...Government Price Controls Answer the following questions fully and clearly. Be sure to explain why you answered as you did, stating the logical reasons for reaching your conclusions. 1. There are federal and state laws setting minimum wages for workers. There are also city laws setting price ceilings for housing rents. a. Why are there laws setting minimum wages for workers and maximum rents for housing? The laws set for minimum wages protect unskilled workers from exploitation (Gorman, 2008) and provide them with a “living wage” (Livingston, 2011). The idea of a minimum wage was created in Australia and New Zealand to reduce poverty (Gorman, 2008). Maximum rents for housing was created to protect tenants from increased monthly rent cost by landlords (Block, 2008). Formally, rent control is known as the Emergency Tenant Protection Act; which was created during World War II in New York City (Block, 2008). b. Why are there no laws setting maximum wages for workers or minimum rents for housing? Setting a maximum wage law will not only hinder the economy but hurt high wage workers purchasing power. When the economy is booming, most workers receive raises, however if there is a cap placed on the wages, workers would max out their earnings. If workers production levels in one hour is 10 times what they receive in compensation, the only party benefiting in the transactions in the company. Maximum wages would also hurt the market for luxury items. Workers may be reluctant...
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...The Japanese Economy Tanya Savage Pennsylvania College of Health Sciences The Japanese Economy This paper will analyze the economy of Japan including its people, geography and of aspects of the economy. Japan is a country that is located on a Pacific Ocean island on the eastern side of Asia (Gao, 2001). It stretches from Taiwan and East China Sea to the sea of Okhotsk in the north of Japan. Japan has a population of 126 million within its capital city; Tokyo having a population of 30 million, thereby making Japan the tenth most populated country in the globe (Flath, 2005). In total, Japan contains 6,852 islands with four major islands making up 97% of the total land area. This islands include Hokkaido, Shikoku, Honshu, and Kyushu (Alexander,2003). There is no particular official language and the recognized regional languages include Aynu itak, Eastern Japanese, Ryukyuan languages, and Western Japanese (Flath, 2005). The government of Japan is a unitary parliamentary constitutional monarchy, where the emperor is called Akihito and the prime minister is called Shinzo Abe. Japan is the second largest developed country, the third largest economy in the globe in terms of nominal GDP, and fourth largest in terms of purchasing power. In addition, it is the leading creditor nation in the globe (Alexander,2003). Based on these facts, Japan is part of the Group of Eight. Japan has the largest industry of electronics in the globe and also the third largest manufacturing industry of...
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...bristoluniversity.edu Bristol University Course No: BUS 401 – Business Ethics April 28, 2016 INTRODUCTION This study examines age discrimination in employment and the legal and practical challenges that managers confront in seeking to establish and maintain a legal and ethical workplace. This article first provides a general introduction to Civil Rights laws in the United States; and then furnishes a detailed legal analysis of age discrimination laws in the United States. Data dealing with the aging of the workforce, the unemployment rates of older workers, as well as the number of age discrimination lawsuits in the United States is furnished. Persistent racial inequality in employment, housing, and other social domains has renewed interest in the possible role of discrimination. Contemporary forms of discrimination, however, are often subtle and covert, posing problems for social scientific conceptualization and measurement. WHAT IS DISCRIMINATION? Discrimination is treating, or proposing to treat, someone unfavorably because of a personal characteristic protected by law. According to its most simple definition, racial discrimination refers to unequal treatment of persons or groups on the basis of their race or ethnicity. In defining racial discrimination, many scholars and legal advocates distinguish between differential treatment and disparate impact, creating a two-part definition: Differential treatment occurs when individuals...
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...Risk in Housing Markets: An Equilibrium Approach⇤ Aurel Hizmo† NYU Stern January 30, 2012 Abstract Homeowners are overexposed to city-specific house price risk and income risks, which may be very di cult to insure against using standard financial instruments. This paper develops a micro-founded equilibrium model that transparently shows how this local uninsurable risk a↵ects individual location decisions and portfolio choices, and ultimately how it a↵ects prices in equilibrium. I estimate a version of this model using house price and wage data and provide estimates for risk premia for di↵erent cities, which imply that homes are on average about $20000 cheaper than they would be if owners were risk-neutral. This estimate is over $100000 for volatile coastal cities. Next, I simulate the model to study the e↵ects of financial innovation on equilibrium outcomes. Creating assets that hedge city-specific risks increases house prices by about 20% and productivity by about 10%. The average willingness to pay for completing the market per homeowner is between $10000 and $20000. Welfare gains come both from better risk-sharing and from more e cient sorting of households across cities. ⇤ I am deeply grateful to Patrick Bayer, Andrew Patton, and Peter Arcidiacono for their encouragement and support. I also thank Robert McMillan, Tim Bollerslev, Vish Viswanathan, Chris Timmins, Jimmy Roberts and the seminar participants at Duke Finance, the ERID Conference at Duke, Fed Board, NYU Stern...
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...Economics j o u r n a l h o m e p a g e : w w w. e l s ev i e r. c o m / l o c a t e / r e g e c How low income neighborhoods change: Entry, exit, and enhancement☆ Ingrid Gould Ellen, Katherine M. O'Regan ⁎ NYU, Wagner Graduate School and Furman Center, NY, United States a r t i c l e i n f o a b s t r a c t This paper examines whether the economic gains experienced by low-income neighborhoods in the 1990s followed patterns of classic gentrification (as frequently assumed) — that is, through the in migration of higher income white, households, and out migration (or displacement) of the original lower income, usually minority residents, spurring racial transition in the process. Using the internal Census version of the American Housing Survey, we find no evidence of heightened displacement, even among the most vulnerable, original residents. While the entrance of higher income homeowners was an important source of income gains, so too was the selective exit of lower income homeowners. Original residents also experienced differential gains in income and reported greater increases in their satisfaction with their neighborhood than found in other lowincome neighborhoods. Finally, gaining neighborhoods were able to avoid the losses of white households that non-gaining low income tracts experienced, and were thereby more racially stable rather than less. © 2011 Elsevier B.V. All rights reserved. Article history: Received 8 June 2010 Received in revised form 22 December 2010...
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...The British colonists of mainland North America had great hopes for the future in 1763, when the Peace of Paris formally ended the Seven Years’ War. Since the late seventeenth century, their lives had been disrupted by a series of wars between Britain and the “Catholic Powers,” France and Spain. Now, however, a triumphant Britain took title to Spanish Florida, French Canada, and all of Louisiana east of the Mississippi. With the British flag flying over so much of the North American continent, the colonists looked forward to a time of uninterrupted peace, expansion, and prosperity. Deeply proud of the British victory and their own identity as “free Britons,” they neither wanted nor foresaw what the next two decades would bring—independence, revolution, and yet another war. Independence The Seven Years’ War had left Great Britain with a huge debt by the standards of the day. Moreover, thanks in part to Pontiac’s Rebellion, a massive American Indian uprising in the territories won from France, the British decided to keep an army in postwar North America. Surely the colonists could help pay for that army and a few other expenses of administering Britain’s much enlarged American empire. Rather than request help from provincial legislatures, however, Britain decided to raise the necessary money by acts of Parliament. Two laws, the Sugar Act (1764) and the Stamp Act (1765), began the conflict between London and America. The Sugar Act imposed duties on certain imports not, as in the...
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...job. These costs include direct materials costs traced to the job, direct labor costs traced to the job, and manufacturing overhead costs applied to the job. When a job is completed, the job cost sheet is used to compute the unit product cost. 3-4 A predetermined overhead rate is used to apply overhead cost to jobs. It is computed before a period begins by dividing the period’s estimated total manufacturing overhead by the period’s estimated total amount of the allocation base. Thereafter, overhead cost is applied to jobs by multiplying the predetermined overhead rate by the actual amount of the allocation base that is recorded for each job. 3-5 A sales order is issued after an agreement has been reached with a customer on quantities, prices, and shipment dates for goods. The sales order forms the basis for the production order. The production order specifies what is to be produced and forms the basis for the job cost sheet. The job cost sheet, in turn, is used to summarize the various production costs incurred to complete the job. These costs are entered on the job cost sheet from materials requisition forms, direct labor time tickets, and by applying overhead. 3-6 Some production costs such as a factory manager’s salary cannot be traced to a particular product or...
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...single-family and multi-family housing, both attached and unattached, on an individual basis and as part of planned developments or communities. In terms of sectors served, these products and services are provided for individuals and communities in the residential, commercial, industrial, hospitality, and leisure/resort sectors. These homes are made to appeal to homebuyers at various price points, degrees of urbanization and ruralization, demographic segments and stages of life. Competitive products are differentiated based on factors such as location, reputation, quality, features, design and price. Competition in the home building industry comes from a number of sources. First, the industry itself is widely fragmented, in terms of the number of players. At the peak of the industry’s prosperity, at the height of the recent housing bubble, the top ten players in the industry accounted for only 35% of its sales in dollars. The actual number of players considered legitimately “in the game” at a nationally-visible level numbers between 1,500 and 3,000 at any given time, depending on the industry’s prosperity level. This is a very large number for any one industry to have at this level. There are also innumerable very small local players. But, competition for the new single-family home building industry does not only come from within. Such competition also comes from the re-sale of existing single-family homes, new and existing condominiums, rental housing, and recently short sales...
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...lenient now, it is still success driven (Chakrabarti, 2013). I also found that religion is not going to be an issue with this venture, in my opinion. There are two major religions; the major Christian religion will be implemented in the venture (Koo, n.d.). Education and demographics are important to a global business venture, though I believe the economy is most important. I present information about South Korea’s economy, and how it has transformed from an aid recipient to a donor country (Globalization, n.d.). Here is where I mention the chaebol’s success, which accounted for 55.7% of South Koreas GDP in 2010 (Globalization, n.d.) Not only will I show the success of the economy, I will also describe the failing housing market (Seoul Reflects South Korea Housing Trouble, 2013). To take Western Plaza Inc. into South Korea, I had to first research the weather patterns. I saw potential problems only in the spring, when hazardous yellow sand/dust blows into Korea from China (Korean Weather, n.d.)....
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...ork2012 - 2013 Catalog A Message from the President “Sullivan University is truly a unique and student success focused institution.” I have shared that statement with numerous groups and it simply summarizes my basic philosophy of what Sullivan is all about. When I say that Sullivan is “student success focused,” I feel as President that I owe a definition of this statement to all who are considering Sullivan University. First, Sullivan is unique among institutions of higher education with its innovative, career-first curriculum. You can earn a career diploma or certificate in a year or less and then accept employment while still being able to complete your associate, bachelor’s, master’s or doctoral degree by attending during the day, evenings, weekends, or online. Business and industry do not expand or hire new employees only in May or June each year. Yet most institutions of higher education operate on a nine-month school year with almost everyone graduating in May. We remained focused on your success and education, and continue to offer our students the opportunity to begin classes or to graduate four times a year with our flexible, year-round full-time schedule of classes. If you really want to attend a school where your needs (your real needs) come first, consider Sullivan University. I believe we can help you exceed your expectations. Since words cannot fully describe the atmosphere at Sullivan University, please accept my personal invitation to visit and experience...
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...Born on September 4th, 1908, Richard Wright was born in Roxie, Mississippi (outside of Natchez) on a plantation where his illiterate father was a sharecropper. Wright was raised by his relatives at by the age of 17, he was ready to get out into the world. He headed into Memphis, Tennessee (his relatives lived right outside the city) where he worked odd jobs and educated himself. He read array of novels as he grew up and his education helped him realize the unjust ways of segregation. In 1927, Wright moved to Chicago after the peak of the Harlem Renaissance (a pivotal time for African Americans to express themselves through music, writings, and art). In Chicago, he worked as a postal worker, but was laid off with the depression. Wright then joined the Federal Writers Project, a state sponsored guild for authors, in which Wright composed his first novel, Uncle Tom’s Children. During this time, Wright joined the Communist party, which was often carried out into his writings. By 1939, Wright had moved to New York City and kept ties with the party for only a few more years. He married in 1941, and had left the communist party by 1944. During World War II, Wright lectured around New York. With the end of the War, Wright moved to France in 1947 where he continued to write his novels, which often contained themes of racism, poverty, and political matters. His books were often partly based on his life and what he had observed in his lifetime. Wright was the first African American...
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...Geothermal Energy EM 530 – Energy, Economics & the Environment Josh Marder – Nicole Glick – Ali Yasir – Giovanni Rumbolo 4/20/2012 TABLE OF CONTENTS Problem Statement: Introduction: Page 2 Page 2 Past and Present Uses: Page 3 Energy: Economics: Environment: Risk Analysis: Recommendations: Page 7 Page 19 Page 28 Page 32 Page 34 1 PROBLEM STATEMENT There is a looming energy crisis in the United States, as the country is currently relying on a finite supply of fossil fuels. This energy crisis, along with economic growth and environmental stability must be sustained by developing alternative, renewable energy sources. Population is expanding at a geometric rate and each doubling will increase energy demand that will far exceed supply. China and India have recently developed into industrialized nations and several more will follow. Many leading scientists describe the “tipping point” for carbon dioxide emissions as having already passed, meaning it could be too late for renewable energy options to have an impact (McKibben, 2008). However, until the full impact is determined, scientists worldwide should be developing energy alternatives, in order to help stabilize the environment, secure national policy interests and boost to the economy. Geothermal energy represents a sizeable, renewable power source and is one of several alternative energy options that should be utilized. In order for this technology to be able to move forward with any success, it must achieve the...
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...JSTOR, please contact support@jstor.org. INFORMS is collaborating with JSTOR to digitize, preserve and extend access to Management Science. http://www.jstor.org Strategic Transfer Pricing Michael Alles * Srikant Datar CBA 4M-202, University of Texas at Austin, Austin, Texas 78712 HarvardBusiness School,Accounting and ControlArea, Soldier'sField, Boston,Massachusetts02163 M\ost research into cost systems has focused on their motivational implications. This paper , takes a different approach, by developing a model where two oligopolistic firms strategically select their cost-based transfer prices. Duopoly models frequently assume that firms game on their choice of prices. Product prices, however, are ultimately based on the firms' transfer prices that communicate manufacturing costs to marketing departments. It is for this reason that transfer prices will have a strategic component to them. We derive implications for cost system choice and transfer pricing, including showing that firms may cross subsidize their products-a result consistent with the empirical evidence. (TransferPricing; Full Cost Allocation;Incentives;Costing) 1. Introduction Our objective...
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...services to reduce cost and improve quality has a long history. Peter Drucker, the Austrian born management professor, was the first to suggest contracting out of local services to private companies. Indeed many municipal services were already contracted out by 1980 in Great Britain. But the most significant drive for privatization in Great Britain, which signaled the way to the rest of the world, came about with the election of Margaret Thatcher in 1979. In the following decade a host of state owned enterprises were privatized including British Petroleum, British Aerospace, Jaguar, Rolls Royce, National Freight Corp., Cable and Wireless, British Airways, British Gas, British Telecom, several water and electric utilities. In addition, public housing was sold to the residents and compulsory competitive bidding of local services was initiated. By the late 1980’s, Mexico, Brazil, Chile, and Argentina elected presidents who adopted privatization initiatives. But the trend toward privatization was not confined to western countries. The collapse of Communism in the Soviet Bloc prompted the sale of many state owned enterprises as well as other forms of privatization. Even earlier, China in 1978 allowed private farming and later private sector manufacturing and retail operations. And Vietnam allowed private businesses and Cuba allowed homes to be sold to their tenants. Privatization of government activities in the world reached a record high of $89 billion by 1996. Within...
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...The (un)Official United States History Cram Packet This is not intended as a substitute for regular study ……. But it is a powerful tool for review. 1494: Treaty of Tordesillas – divides world between Portugal and Spain 1497: John Cabot lands in North America. 1513: Ponce de Leon claims Florida for Spain. 1524: Verrazano explores North American Coast. 1539-1542: Hernando de Soto explores the Mississippi River Valley. 1540-1542: Coronado explores what will be the Southwestern United States. 1565: Spanish found the city of St. Augustine in Florida. 1579: Sir Francis Drake explores the coast of California. 1584 – 1587: Roanoke – the lost colony 1607: British establish Jamestown Colony – bad land, malaria, rich men, no gold - Headright System – land for population – people spread out 1608: French establish colony at Quebec. 1609: United Provinces establish claims in North America. 1614: Tobacco cultivation introduced in Virginia. – by Rolfe 1619: First African slaves brought to British America. 15. Virginia begins representative assembly – House of Burgesses 1620: Plymouth Colony is founded. - Mayflower Compact signed – agreed rule by majority • 1624 – New York founded by Dutch 1629: Mass. Bay founded – “City Upon a Hill” - Gov. Winthrop - Bi-cameral legislature, schools 1630: The Puritan Migration 1632: Maryland – for profit – proprietorship 1634 – Roger Williams banished from Mass. Bay Colony 1635:...
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