by purchasing or selling Australian dollars against a different currency. In the exchange market of the Australian dollar, the RBA always conducts its interference due to the fact that liquidity and earnings are utmost in that market. Most of the transaction of the foreign exchange intervention of the RBA takes place in the spot market. Traditionally, the Reserve Bank of Australia has usually chosen to intervene by performing in the foreign exchange market in its own name (Benes et al. 2015). The benefits to Australia of the appreciation of the Australian dollar are as follows: With the appreciation of the Australian dollar, Australian exports are bound to become more costly. The imports into Australia will become reasonable and as a result, there will be increase in demand for imports. This has the probability to worsen the current account deficit (Garton, Gaudry and Wilcox 2012). The preferential trade agreement that Australia shares with China mainly includes a currency deal. This in turn allows the Australian dollar to trade directly against the currency of China. China has also allowed RMB to be traded against the AUS dollar directly. As a result, if the foreign investors become optimistic about China, it would lead to an increase in the demand for RMB. The economic interaction between Australia and China is likely to provide a wider implication for the Asia-Pacific area both in terms of state capital flows as well as in terms of financial security (Bowman, Gilligan and OBrien 2015). The percentage change in the value of the Wholesale Price Index on a yearly basis is termed as inflation. It efficiently measures the change in the prices of a basket of commodities and services in a year. The imbalance between demand and supply of money as well as changes in the cost of production and distribution leads to inflation (Bresciani-Turroni 2013). The major cause of inflation is merely the growth in the quantity of money. The level of prices and the value of money also lead to inflation. There are mainly two types of inflation that includes demand-pull inflation and cost-push inflation. Figure 4: Demand-pull inflation (Source: Created by Author) Demand-pull inflation takes place when aggregate demand for commodities and services in an economy increases more rapidly as compared to the productive capacity of the economy (Addison and Burton 2013). Figure 5: Cost-push inflation (Source: Created by Author) On the other hand, cost-push inflation takes place when prices of production procedure inputs rise. Increasing wages are also a major factor that leads to cost-push inflation as wages are considered the most imperative cost for firms. The two economic policies that the government could apply to reduce inflation are as follows: Fiscal Policy: The government can raise taxes as well as cut spending. These in turn improves the budget circumstances as well as help to reduce demand in the economy (Auerbach and Gorodnichenko 2012). 2. Monetary Policy: The rate of interest could be increased by the Central Bank that will in turn make borrowings more costly and saving more attractive. The quantity theory of money states that the wide-ranging level of prices of goods and services is directly comparative to the amount of money in circulation or money supply. It mostly states that there is a direct relationship between the quantity of money in an economy as well as the level of prices of commodities and services sold (Su et al. 2016). According to Quantity Theory of Money, if the amount of money doubles in an economy, the level of price also doubles. According to the economists, a rapid increase in the money supply leads to a rapid rise in inflation. Money growth that exceeds the expansion of economic output results in inflation. If the makers of the monetary policy decrease the supply of money, the rate of interest will get increased. If the rate of interest are determined by free economy it becomes more attractive in order to deposit funds as well as to diminish borrowing from the Central Bank. One of the rate of interest that is advertised in the free economy is the coupon rate. As per the economists, competitive markets allocate resources efficiently. According to the economists, efficient allocation of resources takes place when individuals are able to choose the commodities and services that they desire. Resources are being allocated effectively mostly when they are being used to manufacture the appropriate amount of goods as well as services that is desired mostly by the customers. Allocative efficiency requires that an individual produces each commodity up to the point where the advantage it conveys to the society. According to the economists, an efficient allocation of resources is the combination of distribution of inputs as well as outputs such that any alter in the economy that makes an individual better off. Efficiency is also obtained when there is efficiency in the production. In other words, the manufacturing of the largest value of commodities as well as services with available resources. It also takes when all mutual benefits gained from busin ess are exhausted (Rancire and Tornell 2016). The non-price determinants of demand are as follows: Branding: Sellers make use of advertising, product quality, and customer service as well as product differentiation. That in turn leads to strong brand images and as a result, the purchasers have a strong preference for their commodities. Hence, the demand curve shifts towards the right as the demand for products increases. Market Size: With the rapid expansion of the market, the demand of the customers for the goods is likely to increase (Verheyen 2015). Complementary goods: The demand for a commodity is influenced by the change in the price of the product. As a result, the demand for movies is likely to get impacted by the price of popcorn in the movie theatre. Similarly, the demand for movies in the particular theatre is also likely to get influenced due to the price of nearby parking. Available Income: If the amount of income of the purchasers alters, the propensity to purchase will also change. Thus, irrespective of price, if there is an economic boom, an individual is more likely to purchase. Seasonality: The requirements for commodities alter by time of year. As a result, there is a powerful demand for grass mowers in the spring, but not in the fall. Future Expectation: The purchasers are likely to purchase more commodities in the future, if they expect that the price is likely to increase in the future. The value of money is determined by the supply of money as well as demand for money that is similar to that of the price of a commodity. Quantity Theory of Money states that the general level of price (P) is directly relied on the supply of money (M). In other words, if M doubles, P will also double. On the other hand, if M is diminished, P will also diminish by the similar quantity (Cline 2015). The growth of the money supply determines the inflation rate. According to Quantity Theory of Money, if the amount of money doubles in an economy, the level of price also doubles. This in turn leads to inflation in the economy. As inflation increases, the value of money diminishes. References Addison, J.T. and Burton, J., 2013. The demise of demand-pull and costpush in inflation theory.PSL Quarterly Review,33(133). Anton, J.J. and Biglaiser, G., 2013. Quality, upgrades and equilibrium in a dynamic monopoly market.Journal of Economic Theory,148(3), pp.1179-1212. Askar, S.S., 2013. On complex dynamics of monopoly market.Economic Modelling,31, pp.586-589. Atkinson, A.B. and Stiglitz, J.E., 2015.Lectures on public economics. Princeton University Press. Auerbach, A.J. and Gorodnichenko, Y., 2012. Measuring the output responses to fiscal policy.American Economic Journal: Economic Policy,4(2), pp.1-27. Benes, J., Berg, A., Portillo, R.A. and Vavra, D., 2015. Modeling sterilized interventions and balance sheet effects of monetary policy in a New-Keynesian framework.Open Economies Review,26(1), pp.81-108. Bowman, M., Gilligan, G. and OBrien, J., 2015. The China-Australia Free Trade Agreement and the Growing Acceptance of Chinese State Capital Investment.Asian Journal of Public Affairs,8(1), pp.03-24. Bresciani-Turroni, C., 2013.The Economics of Inflation: A study of currency depreciation in post-war Germany, 1914-1923. Routledge. Canto, V.A., Joines, D.H. and Laffer, A.B., 2014.Foundations of supply-side economics: Theory and evidence. Academic Press. Cline, W.R., 2015. Quantity Theory of Money Redux? Will Inflation Be the Legacy of Quantitative Easing?.National Institute Economic Review,234(1), pp.R15-R26. Garton, P., Gaudry, D. and Wilcox, R., 2012. Understanding the appreciation of the Australian dollar and its policy implications.Economic Round-up, (2), p.39. Rancire, R. and Tornell, A., 2016. Financial Liberalization, Debt Mismatch, Allocative Efficiency, and Growth.American Economic Journal: Macroeconomics,8(2), pp.1-44. Su, C.W., Fan, J.J., Chang, H.L. and Li, X.L., 2016. Is there Causal Relationship between Money Supply Growth and Inflation in China? Evidence from Quantity Theory of Money.Review of Development Economics. Verheyen, F., 2015. The role of non-price determinants for export demand.International Economics and Economic Policy,12(1), pp.107-125.

Thomas Merton And Mahatma Gandhi Essays - Gandhism, Pacifism

Thomas Merton and Mahatma Gandhi Thomas Merton and Mahatma Gandhi both speak of God in a personal way. They both speak of God as truth. Famous Thomas Merton, Trappist American monk, was a traditional Christian. Born in France in 1915 and died in Asia in 1968 Merton was greatly influenced by the complexities of the twentieth century. His writings served as a personal may in his search for God.. He pursued the ascending path towards the eternal kingdom of truth, towards heaven, while leaving the world of shadowy existence behind. Truth would be a passion of his life. He also took it upon himself to speak on behalf of the disenfranchised of the word. Thomas Merton was a dynamic, modern man who committed himself to a lifelong search for a meaningful and authentic way of life. He had only one desire and that was the desire for solitude-to disappear into God, to be submerged in his peace, to be lost in the secret of his face. This singular passion and boundless energy led him to combine in one life a unique variety of roles, prolific spiritual writer and poet, monk and hermit, social activist, all while living at the Trappist monastery in Gethsemani, Kentucky. Merton, a monk under a vow of silence, found fame by not seeking it, by speaking the truth. Much can be said with the praise "the truth will set your free" Merton provided a path that is still setting people free. Freedom from silence. Many feel that a monastery is a sanctuary to escape from the realities of the real world. Merton saw it as helping rescue the world from the new dark ages. "In the night of our technological barbarism, monks must be as trees which exist silently in the dark and by their vital presence purify the air." Some believe Merton's world was the monastery grounds, the whole world was. He believed that all men and women are to be seen and treated as Christ. Failure to do this, involves condemnation for disloyalty to the most fundamental of revealed truths. Encounters with Christ must be followed by the encounters and both must be experienced with the same love. It's a love that frees, not a love that wants to possess or manipulate. The great Indian teacher, Mahatma Gandhi, philosophy was very similar. Merton loved people, but he also loved nature. He told us to begin "by learning how to see and respect the visible creation which mirrors the glory and the perfection of the invisible God". Everything that surrounds us, the trees, the ocean, the waves, the sky, the sun, the birds, it is in all this that we will find our answers. God is omnipresent; we do not see this because we are not contemplative. Merton believed a Christian society is one in which men give their share of labor and intelligence and in return receive their share of the fruits of the labor, which is seen in the Kingdom of God, a society centered upon the divine truth and the divine mercy. In such a society the prophetic role of the monk would be fulfilled, in the sense that his renunciation of the right of ownership was an affirmation of God's ownership of everything and of man's right to be a possessor only in so far as he was willing to share with others what he did not need. Merton did not feel impelled to become involved in political deeds. He believed the monk's duty was to cultivate consciousness and awareness however, truth and God demanded he speak out loudly and often against all forms of war. He stated that the Vietnam war was an example of Americans seeing their country as the center of the world, imposing their will, in the name of freedom, on weaker nations that might stand in their way. It was a needless destruction of human life, a rape of a culture which could only lead to the death of the spirit of an exhausted people. He saw men striving to negotiate for peace, and failing because their fear overbalanced their true good will. "The root of all war is fear." He taught that we must fearlessly love even the men we cannot trust, for the enemy was war itself, and peace could not be brought about by hatred. "Peace does not consist in one man, one party, one nation, crushing and dominating everyone else. Peace exists where men who have the power to be enemies are, instead, friends by reason of the

Vacuum Cleaner and James Dyson free essay sample

When you hear the name James Dyson you may recall his famous Dyson cyclonic vacuum that came on the market a few years ago. What do you think his next invention will be? Developing new products and managing them through the first several stages of the product life cycle can be a difficult and risky task. Inventor James Dyson learned how to manage an effective product life cycle through trial and error. His experiences have led him to believe that the time has come for an â€Å"effective and environmentally friendly† hand dryer for private and public restrooms. Though this seems a far cry from vacuums, Dyson’s entrepreneurial skills have helped him to launch his new venture. Dyson’s inventions tend to come from two basic sources. First, his organization looks for solutions to common frustrations of the consuming public. Second, the Dyson group tries to find new uses for technologies or products that the organization already controls. We will write a custom essay sample on Vacuum Cleaner and James Dyson or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page These two paths have led his organization to increasing success in developing new products and introducing them to the marketplace. How will James Dyson leverage technologies and products following the hand-dryer project? Known for his pursuit and support of cutting-edge technology, Dyson is experimenting with robotics and microchips in order to develop appliances that give humans more free time, away from their daily chores. History shows that his ideas are in-tune with those of the public. Adapted from â€Å"The Vacuum Man Takes On Wet Hands† by Steve Hamm, Business Week, July 2, 2007, pp. 84, 86. Case study developed by Dr. John R. Brooks, Jr. , Houston Baptist University.

7 Tips for Using Suspensive Hyphenation

7 Tips for Using Suspensive Hyphenation 7 Tips for Using Suspensive Hyphenation 7 Tips for Using Suspensive Hyphenation By Mark Nichol Often, when both items in a pair of hyphenated phrases have a common element, the first instance of that element can be elided, or omitted, without erasing the connection; the incomplete phrase is implied to have the same form as the complete one. However, as shown in these examples, it’s essential to treat the phrases, especially their hyphens, correctly: 1. â€Å"The holding pond’s collapse sent more than a billion gallons of arsenic and mercury-laden sludge into the river.† The sludge was laden with a combination of arsenic and mercury; arsenic was not released separately from mercury-laden sludge. Because laden can serve to team up with both arsenic and mercury, it is omitted from where it might first appear; the phrase â€Å"arsenic-laden† is merely implied. A hyphen is attached to arsenic to express the elision: â€Å"The holding pond’s collapse sent more than a billion gallons of arsenic- and mercury-laden sludge into the river.† 2. â€Å"The company provides small- and medium-size businesses with service and support.† The hyphen following small implies that â€Å"small-size† is the intended construction, but size is not appropriate in association with small: â€Å"The company provides small and medium-size businesses with service and support.† 3. â€Å"The 1-2 year old wolf is still a baby.† The confusing adjective string before wolf is meant to express that the animal is either a 1-year-old or a 2-year-old. You can write that an animal is 1-2 years old, but here you must hyphenate the construction â€Å"(number)-year-old† to modify the noun that follows. The correct full form of the sentence would be â€Å"The 1-year-old to 2-year-old wolf is still a baby,† but the first instance of â€Å"year-old† can be elided: â€Å"The 1- to 2-year-old wolf is still a baby.† Note the letter space following 1 this element has no connection to to, so don’t connect them. 4. â€Å"Marc Antony was seen as Cleopatra’s drink-and-love besotted dupe.† The trainlike coupling of â€Å"drink-and-love† makes no grammatical sense. Observers thought of Marc Antony as separately besotted by drink and love, so he was a drink-besotted dope and a love-besotted dope, or, as follows: â€Å"Marc Antony was seen as Cleopatra’s drink- and love-besotted dupe.† 5. â€Å"The difference between pre- and post-Civil War attitudes was profound.† The elision of â€Å"Civil War† after pre- is correct, but when a prefix or suffix is attached (or implied to attach) to a proper noun or to more than one term, a sturdy en dash is called in to substitute for the little hyphen: â€Å"The difference between pre and postCivil War attitudes was profound.† 6. â€Å"She felt underpaid and -appreciated.† Though use of suspensive hyphenation in the case of words with otherwise closed prefixes (â€Å"The fund was alternately over- and underfunded†) is correct, avoid applying it with closed suffixes: â€Å"She felt underpaid and underappreciated.† 7. â€Å"The box contained a stack of 3- by 5-inch cards.† By signals that this sentence does not refer to 3-inch cards and 5-inch cards; this statement is in a separate class. When two dimensions refer to a single object, link the entire phrasal adjective together: â€Å"The box contained a stack of 3-by-5-inch cards.† Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Punctuation category, check our popular posts, or choose a related post below:The Meaning of "To a T"80 Idioms with the Word TimeI wish I were...

HRM, Leadership Learning and Development Essay Example | Topics and Well Written Essays - 2500 words

HRM, Leadership Learning and Development - Essay Example The typical procedure involves presentation of a neutral stimulus along with a stimulus of some significance (unconditional stimulus). The neutral stimulus (also known as conditional stimulus) can produce the same behavioural response as the stimulus of some significance. This response was called conditional response (Pavlov, 1927). The speed and strength of this conditional response is directly proportional to the predictive value of the conditional stimulus relative to the unconditional stimulus (Rescorla and Wagner, 1972). Pavlov’s theories are among the few models from psychology which have permeated popular culture. Despite some shortcomings, the theory continues to receive a good deal of respectful consideration in academia as well (Bitterman, 2005). The implications from the theory are also exploited in media and advertising (Allen, 1989). Pavlov’s unconscious conditioning does not produce new behaviour, but recreates the reflexive behaviour in the presence of ne w stimuli. The implications for workplace can be significant. The conditional stimulus couple with unconditional stimulus can produce the desired emotional behaviour (Merle, 2001). For example, an executive can convey a good news in person and the bad news can be delivered through an impersonal email. Thus, as interactions with the manager or leader are associated with good news and the employees can look forward to follow his lead. 2.2 Advantages and Disadvantages of Pavlov's unconscious conditioning in enabling learning The relationship between a conditional stimulus and conditional response is not fixed but is influenced by a number of external variables. Thus, the process for associating conditional stimulation with conditional response is not often reduced to a neat mathematical model. In most cases, practitioners have to rely on a more intuitive approach to pair a stimulus with a response. If the pairing of conditional stimulus and conditional response is weakened then the res ponse may diminish with time (Heth, 2009). Here again, managers have to rely on an intuitive approach to sense that the desired response is diminishing. To extend the example mentioned before, a manager will no longer be associated with good news, if he mismanages a couple of projects (even though he continues to distribute all the bad news through impersonal memos). Often, a novel stimulus similar to the conditional stimulus can elicit the same response as the conditional stimulus and the phenomenon is termed as respondent stimulus generalization (). The greater the physical similarity between novel stimulus and conditional stimulus more is the likelihood of a similar response (Merle, 2001). For instance an employee, who was injured by a drill machine, may develop an aversion to other machine tools as well. 3.1 Skinnerian conditioning Skinner (1938) demonstrated that rats kept hungry can be trained to press levers on a wall, when the action of pressing the levers produces food item s (reinforcements). The functional equivalent of food in workplace is rewards or incentives. It is generally well accepted that incentives can produce desired behaviour. But the Skinnerian conditioning theories give us further insights on the subject. For instance, the schedule of reinforcement has a significant bearing on the pattern of behaviour produced

Market Structures Essay Example | Topics and Well Written Essays - 750 words - 2

Market Structures - Essay Example Monopolistic competition along with oligopoly constitutes the structure of imperfect competition. Firms that are imperfectly competitive offer many products. The products are offered at administered prices. The price changes are costly and slower. The prime prediction of the theory of monopolistic competition is that firms will produce at the level where marginal cost equals marginal revenue in the short run. However in the long run, the firms will operate at zero profit levels and the demand curve will be tangential to the average total cost curve. The figure shows the marginal cost curve for the monopolist (MCsm) for the short run. MCsm is the summation of the short run supply curves (SRSc) in the competitive market. The loss of producers’ surplus (area B) and consumers’ surplus (area B) arises from the profit maximizing decision of the monopolist. A monopolistically competitive firm can operate above the level of normal profit. The above figure represents the economic loss for a monopolistically competitive firm. For a monopolistically competitive firm economic profits are zero and at equilibrium average total cost equals price. Both the firms in monopolistic competition and perfect competition are able to zero profits in the long run. It is possible for a firm operating in the monopoly market to acquire economic profits in the long run. The price is greater than the minimum point of Average total cost curve in the long run but in perfect competition price equals minimum of average total cost. In perfect competition price is lower and output is higher than monopolistic competition. A form of market where the industry is dominated by small number of sellers is called oligopoly. Each oligopolist is aware of the market conditions as few sellers are present in the market. The decision of one firm can influence or are influenced by other firms. The responses of the participants of the market are taken into account in

The Importance of Authority in the Military Essay

The Importance of Authority in the Military - Essay Example From this discussion it is clear that  before exploring how authority is used in the military, it is important to understand what the word means and the ideas that it implies. The Collins English Dictionary offers up a variety of definitions, such as "the power or right to control, judge, or prohibit the actions of others," or "such a power or right delegated, especially from one person to another," or "the ability to influence or control others".This study highlights that  authority can only be gained through power, mostly due to the position that someone holds. A high up position can give someone authority over others because of their job description, which likely allows them to offer guidance to subordinates. Another component of the word authority is that it is delegated or assigned, typically from one person to another. Authority is often found in a chain of command, with those towards to top of the tree afforded more authority than people lower down the food chain. Also, au thority usually is a two-way street between leaders and followers. There has to be a relationship between each set of individuals and both should know where they stand in the relationship; only in an equal relationship will there be no need for either party to have authority over the other.  Informal relationships are often like this, whereas in formal situations authority is necessary in order to preserve some sort of organization within large groups of people.... In less formal situations, a leader will look to influence his or her subordinates but not control them. Controlling a group of people allows little room for them to be creative and think outside the box. In formal organizations, control is the preferred action because organizational structures are rigid and require compliance rather than creativity. In taking into account all of the definitions mentioned above, authority forms a key part of the success of any military. Military organizations by nature can be heated environments with little room for failure. Because of this, it is important that everyone remains on the same page, particularly when it comes to military strategy. Whenever a new batch of recruits is hired to work for the military, one of the first things that they go through is a type of boot camp. The reason for this is to shape the mind so much that it will almost do anything asked of it and not question why an action is relevant. Boot camps often require new recruit to work themselves into the ground so much that they lose all ability to rationalize and think on their own two feet. Likewise, getting every solider to wear the same uniform and sleeping in the same quarters helps them to understand that they are part of a team, but a team that has no standout individuals and almost requires every solider to be a clone of the other ones. Forcing soldiers to wake up before dawn and go on treks into forests and jungles makes them mentally tough but it also prepares them to be able to do anything that is asked by their superiors. On the part of the leaders, they are only doing what is best for the success of the military, which is to produce a highly skilled but

Strategic Management Analysis: Nike

Strategic Management Analysis: Nike Nike Inc Strategic Plan Analysis Introduction Nike is the leading corporation in the world, which deals in equipment supply sportswear. It is a US based company and established in 1962 by Bill Boverman Philip Knight in the name of Blue Ribbon Sports. Later it was changed to Nike Inc in 1978. Headquarter of the company are located in Oregon, which is near Beaverton, the USA. It is the major manufacturer and supplier of apparel and athlete shoes. The business practices and manufacturing methods of Nike Inc are based on innovation. Mission statement Mission of the company is to become the best shoe provider, which delivers best services to its customers. Vision statement The vision statement of the company is to assist every athlete in developing motivation and creativity throughout the world. Goals and objective Goal of the company is to utilize the innovative ideas in order to manufacture quality athlete shoes and attire for the world. There are various objectives of the company, but the most significant one is to become the leader through different activities, which exhibit concern for those who are associated with Nike, such as customers, employees and suppliers throughout the world. Management style at Nike Former CEO, Philip Knight played a vital role in the establishment of strategic management. His style of management is described as the idiosyncratic, which is very personal and distinctive. The mode of management in Nike is described by strategic planning. CEO of Nike reflects broad mindedness as the management style at Nike is based on different aspects, such as the conservative decisions and planned risks. Implementation of management style is based on a thorough analysis of internal as well as external environment. Decision making style of Philip Knight reflects participative method. Knight is a daring person and able to make independent decisions, but before going to consider any decision, he invites the management team to give their views and suggestion on a particular subject. Management style of Nike differs greatly with the management style of Toyota, as it employs the concept of quality across all the levels of management. Basically, Nike is a home region company; 99 percent of its production is outsourced to south East Asia. The products of Nike are being supplied by the employees from independent contract companies, which do not form the part of ownership but are component of supply chain network. From these independent firms, the management at Nike is indirectly accountable for the working conditions of employees. Nike gives immense focus on the sales. On the other hand, Toyota focuses on cutting down the number of human labor by adopting the system of Just in Time (Rugman, 2005). This system helps to maintain appropriate inventory level and ensures correctness in every step of assembly process. Nike’s management style is characterized by the approach towards team management. Top management is composed of the dedicated executive groups having huge knowledge and skill. The group is highly oriented towards the team. This management style has led to the development of faith and esteem (Heller, 2008). This culture of company extends throughout organization. On the other hand, Management style at Toyota is also very effective, as it implements the philosophy of production system into manufacturing procedures. The policy enhances honesty and innovation among the employees, which further assists them to produce quality goods and services. The production system at Toyota is formulated on a strong channel of suppliers and equipment manufacturers. Management team applies those policies, which perform in an interactive manner throughout the distribution networks. Apart from this, similarity lies in their focus of developing the global brand in terms of the quality and style (Kno wledge Management Practices at Toyota Motors, 2005). Total Quality Management Style in Toyota Toyota successfully adopted the system of total quality management. Earlier, the company adopted the American method, which says that machines should be operated until they are broken. The engineer should be called only after this situation. This approach resulted in a decrease in the productivity. But Toyota has always adopted a learning attitude and as a result, it underwent transformation. In the first step, workers were assigned with the responsibility of handling individual machines. In the next step, workers were supposed to keep the documentation of the machine in the special notebooks. In this notebook, they were supposed to document the operation of machine along with the maintenance history. In the further step, they concentrated on the cleaning of dirt, for which they designed particular guards and covers. In the last step, they went for the practices of systematic maintenance. All these procedures helped Toyota in redesigning and making modifications in the parts and above all, these processes led to the building of highest quality cars and as a result, it became the most profitable car manufacturer. Considering Nike, its strategy always focused on encouraging customers to buy the products and the investors to purchase the stock. In spite of this, the production of Nike suffered because of its poor labor law and less focus on the workers conditions (Nike Dispute, 2008). Therefore, in order to implement the Total quality Management, Nike should give emphasis over the overall aspects of the organization. Integration of TQM in Nike TQM implies Total Quality Management; it is a management function and implemented in each business practices through different activities, such as customer feedback and research on their needs and demands. TQM practices of Toyota are based on the quality measures and focus on active participation of every employee in the quality based practices to achieve long term success. TQM practices of Toyota can be incorporated into Nike by shifting its focus on quality measures. The methods involve assessment in a rigorous manner and designing all features of Nike. Management team of Nike should consider each and every aspects of organization and must initiate the TQM practices from the top position (Heller, 2008). In order to implement TQM system, there is a requirement of increasing the level of accountability among the employees, which in turn can assist them to achieve the goals successfully, so Nike should also consider this aspect in the implementation of TQM practices. To ensure quality in the products and goods, Nike should involve practices to enhance customer satisfaction, which were also used by Toyota. Apart from this, Nike should also give emphasis on establishing achievable goals and objectives, so as to ensure quality practices as a means of TQM methodology (Heller, 2008). Conclusion From the above discussion, it can be concluded that the participative style of management, which is followed in the Nike serves as strength. Nike’s continue focus on the market of high end, increase of market share in the middle and focus on the small price ranges have broaden the product spectrum of Nike. In order to implement the Total quality Management, eight important aspects must be given due consideration, which includes: Principles, Integrity, Trust, Training, Recognition, Teamwork, Leadership and Communication. Nike should focus on improving labor relation and conditions of factory at the production system. To make TQM successful, supervisor must show his full commitment in leading his employees and must try to develop faith and promise by implementing practices of TQM. There is a huge requirement of dedication and personal involvement from top management. Last but not the least, clarity in the goals and objective can help in making the employee satisfied and would as sist in gaining their corporation. References Heller, R. (2008). Management styles. Retrieved August 30, 2008 from http://www.thinkingmanagers.com/companies/nike.php Knowledge Management Practices at Toyota Motors (2005). Retrieved August 30, 2008 from http://www.icmrindia.org/casestudies/catalogue/IT%20and%20Systems/ITSY048.htm Kotler, P. (2002). Marketing Management (11th Edition). New Delhi: Prentice Hall of India Private Ltd. Nike Dispute (2008). Retrieved August 30, 2008 from http://ivythesis.typepad.com/term_paper_topics/2008/08/nikes-dispute-w.html Rugman, M.A. (2005). The Regional Multinationals. Cambridge University Press.

The Protagonist’s Physical and Social Conditioning in Charlotte Perkins :: English Literature

The Protagonist’s Physical and Social Conditioning in Charlotte Perkins Gilman’s The Yellow Wallpaper. The wife, protagonist, in â€Å"The Yellow Wallpaper†, by Charlotte Perkins Gilman, is trapped. Suffering from a â€Å"slight hysterical tendency† (p 676), an affliction no one really understands, her husband, a physician, prescribes a treatment, which offers her little support to be well again. Her condition is further aggravated by limitations of her social role as his wife. She is confined, controlled and devalued by her husband. She is powerless to renegotiate her situation. She is trapped by her treatment, her environment and her social role as a wife, with no hope of change. Given the hopelessness of her situation, she chooses to overpower what she can defeat, a figment of her imagination. The setting is a colonial mansion, which the husband, John, has rented as a place of respite for her recovery. It is run down and neglected, like his wife – run down from her illness and emotionally neglected, as her desires are overruled by his practicality. The mansion has housed children in the past. The nursery serves as the couple’s bedroom, where â€Å"the windows are barred† (p 677), to prevent the children from injuring themselves from a fall. Like the children, she is protected and imprisoned. This â€Å"atrocious nursery† (p 677) is covered with â€Å"a smouldering unclean yellow† (p 677) wallpaper, which becomes her obsession. Surrounding the mansion is plenty of fresh air, an aspect of her treatment. But the wife suspects an air about the house -- an air of an unwanted presence. Being isolated, the mansion is a perfect place for her confinement, another aspect of her treatment. Her husband has prescribed a version of the â€Å"rest cure†[1]. His â€Å"rest cure† amounts to being idle. The wife is a writer with artistic sensibility. She is deeply offended by the yellow wallpaper and its â€Å"sprawling flamboyant patterns committing every artistic sin† (p 677). She needs an outlet to express herself, through writing, but is prevented from doing so, as part of her â€Å"rest†. However, she still writes, covertly. John is a physician, an expert on physical illness. Being practical, he is not predisposed to be an expert on the artistic temperament. She disagrees with her treatment, but remains silent on that issue, displaying appropriate wifely behaviours. To be appropriate, to exhibit â€Å"proper self-control† (p 676) is required as his wife in the nineteenth century. She is the property of her husband and must appear to submit to his will. John is, by modern standards, a control freak -- a well intentioned control freak. He controls her environment by choosing the mansion and the choice of

Assessment of the Well Child Essay

For this assignment I got the opportunity to visit the day care center inside the campus at the educational building. After signing some papers they took us to this tiny room where they had a one way looking glass with headphones which was connected to the microphone that was setup on the other side of the glass where children were playing. This was around three o’clock were children had their afternoon nap and they were all very energetic. I could see that those preschoolers were all interested on things around them. They wanted to touch, taste, hear, smell and test things for themselves. They were all eager to learn, by trying to do things and by experiencing it themselves. I could also noticed that they were learning things as they were playing, you could see that they were developing using their language and skills and by also trying to gain control on their environment. After seeing the children playing with the other staff, I pick this cute four-year-old girl. I observed her for over three hours and mainly focused on her physical, language, cognitive, social and environmental development. As I said these kids were so energetic that they were running around and making lot of noises, and my preschooler was one of them. She was constantly moving, mostly on her tip toes. She liked to hop on one foot but I felt she is going to fall in any minute; however, she managed to somehow keep her balance. She also had her sweatshirt on and kept playing with its zip while she was standing. She also used her hands a lot, weather to swing it in the air, to use her finger to pick up objects, holding objects and work with them such as scissors, or to hold markers for drawing. Overall I felt her motor skills were well developed. After she has drawn, the staff member that was with her gave her some strings, colored papers and few other objects. She was asked to use glow to cut those color papers and attach them to her drawing to make things like eyes, nose, and lips for her drawing, and although she was able to cut those papers using a scissor, the cuts weren’t clean at all and they didn’t seem to have straight lines. Since we were in that little room, we had to hear these kids talking through a microphone, so it was little hard to clearly understand how they talk or what they say, but overall their language was good. Her grammar seemed okay although she mostly talked in past tense. But her language and usage of vocabularies were all age appropriate. I notice that she was stuttering a little bit especially when she tried to talk fast or when she would get excited, she even sounded like me a little bit. Whenever I try to talk fast or think too much against my doctor’s advice I tend to forget words and start stuttering since English is not my primary language. And this also happens to her, it seemed like the ideas come to her mind faster than she is able to express them. She also seems to have developed a good ability to understand and ask questions. She knew that there are yes/no questions and wh- questions to ask for information. Wh-questions involve inquiring words such as who what, where, when and why. I also notice that she barrages her caregiver with a chain of why questions, one right after the other. She was curious and wished to know more about the care givers personal life. For example she kept asking her whether or not she had a boyfriend, which was very funny; heck even I wanted to know that. Or about other things such as why her mom says she has to eat vegetables and many other WHY questions. Also for every question she demanded an answer and the caregiver usually communicated with her by using age appropriate words and response and by getting down to her knees and talking to her with face level.

Free Essays on Ecommerce Companies And Stock

ecommerce companies and stock valuations eCommerce Companies and Stock Valuations 1. Introduction A hot topic in today’s business culture is eCommerce. Experts argue about whether eCommerce will change business, whether or not it is a fad, and what viable strategies there are in a business world that is changing at the speed of idea generation. One thing that nobody argues about is the fact that eCommerce oriented companies have stock prices and market capitalizations that are enormous. Based on losses rather than earnings, some of these stock prices are inexplicable. This paper is a thought experiment that attempts to gather and disseminate data regarding these stock prices. Additionally, the paper will attempt to propose solutions and reasons for the current market trends relative to eCommerce companies. 2. Discussion of the eCommerce business models When discussing eCommerce, it is good to have a frame of reference. As a result, it is interesting to review the common models associated with the field of study. Gene rally, there are two widely recognized business models regarding eCommerce. These models include the B2B (Business to Business) model and the B2C (Business to Consumer) model. The fundamental question regarding these models is: is the specific model in question a revolutionary way of doing business, and hence a new business model; or is the specific model in question a facilitation of a mature business model. Depending on which model you are discussing you may get different answers. The B2B model is much more common. B2B eCommerce is roughly five times more prevalent than B2C eCommerce . Following is a discussion of the models, and answers to the above question. 2.1 B2B (Business to Business) To reiterate, it is important to decide whether or not B2B is a fundamentally new business model, or a facilitation of existing business models. It is easy to answer this question when one looks at history. The fundamentals of B2B... Free Essays on Ecommerce Companies And Stock Free Essays on Ecommerce Companies And Stock ecommerce companies and stock valuations eCommerce Companies and Stock Valuations 1. Introduction A hot topic in today’s business culture is eCommerce. Experts argue about whether eCommerce will change business, whether or not it is a fad, and what viable strategies there are in a business world that is changing at the speed of idea generation. One thing that nobody argues about is the fact that eCommerce oriented companies have stock prices and market capitalizations that are enormous. Based on losses rather than earnings, some of these stock prices are inexplicable. This paper is a thought experiment that attempts to gather and disseminate data regarding these stock prices. Additionally, the paper will attempt to propose solutions and reasons for the current market trends relative to eCommerce companies. 2. Discussion of the eCommerce business models When discussing eCommerce, it is good to have a frame of reference. As a result, it is interesting to review the common models associated with the field of study. Gene rally, there are two widely recognized business models regarding eCommerce. These models include the B2B (Business to Business) model and the B2C (Business to Consumer) model. The fundamental question regarding these models is: is the specific model in question a revolutionary way of doing business, and hence a new business model; or is the specific model in question a facilitation of a mature business model. Depending on which model you are discussing you may get different answers. The B2B model is much more common. B2B eCommerce is roughly five times more prevalent than B2C eCommerce . Following is a discussion of the models, and answers to the above question. 2.1 B2B (Business to Business) To reiterate, it is important to decide whether or not B2B is a fundamentally new business model, or a facilitation of existing business models. It is easy to answer this question when one looks at history. The fundamentals of B2B...

The Austrian Economy essays

The Austrian Economy essays At one time, Austria was at the helm of the powerful Austo-Hungarian empire. However, after defeat in World War I, this center of power was reduced to a small republic. In 1938, Austria was annexed by Nazi Germany, and then was subsequently occupied by the victorious allies in 1945, which pushed Austria into an unclear political status that lasted a decade. 1955 marked the signing of a State Treaty that ended the occupation and recognized Austria's independence. It also prohibited unification with Germany. In that same year, a constitutional law was passed that declared "perpetual neutrality" for Austria. This law was brought forth as a condition for the withdrawal of the soviet military out of Austria. Neutrality became part of the cultural identity experienced by Austrian, and in the past two decades has increasingly come into question due to the collapse of the Soviet Union in 1991 and the entry of Austria into the European union (EU) in 1995. On the whole, Austria has experienced a great deal of prosperity, and entered the European Monetary Union in 1999. Austria's total land area is 83,858 square kilometres. Of this total land area, 1,120 square kilometres is comprised of water, and 82,738 square According to a July 2003 estimate, the population of Austria is 8,188,207. Citizens over the age of 65 account for 15.5% of this population, with 490,979 males and 775,678 females. The 15-64 year old age group accounts for 68.3% of the population, with 2,827,736 males and 2,768,480 females. Finally, the age 14 and under group accounts for 16.2% of the population, with 678,944 males and 646,390 females. The median age of the Austria population is 39.4 years, and the population is growing at a rate of 0.22%. The current birth rate is 9.43 births/1000 population and the death rate is 9.69 deaths/1000 population, according to 2003 estimates. The conventio...

Decisions at the End of Life Essay Example | Topics and Well Written Essays - 500 words

Decisions at the End of Life - Essay Example The mode of Palliative care i.e. the comprehensive care of the patients whose disease is not responding to cure in today's scenario should be done only by proper practice procedures to safeguard the concerns of the physician, nurses and the patient. Studies have conformed that patients want information about their illness and end of life choices (McSkimming et.al, 1994). The case of Nancy Curzon helped enormously to the evolution of 'laws on medical practice'. Nancy Curzon was a young woman involved in a car crash after which she remained in a persistent vegetative state. Inspite of a three year legal battle by her family to have her feeding tube removed to let her die, the U.S Supreme court decided that a state requires a "Clear and Convincing Evidence" of the patient's wishes before withdrawal of life-support. This gave rise to the 'Patient's Self-Determination Act, Dec. 1991'. The intent of this legislation is to encourage people to prepare 'Advance directives' in which they indic ate their wishes concerning the degree of supportive care to be provided if they become incapacitated. 'Advance directives' are legal documents that specify a patient's wishes before hospitalization and provi

International Logistics Road Transportation Industry in Turkey Essay

International Logistics Road Transportation Industry in Turkey - Essay Example The Turkish Highways Directorate belongs to Ministry of Public Works and Settlements (Bayindirlik Bakanligi). It is responsible for construction, maintenance and operation of the highway network in Turkey, but it is not autonomous since revenues come from the general budget.It is responsible for 63 000 kilometers of roads of which 31 000 are State roads, 1897 are toll roads, and the rest are provincial (vilayet) roads.Village roads belong to the MoT.The Highway’s Directorate includes 18 Regional Offices of which one is in Ankara. All roads are realized with public funds.The Turkish General Directorate of Highways, KGM, has an annual estimated budget of about EUR 1 billion. The investment budget, amounting to approx. 60% of KGM's total budget is thinly spread over numerous projects with an average completion time of nine years.Investments are dominated by works on an over-designed motorway program. Total expenditures on the program reached about EUR 10.4 billion in 2001 with an nual allocations in the last few years of about EUR 468 million. The operational budget, on the other hand, is mostly consumed by wages, with minimal allocations for maintaining existing assets.Turkey's road/traffic accident rates are 3-6 times above those of EU countries. About 7 000 people die each year in road accidents and the losses due to injuries and property damages are estimated to be in the order of 2% of GDP. â€Å"The state in Turkey still plays a major role in basic industry, banking, and transportation†, ( CIA world factbook, 2007).... Issue The Turksih Highways Directorate belongs to Ministry of Public Works and Settlements (Bayindirlik Bakanligi). It is responsible for construction,maintenance and operation of highway network in Turkey, but it is not autonomous since revenues come from general budget.It is responsible for 63 000 kilometres of roads of which 31 000 are State roads, 1897 are toll roads, and the rest are provincial (villayet) roads.Village roads belong to the MoT.The Highway's Directorate includes 18 Regional Offices of which one is in Ankara. All roads arerealized with public funds.The Turkish General Directorate of Highways,KGM, has annual estimated budget of about EUR 1 billion. The investment budget,amounting to approx. 60% of KGM's totalbudget is thinly spread over numerous projects with an average completion time of nine years.Investments are dominated by works on an overdesignedmotorway programme. Totalexpenditures on the programme reached about EUR 10.4 billion in 2001 with annual allocations in t he last few years of about EUR 468 million. The operational budget, on theother hand, is mostly consumed by wages, with minimal allocations for maintaining existingassets.Turkey's road / traffic accident rates are 3-6 times above those of EU countries. About 7 000 people die each year in road accidents and the losses due to injuries and property damages are estimated to be in the order of 2% of GDP. "The state in Turkey still plays a major role in basic industry, banking and transportation", ( CIA world factbook, 2007) Every two years the number of fatalities on the roads equals the death toll of the tragic Marmara earthquake in 1999. 8.2.2. Highways Since

Cultural communication Coursework Example | Topics and Well Written Essays - 750 words - 1

Cultural communication - Coursework Example Daley considers himself as constructive participant of the society and characterizes professor as having lack of courage and personal power. Daley says that mother’s role in bringing up the sons cannot be negated, as they are the one who enable their sons to be a part of society and develop into men. Daley’s Council Speech expresses a code of honor. The code of honor that is described in the chapter, Mayor Daleys Council Speech, deals with consideration of an individual not as an individual but as a part of a larger group. It also differs with different cultures of communication. In Daley’s culture, there was a custom, whenever men insulted each other or passed negative remarks on each other, they were at once ready to take off their cloaks, which depicted towards their lose of control in terms of temperament. They wanted to fight the other person because of his offensive comments and during their fight or before the conductance of the fight, their mothers used to intervene so that they could drag their sons backward in order to stay from the fight. Code of honor is related to cultural code of communication. Daley followed his code of honor by being infuriated by the comments of Richard Simpson, after which, he responded in the same fashion, as was a custom of his culture. He described mother’s role as constructive because she used to stop her sons from fighting. Code of honor also dealt with the superiority in debate and warfare. Daley adhered to the moral as well as instrumental aspects of the code of honor. The written speech looked very informative related to the speech of Daley but audiovisual evidence in the form of the film, Daley, helped a lot in understanding the whole idea behind the infuriation of Daley and the offence of Richard Simpson. It is generally said that audiovisual depiction of something is more comprehensive

Rulers That Followed the Prince by Machiavelli Essay Example for Free

Rulers That Followed the Prince by Machiavelli Essay Niccolà ² Machiavelli suggested in The Prince that a ruler should behave as both a fox and a lion, being both loved and feared. There are clever rulers who were strategic, courageous rulers who were effective, and successful rulers who possessed both qualities. Elizabeth I of England and Henery IV of France were two great rulers from Europe that were able to personify Machiavellis advice. Elizabeth I of England was able to act as a fox by preventing England from being torn apart over matters of religion. By repealing The Catholic Legislation of Mary Tudors reign, she was able to make the New Act of Supremacy which dsignated her as the supreme govenor of spritual and temporal affairs. Also she restored the church service of the Book of Common Prayer, but was clever enough to make some revisions to make it more acceptable for Catholics. With keeping her subjects out conflict, she also made sure that her power within England remained preserved. She didnt marry anyone, because if she did, the real power would then belong to the king. Maintaining her power outside England ment keeping Spain under control. The Sea Beggars were an international group of anti-Spain pirates. Elizabeth made a secret alliance with the Sea Beggars, and sent them to the Netherlands to fight the Spainish. To make sure she was exempt from international problems because of her tie with the Sea Beggars, she immediately diassociated England from the doings of the Sea Begggars. With doing clever and sniky things to maintain Englands power, she added courageous things to her list of accomplishements. One of her greatest challenges was her cousin, Queen Mary of Scots. Being that she was next in line to the English throne, Mary was a huge threath to Elizabeths power. After fleeing from Scotland to England, she was put under house arrest by Elizabeth. In 1587, Mary was finally excuted after being caught in a plot to over throw Elizabeth. This direct action kept Elizabeth out of threat within England. But the execution of Mary, sparked a Spanish Armada invasion in England. Under the guidances of Elizabeth, the swift English ships were able to batter out Spanish and be victorious. Elizabeth showed much leadership and strength in defeating the Spanish. She heeded Machiavellis advice and was able to drive England towards a prosporous Golden Age of wealth and power. Henry IV of France was able to act as a fox by evaluating what mattered more to him. When Henry converted to Catholosism out of being a Hugenot during the Saint Bartholomews Day Massacre, it was clear that he valued his own life over religion. Even when he coverted back to Calvinism afterwards, he soon relized his valued of being in power over religion would cause him to convert, once again, back into Catholism. â€Å"Paris is worth a Mass, he said as he gave into the Roman Catholic Church for the leadership of France. This value of state over religion made him a politique, believing that no religious truth was worth the ravages of cicil war. He kept France from futher civil war by issuing the Edict of Nantes which acknowledged Catholicism as th official religion of France but guaranteed the Hugenots the rights to worship. He was wise to recognize that tolerance can help establish peace in his nation and also to convert to Cathalosism because of their bigger population in France. Along with being able to weigh out which decisions would help maintain a peaceful France, he was also able to roll in more power for himself. Appionting The Duke of Sully as his finance minister was a major step in gaining power and wealth. Sully reformed the tax collection system to make it more equitable and efficient, improved transportation, stimulated trade and industry, and fostered prosperity. These economic improvment gave Henry power. With his power under stable condition, Henry looked to forgien affairs. Henry saw the Religious Wars as an opportunity to divide up the Holy Roman Empire so he attacked, but since he was a politique he battled over politics and not religion. Though he instilled fear in his subject, he was able to gain the popularity of people because of his informal dress and a strong wit and charm. He had many things to take care of in and out of France, however, he took this bold move because knew his power would remain if people liked him. By Elizabeths creation of the Act of Supremacy and Act of Uniformity, her refusal of marriage, her secret alliance with the Sea Beggars, her execution of Mary, and her victory over the Spanish Armada, she was able to bring England to a Golden Age. By Henrys adoption of the Edict of Nantes, appointing of The Duke of Sully, munipilzing the Religious Wars to his needs, and being friendly with his subjects, Henry was able to secure France as a power in Europe. By following the advice of Machiavelli, Elizabeth I of England and Henry IV of France were able to strengthen their countries, with Elizabeth being a little better at it than Henry.

vera drake :: essays research papers

Vera Drake Vera Drake is a film nominated for several Oscars, and a completely successes for Mike Leigh, who is both director and writer. The film is set in London in the early 1950s. Vera Drake lives with her husband Stan, and her two grown children Ethel and Sid, in a small middleclass flat. Vera is a domestic who cleans the houses of rich women, while Stan works at a mechanic shop run by his brother Frank. Vera has a heart of gold, and is cheerful at anytime, even though she got plenty of work to do, and lots of people to take care of. She sings and smiles anyhow, and has a tremendous care and compassion for others. She also has time to help out women in need, as she calls it. This is her big secret that no one in her family knows of, and a secret that she intends to keep secret. When she says â€Å"help women in need† she means poor pregnant women who are not willing or able to give birth to a child. She works closely with Lily, a friend from her childhood, who sells households goods on the black marked and find women seeking abortions. She charges the women for money, while Vera does not take anything for helping them out. Vera’s secret comes to a brutal end, after one of the girls she has treated gets deadly sick, and the police get involved. Abortions were not legal in the 1950s in England, and therefore Vera is committing a crime. By the time Vera and her family is g athered to celebrate the announced wedding between Reg and her daughter Ethel, the police comes knocking on their door. Vera is taken in to custody and is very afraid to tell her family the truth, but still does not think what she has been doing as anything wrong. The theme of the film is obviously abortion, and those plenty questions concerning abortion. This has been a well debated theme for a long time, but Mike Leigh sees no obstacle in that. The question whether abortion should be legal or not, is still a big political issue, and it does not seem like politicians round the world has come to an agreement just yet. Even though this theme is highly debated beforehand, it does not make this a boring film. It is more opposite, and that is why I feel that Mike Leigh give us viewers a different angle than many others would have.

Bond and Market Capitalization Rate

330-s2013-prac9 1. An American put option gives its holder the right to _________. A. buy the underlying asset at the exercise price on or before the expiration date B. buy the underlying asset at the exercise price only at the expiration date C. sell the underlying asset at the exercise price on or before the expiration date D. sell the underlying asset at the exercise price only at the expiration date 2. An American call option gives the buyer the right to _________. A. buy the underlying asset at the exercise price on or before the expiration date B. buy the underlying asset at the exercise price only at the expiration date C. ell the underlying asset at the exercise price on or before the expiration date D. sell the underlying asset at the exercise price only at the expiration date 3. A European call option gives the buyer the right to _________. A. buy the underlying asset at the exercise price on or before the expiration date B. buy the underlying asset at the exercise price on ly at the expiration date C. sell the underlying asset at the exercise price on or before the expiration date D. sell the underlying asset at the exercise price only at the expiration date 4. You purchase one IBM July 120 call contract for a premium of $5.You hold the option until the expiration date when IBM stock sells for $123 per share. You will realize a ______ on the investment. A. $200 profit B. $200 loss C. $300 profit D. $300 loss 5. At contract maturity the value of a call option is ___________ where X equals the option's strike price and ST is the stock price at contract expiration. A. Max(0, ST – X) B. Min(0, ST – X) C. Max(0, X – ST) D. Min(0, X – ST) 1 1. C 2. A 3. B 4. B 5. A Long Call Profit = Max[0,($123 – $120)(100)] – $500 = -$200 1. A firm that has an ROE of 12% is considering cutting its dividend payout.The stockholders of the firm desire a dividend yield of 4% and a capital gain yield of 9%. Given this information which of the following statement(s) is/are correct? I. All else equal the firm's growth rate will accelerate after the payout change II. All else equal the firm's stock price will go up after the payout change III. All else equal the firm's P/E ratio will increase after the payout change A. I onlyB. I and II onlyC. II and III onlyD. I, II and III 2. A firm cuts its dividend payout ratio. As a result you know that the firm's _______. A. return on assets will increaseB. arnings retention ratio will increase C. earnings growth rate will fallD. stock price will fall 3. An underpriced stock provides an expected return which is ____________ the required return based on the capital asset pricing model (CAPM). A. less thanB. equal toC. greater thanD. greater than or equal to 4. Stockholders of Dog's R Us Pet Supply expect a 12% rate of return on their stock. Management has consistently been generating a ROE of 15% over the last 5 years but now believes that ROE will be 12% for the next five year s. Given this the firm's optimal dividend payout ratio is now ______.A. 0%B. 100%C. between 0% and 50%D. between 50% and 100% 5. The constant growth dividend discount model (DDM) can be used only when the ___________. A. growth rate is less than or equal to the required returnB. growth rate is greater than or equal to the required return C. growth rate is less than the required returnD. growth rate is greater than the required return 6. Suppose that in 2009 the expected dividends of the stocks in a broad market index equaled $240 million when the discount rate was 8% and the expected growth rate of the dividends equaled 6%.Using the constant growth formula for valuation, if interest rates increase to 9% the value of the market will change by _____. A. -10%B. -20%C. -25%D. -33% 7. You are considering acquiring a common share of Sahali Shopping Center Corporation that you would like to hold for one year. You expect to receive both $1. 25 in dividends and $35 from the sale of the share at the end of the year. The maximum price you would pay for a share today is __________ if you wanted to earn a 12% return. A. $31. 25B. $32. 37C. $38. 47D. $41. 32 8. Eagle Brand Arrowheads has expected earnings of $1. 5 per share and a market capitalization rate of 12%. Earnings are expected to grow at 5% per year indefinitely. The firm has a 40% plowback ratio. By how much does the firm's ROE exceed the market capitalization rate? A. 0. 5%B. 1. 0%C. 1. 5%D. 2. 0% 9. A preferred share of Coquihalla Corporation will pay a dividend of $8. 00 in the upcoming year, and every year thereafter, i. e. , dividends are not expected to grow. You require a return of 7% on this stock. Using the constant growth DDM to calculate the intrinsic value, a preferred share of Coquihalla Corporation is worth _________. A. $13. 50B. $45. 50C. $91. 0D. $114. 29 10. Brevik Builders has an expected ROE of 25%. Its dividend growth rate will be __________ if it follows a policy of paying 30% of earning in t he form of dividends. A. 5. 0%B. 15. 0%C. 17. 5%D. 45. 0% 11. Cache Creek Manufacturing Company is expected to pay a dividend of $3. 36 in the upcoming year. Dividends are expected to grow at 8% per year. The riskfree rate of return is 4% and the expected return on the market portfolio is 14%. Investors use the CAPM to compute the market capitalization rate, and the constant growth DDM to determine the value of the stock. The stock's current price is $84. 0. Using the constant growth DDM, the market capitalization rate is _________. A. 9%B. 12%C. 14%D. 18% 12. Ace Ventura, Inc. has expected earnings of $5 per share for next year. The firm's ROE is 15% and its earnings retention ratio is 40%. If the firm's market capitalization rate is 10%, what is the present value of its growth opportunities? A. $25B. $50C. $75D. $100 13. Flanders, Inc. has expected earnings of $4 per share for next year. The firm's ROE is 8% and its earnings retention ratio is 40%. If the firm's market capitalizat ion rate is 15%, what is the present value of its growth opportunities?A. -$6. 33B. $0C. $20. 34D. $26. 67 14. Cache Creek Manufacturing Company is expected to pay a dividend of $4. 20 in the upcoming year. Dividends are expected to grow at the rate of 8% per year. The riskfree rate of return is 4% and the expected return on the market portfolio is 14%. Investors use the CAPM to compute the market capitalization rate on the stock, and the constant growth DDM to determine the intrinsic value of the stock. The stock is trading in the market today at $84. 00. Using the constant growth DDM and the CAPM, the beta of the stock is _________. A. 1. 4B. 0. 9C. 0. 8D. 0. 5 15.Westsyde Tool Company is expected to pay a dividend of $2. 00 in the upcoming year. The risk-free rate of return is 6% and the expected return on the market portfolio is 12%. Analysts expect the price of Westsyde Tool Company shares to be $29 a year from now. The beta of Westsyde Tool Company's stock is 1. 20. Using a on eperiod valuation model, the intrinsic value of Westsyde Tool Company stock today is _________. A. $24. 29B. $27. 39C. $31. 13D. $34. 52 16. Todd Mountain development Corporation is expected to pay a dividend of $2. 50 in the upcoming year. Dividends are expected to grow at the rate of 8% per year.The risk-free rate of return is 5% and the expected return on the market portfolio is 12%. The stock of Todd Mountain Development Corporation has a beta of 0. 75. Using the CAPM, the return you should require on the stock is _________. A. 7. 25%B. 10. 25%C. 14. 75%D. 21. 00% 17. Interior Airline is expected to pay a dividend of $3 in the upcoming year. Dividends are expected to grow at the rate of 10% per year. The risk-free rate of return is 4% and the expected return on the market portfolio is 13%. The stock of Interior Airline has a beta of 4. 00. Using the constant growth DDM, the intrinsic value of the stock is _________.A. $10. 00B. $22. 73C. $27. 78D. $41. 67 18. Everything equal, w hich variable is negatively related to intrinsic value of a company? A. D1B. D0C. gD. k 19. A common stock pays an annual dividend per share of $1. 80. The risk-free rate is 5 percent and the risk premium for this stock is 4 percent. If the annual dividend is expected to remain at $1. 80 per share, what is the value of the stock? A. $17. 78B. $20. 00C. $40. 00D. None of the above 20. A stock is priced at $45 per share. The stock has earnings per share of $3. 00 and a market capitalization rate of 14%. What is the stock's PVGO?A. $23. 57B. $15. 00C. $19. 78D. $21. 34 21. If a firm has a free cash flow equal to $50 million and that cash flow is expected to grow at 3% forever, what is the total firm value given a WACC of 9. 5%? A. $679 millionB. $715 millionC. $769 millionD. $803 million 22. Next year's earnings are estimated to be $5. 00. The company plans to reinvest 20% of its earnings at 15%. If the cost of equity is 9%, what is the present value of growth opportunities? A. $9. 09B . $10. 10C. $11. 11D. $12. 21 1. A2. B3. C4. B5. C6. D7. B8. A9. D10. C11. B12. A13. A14. B15. B16. B17. A18. D19. B20. A21. C22.C 1. Consider two bonds, A and B. Both bonds presently are selling at their par value of $1,000. Each pay interest of $120 annually. Bond A will mature in 5 years while bond B will mature in 6 years. If the yields to maturity on the two bonds change from 12% to 14%, _________. A. both bonds will increase in value but bond A will increase more than bond B B. both bonds will increase in value but bond B will increase more than bond A C. both bonds will decrease in value but bond A will decrease more than bond B D. both bonds will decrease in value but bond B will decrease more than bond A 2.Everything else equal the __________ the maturity of a bond and the __________ the coupon the greater the sensitivity of the bond's price to interest rate changes. A. longer; higher B. longer; lower C. shorter; higher D. shorter; lower 3. A __________ bond is a bond where the issuer has an option to retire the bond before maturity at a specific price after a specific date. A. callable B. coupon C. puttable D. treasury 4. In an era of particularly low interest rates, which of the following bonds is most likely to be called? A. Zero coupon bonds B. Coupon bonds selling at a discount C. Coupon bonds selling at a premium D.Floating rate bonds 5. A coupon bond which pays interest of 4% annually, has a par value of $1,000, matures in 5 years, and is selling today at $785. The actual yield to maturity on this bond is _________. A. 7. 2% B. 8. 8% C. 9. 1% D. 9. 6% 6. A coupon bond which pays interest of $60 annually, has a par value of $1,000, matures in 5 years, and is selling today at a $75. 25 discount from par value. The current yield on this bond is _________. A. 6. 00% B. 6. 49% C. 6. 73% D. 7. 00% 7. A coupon bond which pays interest semi-annually has a par value of $1,000, matures in 8 years, and has a yield to maturity of 6%.If the coupon rate is 7 %, the intrinsic value of the bond today will be __________ (to the nearest dollar). A. $1,000 B. $1,063 C. $1,081 D. $1,100 8. A treasury bond due in one year has a yield of 6. 3% while a treasury bond due in 5 years has a yield of 8. 8%. A bond due in 5 years issued by High Country Marketing Corporation has a yield of 9. 6% while a bond due in one year issued by High Country Marketing Corporation has a yield of 6. 8%. The default risk premiums on the one-year and 5-year bonds issued by High Country Marketing Corp. are respectively __________ and _________. A. 0. 4%, 0. 3% B. 0. 4%, 0. % C. 0. 5%, 0. 5% D. 0. 5%, 0. 8% 9. A zero-coupon bond has a yield to maturity of 5% and a par value of $1,000. If the bond matures in 16 years, it should sell for a price of __________ today. A. $458. 00 B. $641. 00 C. $789. 00 D. $1,100. 00 10. You can be sure that a bond will sell at a premium to par when _________. A. its coupon rate is greater than its yield to maturity B. its coupon rate is le ss than its yield to maturity C. its coupon rate equal to its yield to maturity D. its coupon rate is less than its conversion value 11. Consider a 7-year bond with a 9% coupon and a yield to maturity of 12%.If interest rates remain constant, one year from now the price of this bond will be _________. A. higher B. lower C. the same D. indeterminate 12. The yield to maturity on a bond is ________. I. above the coupon rate when the bond sells at a discount, and below the coupon rate when the bond sells at a premium II. the discount rate that will set the present value of the payments equal to the bond price III. equal to the true compound return on investment only if all interest payments received are reinvested at the yield to maturity A. I only B. II only C. I and II only D. I, II and III 13.Assuming semiannual compounding, a 20-year zero coupon bond with a par value of $1,000 and a required return of 12% would be priced at _________. A. $97 B. $104 C. $364 D. $732 14. The yield to maturity of an 10-year zero coupon bond, with a par value of $1,000 and a market price of $625, is _____. A. 4. 8% B. 6. 1% C. 7. 7% D. 10. 4% 15. If the quote for a Treasury bond is listed in the newspaper as 98:09 bid, 98:13 ask, the actual price for you to purchase this bond given a $10,000 par value is _____________. A. $9,828. 12 B. $9,809. 38 C. $9,840. 62 D. $9,813. 42 16. The price on a treasury bond is 104:21 with a yield to maturity of 3. 5%. The price on a comparable maturity corporate bond is 103:11 with a yield to maturity of 4. 59%. What is the approximate percentage value of the credit risk of the corporate bond? A. 1. 14% B. 3. 45% C. 4. 59% D. 8. 04% 17. You buy an 8 year $1000 par value bond today that has a 6% yield and a 6% annual payment coupon. In one year promised yields have risen to 7%. Your one year holding period return was ___. A. 0. 61% B. -5. 39% C. 1. 28% D. -3. 25% 18. If the coupon rate on a bond is 4. 50% and the bond is selling at a premium, which of the following is the most likely yield to maturity on the bond?A. 4. 30% B. 4. 50% C. 5. 20% D. 5. 50% 19. All other things equal, which of the following has the longest duration? A. A 30 year bond with a 10% coupon B. A 20 year bond with a 9% coupon C. A 20 year bond with a 7% coupon D. A 10 year zero coupon bond 20. All other things equal, which of the following has the shortest duration? A. A 30 year bond with a 10% coupon B. A 20 year bond with a 9% coupon C. A 20 year bond with a 7% coupon D. A 10 year zero coupon bond 21. (Challenge question) A pension fund must pay out $1 million next year, $2 million the following year and then $3 million the year after that.If the discount rate is 8% what is the duration of this set of payments? A. 2. 00 years B. 2. 15 years C. 2. 29 years D. 2. 53 years 22. All other things equal, which of the following has the longest duration? A. A 20 year bond with a 10% coupon yielding 10% B. A 20 year bond with a 10% coupon yielding 11% C. A 20 yea r zero coupon bond yielding 10% D. A 20 year zero coupon bond yielding 11% 23. Because of convexity, when interest rates change the actual bond price will ____________ the bond price predicted by duration. A. always be higher than B. sometimes be higher than C. always be lower than D. ometimes be lower than 24. Duration is a concept that is useful in assessing a bond's _________. A. credit risk B. liquidity risk C. price volatility D. convexity risk 25. A pension fund has an average duration of its liabilities equal to 15 years. The fund is looking at 5 year maturity zero coupon bonds and 4% yield perpetuities to immunize its interest rate risk. How much of its portfolio should it allocate to the zero coupon bonds to immunize if there are no other assets funding the plan? A. 52% B. 48% C. 33% D. 25% 26. You own a bond that has a duration of 6 years. Interest rates are urrently 7% but you believe the Fed is about to increase interest rates by 25 basis points. Your predicted price cha nge on this bond is ________. A. +1. 40% B. -1. 40% C. -2. 51% D. +2. 51% 27. A bank has an average duration of its liabilities equal to 2 years. The bank's average duration of its assets is 3. 5 years. The bank's market value of equity is at risk if _______________________. A. interest rates fall B. credit spreads fall C. interest rates rise D. the price of all fixed income securities rises 28. Banks and other financial institutions can best manage interest rate risk by _____________. A. aximizing the duration of assets and minimizing the duration of liabilities B. minimizing the duration of assets and maximizing the duration of liabilities C. matching the durations of their assets and liabilities D. matching the maturities of their assets and liabilities 29. The duration of a portfolio of bonds can be calculated as _______________. A. the coupon weighted average of the durations of the individual bonds in the portfolio B. the yield weighted average of the durations of the individu al bonds in the portfolio C. the value weighed average of the durations of the individual bonds in the portfolio D. verages of the durations of the longest and shortest duration bonds in the portfolio 30. Rank the interest sensitivity of the following from most sensitive to an interest rate change to the least sensitive. I. 8% coupon, noncallable 20 year maturity, par bond II. 9% coupon, currently callable 20 year maturity, premium bond III. Zero coupon, 30 year maturity bond A. I, II, III B. II, III, I C. III, I, II D. III, II, I 31. A bank has $50 million in assets, $47 million in liabilities and $3 million in shareholders' equity. If the duration of its liabilities are 1. and the bank wants to immunize its net worth against interest rate risk and thus set the duration of equity equal to zero, it should select assets with an average duration of _________. A. 1. 22 B. 1. 50 C. 1. 60 D. 2. 00 A bond pays annual interest. Its coupon rate is 9%. Its value at maturity is $1,000. It mat ures in four years. Its yield to maturity is currently 6%. 32. The duration of this bond is _______ years. A. 2. 44 B. 3. 23 C. 3. 56 D. 4. 10 33. The modified duration of this bond is ______ years. A. 4. 00 B. 3. 56 C. 3. 36 D. 3. 05 34. A bond with a 9-year duration is worth $1,080. 0 and its yield to maturity is 8%. If the yield to maturity falls to 7. 84%, you would predict that the new value of the bond will be _________. A. $1,035 B. $1,036 C. $1,094 D. $1,124 35. When interest rates increase, the duration of a 20-year bond selling at a premium _________. A. increases B. decreases C. remains the same D. increases at first, then declines 36. Duration facilitates the comparison of bonds with differing ___________ A. default risk B. conversion ratios C. maturities D. yields to maturity 37. The historical yield spread between the AA bond and the AAA bond has been 25 basis points.Currently the spread is only 9 basis points. If you believe the spread will soon return to its historic al levels you should ________________________. A. buy the AA and short the AAA B. buy both the AA and the AAA C. buy the AAA and short the AA D. short both the AA and the AAA 38. The duration of a bond normally increases with an increase in _________. I. term-to-maturity II. yield-to-maturity. III. coupon rate A. I only B. I and II only C. II and III only D. I, II and III 39. Compute the modified duration of a 9% coupon, 3-year corporate bond with a yield to maturity of 12%. A. 2. 45 B. 2. 75 C. 2. 88 D. 3. 00 40.An 8%, 30-year bond has a yield-to-maturity of 10% and a modified duration of 8. 0 years. If the market yield drops by 15 basis points, there will be a __________ in the bond's price. A. 1. 15% decrease B. 1. 20% increase C. 1. 53% increase D. 2. 43% decrease 41. To create a portfolio with a duration of 4 years using a 5 year zero-coupon bond and a 3 year 8% annual coupon bond with a yield to maturity of 10%, one would have to invest ________ of the portfolio value in the z ero-coupon bond. A. 50% B. 55% C. 60% D. 75% 42. Which of the following set of conditions will result in a bond with the greatest price volatility?A. A high coupon and a short maturity. B. A high coupon and a long maturity. C. A low coupon and a short maturity. D. A low coupon and a long maturity. 43. An investor who expects declining interest rates would maximize their capital gain by purchasing a bond that has a ___ coupon and a ___ term to maturity. A. low; long B. high; short C. high; long D. zero; long 44. A zero coupon bond is selling at a deep discount price of $430. 00. It matures in 13 years. If the yield to maturity of the bond is 6. 7%, what is the duration of the bond? A. 6. 7 years B. 8. 0 years C. 10 years D. 13 years 45.Convexity implies that duration predictions _______. I. underestimate the % increase in bond price when the yield falls II. underestimate the % decrease in bond price when the yield rises III. overestimates the % increase in bond price when the yield f alls IV. overestimates the % decrease in bond price when the yield rises A. I and III only B. II and IV only C. I and IV only D. II and III only 1. D2. B3. A4. C5. D6. B7. B8. D9. A10. A11. A12. D13. A14. A15. C16. A17. A18. A19. A20. D21. C22. C23. A24. C25. A27. C28. C29. C30. C31. A32. C33. C34. C35. B36. C37. C38. A39. A40. B41. B42. D43. D44. D45. C