The day we will never forget in our life.
Jaimin Shah January 23, 2003 College Writing Pam Cross. Instructor Topic 1 The day we will never forget in our life. It was September 11, 2001 seemed like a normal day. I was attending my 1st class in high school of my senior year at Absegami High School, Atlantic County. I was all happy because I was having a study room and I was having a nap of half an hour. I had my all homework done. I had nothing to do. It seemed like a perfect normal day. Then I went to another class. It was about 8:15 or 8:30. Suddenly a teacher comes from another class and says there is a big crash of airplane on World Trade Center. On September 11th the initial reaction was "oh my god". To be quite honest when the teacher said the news on about the tragedy I would not let me believe the story. But when I came home I turned on the news and saw the footage. Unlike a regular teenager i was glued to the T.V. My thoughts and sympathy are still with the great Country over there even though it has over a year now since the attacks. It seemed like it was just a small plane but unfortunately it wasn't. But later on another plane gets crashed on another tower of WTC. It wasn't an accident but those planes were intended to hit the two towers. Then everyone was scared about the people who were in those two towers and two planes. I was about to get out of the school and runaway because everyone was scared
Why do efficiency wages exist? What are its unemployment implications?
Why do efficiency wages exist? What are its unemployment implications? NC economic theory postulates that involuntary unemployment will eliminate over time by market forces and equilibrium restored by a fall in the wage rate. Firms can artificially create involuntary unemployment if they choose to adopt efficiency wages that profit maximise at the firm level. Efficiency wages imply real wage rigidity that may prevent labour mkt equilibrium. There are various efficiency wages: Solow condition recognises that there is a +ve relationship between wage and effort. Aim is to derive optimal wage rate such that elasticity of effort w.r.t. wage is = 1. A 1% increase in wage results in 1% increase in effort. This wage may be above mkt clearing wage thus involuntary unemployment may be generated. The level of unemployment is dependant on AD. Wages will not deviate from the optimal Solow wage regardless of economic activity. The derived wage minimises the cost per unit of efficiency. Shirking (Shapiro & Stiglitz 1984) condition recognises that workers may work or shirk (not work) It may not be possible or be too costly for a firm to constantly monitor employees and may be demoralising for employees at work. A non-shirking wage rate is derived that is optimal in eliminating shirking. The wage is positively dependant on: lower the involuntary unemployment, higher the unemployment
Explain how monetary policy can be used to control the performance of the UK economy (10)
Explain how monetary policy can be used to control the performance of the UK economy (10) Monetary policy involves changes in the base rate of interest and the money supply (effectively the amount of bank credit available for borrowing). The aim is to influence the rate of growth of aggregate demand and thus inflation. The government's four main objectives are low and stable inflation, low unemployment, maintaining current account equilibrium and high but stable economic growth. The main objective of monetary policy is to control inflation. Since 1997 the Bank of England has been given operational responsibility for monetary policy. The current target for inflation set by the government using the CPI measure is 2%, although it is allowed to deviate 1% either way of the central target. Higher interest rates will reduce inflation because they reduce consumption and investment. This is because the opportunity cost of saving has increased so consumers would be more inclined to save, and less inclined to borrow. Investment would decrease because it becomes more expensive for firms to borrow money for capital unless they reduce their profit margins, which is unlikely, so investment would decrease. Monthly repayments on existing variable rate debt (especially mortgages) increase, leaving less disposable income for spending on goods and services. Aggregate demand will fall (AD1 to
The Benefits of Trade
The Benefits of Trade There are a number of benefits the citizens and firms of a country may enjoy as a result of being able to trade freely with the citizens and firms of another country. * The benefits of specialisation * The benefits of competition * The benefit of choice By specialising in the production of goods and services the firms of a country will produce with a higher level of productive efficiency. The surpluses produced can then be traded with the surpluses of other countries. By specialising in the production of goods and services where there is an absolute or comparative advantage there is an overall gain in welfare. Increased global competition will encourage allocative and productive efficiency. The concepts of consumer and producer surplus can be used to assess the benefits of free trade. The different between the amount that consumers would be prepared to pay for a good or service rather than go without, and the price that they actually pay is called consumer surplus. It is used as a measure of satisfaction or welfare of consumers. The difference between the price that producers would be prepared to sell their produce at and the price that they actually sell it at is the producer surplus. These two together are a measure of the welfare of the product. In a perfectly competitive market in a closed economy where the equilibrium market price and
Throughout the 1990's the United States economy was consistently on the rise.
Throughout the 1990's the United States economy was consistently on the rise. Average wages were increasing while workers had a confident sense of job security, both of which laid the foundation for soaring domestic consumption rates that further solidified the well being of the economy. With the declaration of war with Iraq now almost an inevitability consumer confidence and spending rates have begun to decline, which is bad new for businesses and the economy as a whole. During the 1990's businesses were able to sell goods at lower costs due to the massive amounts of goods that were being consumed by U.S. citizens, and also the fact that raw materials, cotton, oil, etc., that producers imported were bought at cheaper prices because of the strength of the U.S. dollar. Now that the costs for raw materials are increasing, businesses have no choice but to raise their prices, which eliminates the "bargain" prices consumers have become accustomed to. According to the law of demand, which states that as prices fall demand will rise, as long as prices continue to rise consumer demand will fall. With stagnant wages and feelings of job insecurity consumers are less likely to start spending more due to both future planning and incurred debt. These factors along with a heightened consumer price index, an average measurement of consumer goods and services, have taken the previous role
The European Age of Exploration was governed by three major factors; faith, fate, and fortune.
Kyle Roerick 10/25/2002 Mod-Western Civ. Period C The European Age of Exploration was governed by three major factors; faith, fate, and fortune. Faith refers to how the presence of religion facilitated Europe in their years of exploration. Fate refers to how the geographic locality effected European exploration. And fortune refers to how the search for treasures impacted European exploration. These factors all played a significant role in the shaping, forming, and molding of the European Age of Exploration. Collectively the faith in European exploration was focused and directed to the teachings of the Catholic Church. The main idea of the spread of Catholicism and the word of God around the globe, especially to the New World, attributed to the already tenacious character of the exploration hungry Europeans. The sixteenth century was also a time of persecution and discrimination against religions other than Catholicism. Some European peoples simply left Europe to explore the world to escape the threat of the Catholic institutions. Fate was led by the common geographic location of the European explorative countries. Because of Europe's location they were reliant on the continuous use of oceanic travel in order to trade with Eastern countries. European countries that were on the Atlantic coast of Europe or on the Mediterranean Sea were easily accessed to
A Description of The Carajas Project
A Description of The Carajas Project In the hills of the Carajas in South East Amazonia, in Brazil there are huge deposits of high-grade iron and other minerals. The amount of iron found is the most that has ever been found in the world, an estimated 18 billion tones. To make the most of this huge and profitable resource, the government set up the `Great Carajas Project' The project cost a huge amount of money. A lot of the investment came from outside of Brazil. The 900km railway alone cost $2.5 billion, without the cost of all the mines and equipment needed for mining, the resources needed to sustain huge numbers of workers, in otherwise inhabited forests. The US and Japan loaned $2.5 billion to Brazil, the World Bank loaned $300 million and the ECSC (European coal and steel community) loaned $600 million. Brazil is expected to benefit itself, the economy and its people. The project is expected to pay back the loans and other foreign debts, which it has owed other countries for many years but has been unable to pay off. The project will provide a huge amount of employment, and a higher quality of living for many people. This will also attract more businesses to the area such as shops etc. Industries producing products from the iron and minerals will also be attracted to the area. This means that they will have to spend less money on importing expensive
Explain the operation of the Keynesian multiplier
Explain the operation of the Keynesian multiplier (A) The Keynesian multiplier shows the change is output when there is a change in investment. The basic model Keynes offered consists of an economy with only consumption (C) and investment (I), which add together to give national income or output (Y). Thus, a simple equation can be given: Y=C+I. The aggregate consumption function is the level of aggregate consumption that is desired at each level of personal disposable income (personal disposable income is the income households have available for spending or saving, after transfer payments from and taxation payments to the government have been accounted for). The consumption function in this simple model therefore represents desired consumption at different levels of national income. The marginal propensity to consumer (MPC) is the fraction of each extra unit of disposable income which households will consume. For instance, it may the case that 80% of disposable income is spent, which means that the remaining 20% is saved. The MPC is represented in the consumption function as A. B is the minimum amount of consumption that is spent for survival - it is assumed that even when no income is being produced, households will still need to spend their money on necessities to survive, for which they will break into savings. The consumption function is C=A+bY, which is the marginal
Bush advisor turns optimistic on USeconomy
Economic Journal Macroeconomics (MANG0079) Bruce Rayton 3/3/02 "Bush advisor turns optimistic on US economy" Larry Lindsay, who is president Bush's economic advisor has stated that he is currently optimistic regarding the situation of the American economy. He believes that the possibility of the economy facing a "double-dip" recession, whereby the economy appears to be recovering after a period of recession yet growth falls again, is unlikely. The economic stimulus has been generated from a recent tax cut which in turn has triggered investment. This fiscal policy seeks to influence the level of economic activity in the economy through the control of taxation and government expenditure. Lindsay believes that there is incentive for new investment due to the effects of the tax cut feeding through into the economy having a positive effect on consumption within the economy. This concept relates to the Keynes theory which rejects the assumption that all markets would clear. A fall in aggregate demand would not simply lead to a fall in wages and prices and a restoration of the full-employment equilibrium. Instead there would be demand-deficient unemployment: as demand fell, there would be less demand for labour. <Slowman, Economics:460> However the multiplier effect denotes the trend where there is an increase in the rate of spending there will be a proportionate
Walkers Quality Assurance
WALKERS QUALITY ASSURANCE Tayto has always been a quality conscious company and in 1990 was awarded the Q Mark. The overall objective of the Quality System is to ensure that Tayto produces quality products and services and that each member of staff has an individual commitment to this quality. The Quality System encompasses all aspects of the business from the purchasing of raw materials through to the transportation and selling of products. Quality control checks are in place, prior to production, during production and post production as follows: Each delivery of potatoes is checked for size, variety, dry matter, sugar, clay or other defects. The sugar content is critical for crisp production and must be within parameters agreed by the company and the potato grower. The dry matter is also important as it determines the texture of the crisp. Prior to unloading the sunflower oil, a sample is taken and four different chemical tests are carried out to ensure that the oil is of good quality and suitable for the production of crisps. Thereafter the oil in the tanks is tested on a daily basis to ensure there is no deterioration. Flavours are checked for salt and moisture and must be within agreed microbiological standards. The oil is checked at regular intervals to ensure that its quality is being maintained. There is an automatic moisture system whereby the crisp moisture
