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what is the enthalpy for the following reaction? overall: c2h4 + h2o→c2h5oh

What is the enthalpy for the following reaction? C2H4 H2O—
17,023 results
Chem
What is the enthalpy for the following reaction? C2H4+H2O—>C2H5OH

asked by Kay on November 4, 2010
Chem
What is the enthalpy for the following reaction? overall: C2H4+H2O—>C2H5OH is -1411kJ correct??

asked by Angel on November 4, 2010
chemistry
If you need to multiply the following reaction by 2 to be an intermediate reaction in a Hess’s law problem, what would be the final value for the enthalpy of reaction you use for this intermediate reaction? C2H4 + 3 O2 2 CO2 + 2 H2O, H = -1410 kJ

asked by Anonymous on November 24, 2014
chemistry
For the reaction shown below complete the following calculations. H2(g) + C2H4(g) –> C2H6(g) (a) Estimate the enthalpy of reaction using the bond energy values in Table 9.4. (b) Calculate the enthalpy of reaction, using standard enthalpies of formation.

asked by hannah on October 27, 2008
Chemistry
Calculate the enthalpy change for: C2H4(g) + H2 –> C2H6(g) delta Hrxn: H2(g) + 1/2O2 –> H2O (l) C2H4(g) + 3O2 –> 2H20(l) + 2CO2(g) C2H6(g) + 7/2O2(g) –> 3H20(l) + 2CO2(g) I know I have to flip the third reaction but I don’t know what to do next

asked by Jessica on October 29, 2014

chemistry

  1. Calculate the enthalpy change of combustion for ethene gas (C2H4) given the following enthalpy changes of formation: ΔHºf(C2H4)(g) = +52 kJ mol^-1 ΔHºf(CO2)(g) = -394 kJ mol^-1 ΔHºf(H2O)(g) = -286 kJ mol^-1

asked by John on July 19, 2014
Chemistry
Calculate the work involved if a reaction with an enthalpy change of -2418 kJ is carried out in a vessel with a mobile, frictionless piston. Other details: the reaction is H2(g) + 1/2Oxygen2(g) yields H2O(g) with enthalpy change of -241.8 kJ/mol. The

asked by Mark on November 22, 2008
chemistry
Calculate the ΔH of reaction for: C2H4(g) + H2O(l) = C2H5OH(l) if the ΔH of formation for C2H4(g), H2O(l) and C2H5OH are +52, -286 and -278 kJ/mol, respectively? Enter a numerical value below and be sure to include a minus sign if needed. The error

asked by danny 16 on January 31, 2015
Chemistry
I know I posted this question before, but can you clarify it?? MY QUESTION IS AFTER YOU SWITCHED THE DELTA H1 THE CHANGE IN THE ENTHALPY IS NEGATIVE…. BUT THAT DOES NOT MAKE SENSE BECAUSE THE CHANGE IN ENTHALPY OF THE ORIGINAL DELTA H1 IS

asked by Anonymous on November 14, 2013
CHEMISTRY
I know I posted this question before, but can you clarify it?? MY QUESTION IS AFTER YOU SWITCHED THE DELTA H1 THE CHANGE IN THE ENTHALPY IS NEGATIVE…. BUT THAT DOES NOT MAKE SENSE BECAUSE THE CHANGE IN ENTHALPY OF THE ORIGINAL DELTA H1 IS

asked by Anonymous on November 14, 2013
chemistry

  1. Calculate the standard enthalpy change for the reaction: C2H4(g) + H2(g) → C2H6(g) given that the enthalpy of combustion for the reactants and products are: ΔHºc(C2H4)(g) = -1411 kJ mol^-1 ΔHºc(C2H6)(g) = -1560 kJ mol^-1 ΔHºc(H2)(g) = -286 kJ

asked by John on July 19, 2014
Chemistry
Calculate enthalpy of reaction C2H4 + H2 gives C2H6.enthalpy of combustion of ethene, H2,and ethane are -1410,-286,-15.60kj/mol respectively

asked by Shaika on November 7, 2016
Chemistry
Ethanol (C2H5OH) is synthesized for industrial use by the following reaction, carried out at very high pressure. C2H4(g) + H2O(g) → C2H5OH(l) What is the maximum amount, in kg, of ethanol that can be produced when 1.65 kg of ethylene (C2H4) and 0.0610 kg

asked by Brittney on October 6, 2013
Chemistry
Ethanol (C2H5OH) is synthesized for industrial use by the following reaction, carried out at very high pressure. C2H4(g) + H2O(g) C2H5OH(l) What is the maximum amount of ethanol (in grams) that can be produced when 1.0 kg of ethylene (C2H4) and 0.014 kg of

asked by Jack on November 1, 2011
chemistry
What is the maximum amount of ethanol (in grams) that can be produced when 1.0 kg of ethylene (C2H4) and 0.014 kg of steam are placed into the reaction vessel? Ethanol (C2H5OH) is synthesized for industrial use by the following reaction, carried out at

asked by Amanda on November 1, 2011

NEED HELP WITH CHEM HW
Ethanol (C2H5OH) is synthesized for industrial use by the following reaction, carried out at very high pressure. C2H4(g) + H2O(g) C2H5OH(l) What is the maximum amount of ethanol (in grams) that can be produced when 2.2 kg of ethylene (C2H4) and 0.014 kg of

asked by Anonymous on October 1, 2011
Chemistry 2!
consider the following reaction, equilibrium concentrations, and equilibrium constant at a particular temperature. Determine the equilibrium concentration of H2O(g) C2H4(g) + H2O(g) C2H5OH(g) kc= 7.0* 10^3 [C2H4]= 0.010M [C2H5OH]= 1.99M

asked by anonymous. on December 10, 2014
Chemistry
Consider the following reaction, equilibrium concentrations, and equilibrium constant at a particular temperature. Determine the equilibrium concentration of H2O(g). C2H4(g) + H2O(g) C2H5OH(g) Kc = 9.0 × 103 [C2H4]eq = 0.015 M [C2H5OH]eq = 1.69 M

asked by Jane on December 2, 2014
Chemistry
CONTINUE>>>>>>>>>>> The enthalpy changes for two different hydrogenation reactions of C2H2 are: C2H2+H2—->C2H4 Delta H 1 (there is a degree sign….standard enthalpy of formation??) *WAIT A SECOND, IF I USE THE HEAT OF FORMATION VALUES TO CALCULATE

asked by Anonymous on November 14, 2013
Chemistry
Calculate the standard entropy, ΔS°rxn, of the following reaction at 25.0 °C using the data in this table. The standard enthalpy of the reaction, ΔH°rxn, is –44.2 kJ·mol–1. C2H4(G)+H20 —> C5H5OH ΔS°rxn= __ JK^-1mol^-1 Then, calculate

asked by Patrick Panasko on November 30, 2014
CHEMISTRY
Please explain. The enthalpy changes for two different hydrogenation reactions of C2H2 are: C2H2+H2—->C2H4 Delta H 1 C2H2+2H2—->C2H6 Delta H 2 Which expression represents the enthalpy change for the reaction below? C2H4+H2—->C2H6 Delta H = ? A. Delta

asked by Anonymous on November 11, 2013
Chemistry
Please explain. The enthalpy changes for two different hydrogenation reactions of C2H2 are: C2H2+H2—->C2H4 Delta H 1 C2H2+2H2—->C2H6 Delta H 2 Which expression represents the enthalpy change for the reaction below? C2H4+H2—->C2H6 Delta H = ? A. Delta

asked by Anonymous on November 11, 2013
Science
The enthalpy change for the reaction 2 H2 + O2 > 2 H20 is -571.6 kJ. Determine the enthalpy change for the decomposition of 24.0g H2O. My Process -571.6 is the enthalpy of 2 mols of H2O. So the enthalpy of 1 mol of H2O will be -285.8. Since it’s

asked by Mike on July 9, 2015
Chemistry
Calculate the work involved if a reaction with an enthalpy change of -2418 kJ is carried out in a vessel with a mobile, frictionless piston. Other details: the reaction is H2(g) + 1/2Oxygen2(g) yields H2O(g) with enthalpy change of -241.8 kJ/mol. The

asked by Mark on November 23, 2008
Chemistry
Ethylene glycol, HOCH2CH2OH, is used as antifreeze. It is produced from ethylene oxide, C2H4O, by the following reaction. C2H4O(g) + H2O(l) → HOCH2CH2OH(l) Use Hess’s law to obtain the enthalpy change for this reaction from the following enthalpy

asked by Mariam on December 13, 2009

chemistry
Ethylene glycol, HOCH2CH2OH, is used as antifreeze. It is produced from ethylene oxide, C2H4O, by the following reaction. C2H4O(g) + H2O(l) → HOCH2CH2OH(l) Use Hess’s law to obtain the enthalpy change for this reaction from the following enthalpy

asked by caroline on October 29, 2010
chemistry-Thermochemistry (grade 12)
calculate enthalpy of H for the reaction N2H4(l) + 2H2O(l) -> N2(g) + 4H2)(l) Given the reactions N2H4(l) + O2(g) -> N2(g) + 2H2O(l) Enthalpy of H = -6.22.2 kJ H2(g) + (1/2)O2(g) -> H2O(l) enthalpy of H = -285.8 kJ/mol H2(g) + O2(g) -> H2O2(l) enthalpy of

asked by Rose Bud on February 16, 2012
chemistry-Thermochemistry (grade 12)
calculate enthalpy of H for the reaction N2H4(l) + 2H2O(l) -> N2(g) + 4H2)(l) Given the reactions N2H4(l) + O2(g) -> N2(g) + 2H2O(l) Enthalpy of H = -6.22.2 kJ H2(g) + (1/2)O2(g) -> H2O(l) enthalpy of H = -285.8 kJ/mol H2(g) + O2(g) -> H2O2(l) enthalpy of

asked by Rose Bud on February 16, 2012
Chemistry!
Calculate the work involved if a reaction with an enthalpy change of -2418 kJ is carried out in a vessel with a mobile, frictionless piston. Other details: the reaction is H2(g) + 1/2Oxygen2(g) yields H2O(g) with enthalpy change of -241.8 kJ/mol. The

asked by Elizabeth on November 23, 2008
Chemistry due soon
What is enthalpy? A. Enthalpy is the kinetic energy of a system. B. Enthalpy is the heat involved in a reaction. C. Enthalpy is the temperature of a reaction. D. Enthalpy is the mass involved in a reaction. I think the answer is a or b

asked by Morgan on November 6, 2014
chemistry
Given the following equations: 2 H2O2 (aq) → 2 H2O (l) + O2 (g) and C2H4 (g) + 3 O2 (g) → 2 CO2 (g) + 2 H2O (l) The first reaction is the decomposition of hydrogen peroxide into water and oxygen gas. The oxygen gas generated in the first reaction is

asked by april on July 1, 2018
CHEMISTRY
calculate the delta h for the reaction 2C+2H–> C2H4 C+O2–> Co2 delta h= -393.5 C2H4+ 3O2–> 2CO2+ 2H2O delta h= 1410.9 H2+ 1/2 O2–> H2O delta h= -285.8 2CO+ O2–> 2CO2 delta h= -566.0 do you flip the first two equations and times the first and third one

asked by Anonymous on June 6, 2010
chemistry
A scientist measures the standard enthalpy change for the following reaction to be -53.4 kJ : Ca(OH)2(aq) + 2 HCl(aq) CaCl2(s) + 2 H2O(l) Based on this value and the standard enthalpies of formation for the other substances, the standard enthalpy of

asked by Austin on March 18, 2012
chemistry
A scientist measures the standard enthalpy change for the following reaction to be -53.4 kJ : Ca(OH)2(aq) + 2 HCl(aq) CaCl2(s) + 2 H2O(l) Based on this value and the standard enthalpies of formation for the other substances, the standard enthalpy of

asked by Austin on March 18, 2012
chemistry
Calculate enthalpy change of reaction for the combustion of gaseous ethanol. C2H5OH + 3O2 >> CO2 + 3H2O. Using standard molar enthalpies of formation. C2H5OH -235.3 ( it’s negative sign) CO2 -393.5 H2O -241.8 (1) Calculate the enthalpy change of reaction

asked by Alex on April 20, 2010

Chemistry
C2H4(g) + H2O(l) → C2H5O(l) what is the rendition percentage if 4.50g of C2H4 produce 4.7g of ethyl alcohol?

asked by Alex on September 11, 2012
Chemistry
Calculate the enthalpy change for the reaction 2C (s) + H2 (g) yield C2H2 (g) given the following reactions and their respective enthalpy changes: C2H2(g) + 5/2 O2(g) yield 2CO2(g) + H2O (l) = -1299.6kJ C(s) + O2(g) yield CO2 (g) -393.5 H2(g) + 1/2 O2(g)

asked by Lucy on December 29, 2007
Chemistry
Calculate the enthalpy change for the reaction 2C + H2 yield C2H2 given the following reactions and their respective enthalpy changes: C2H2 + 5/2 O2 yield 2CO + H2O -1299.6 C + O yield CO2 -393.5 H2 + 1/2 O2 yield H2O -285.9 I don’t even know how to start

asked by Lucy on December 24, 2007
chemistry
Calculate the enthalpy of reaction for the combustion of ethene. Express the enthalpy of reaction calculated in question above as a molar enthalpy of reaction per mole of carbon dioxide.

asked by shyanne on January 8, 2013
chemistry
c2h4(g) + 3O2(g) -> 2 CO2 (g) + 2 H2O (g) What volume of oxygen will react with 18 ml of ehtylene, c2h4, assuming that the gases are present at the same temperature and pressure?

asked by Monica on April 19, 2010
Chemistry
The standard enthalpy of formation of H2O (l) is -285.8 kJ/mol. Calculate ∆E° for the following reaction. H2O (l) → H2 (g) + 1/2 O2 (g)

asked by Mahnoor on November 15, 2014
Chemistry
The standard enthalpy of formation of H2O (l) is -285.8 kJ/mol. Calculate DEO for the following reaction. H2O (l) → H2 (g) + 1/2 O2 (g)

asked by Mahnoor on November 15, 2014
CHemistry
Given the following information calculate the heat of formation of C2H4. C2H4 + 3 O2 ¡æ 2 CO2 + 2 H2O ¥ÄH¡Æ = -414 kJ/mol C + O2 ¡æ CO2 ¥ÄH¡Æ = -393.5 kJ/mol H2 + ¨ö O2 ¡æ H2O ¥ÄH¡Æ = -241.8 kJ/mol

asked by sam on April 26, 2015
Chemistry
Reposted: Use Hess’s law to calculate the enthalpy change for the reaction: 3C(s) + 3H2(g) yield C3H6(g) Given the following thermochemical equations: 2C3H6(g) + 9O2(g) yield 6CO2(g) + 6H2O(l) enthalpy change= -4116.0 kJ/mol C(s) + O2(g) yield CO2(g)

asked by Hailee on March 17, 2012
Chemisty
I need a recap of how to do the question below. I just need the basic guidelines: The enthalpy change for the reaction 2H2(g)+O2 > 2H2O is -571.6kJ. Determine the enthalpy change for the decomposition of 24.0g H2O.

asked by Todd on June 26, 2015

chemistry
Consider the reaction, C2H4(g) + H2(g) ® C2H6(g), where DH = – 137 kJ. How many kilojoules are released when 55.3 g of C2H4 reacts?

asked by Cooper on October 21, 2011
Chemistry
Find the enthalpy for : 4Fe + 3O2 = 2Fe2O3 I got the following informations: Fe + 3H2O = Fe(OH)3 + 3/2H2 – Enthalpy is 160.9 kj H2 + 1/2O2 = H2O – Enthalpy is -285.8 kj Fe2O3 + 3H2O = 2Fe(OH)3 – Enthalpy is 288.6 I try using Hess Law but cannot solve it.

asked by Shadow on May 13, 2013
Chemistry
Which of the following is the best definition of Hess’ Law? A. Heat is always released by the decomposition of 1 mole of a compound into its constitute elements. B. The enthalpy of a process is the difference between the enthalpy of the products and the

asked by Anonymous on February 20, 2008
please check my answer
Consider the following equations. N2H4(l) + O2(g) N2(g) + 2 H2O(l) ÄH = -622.2 kJ H2(g) + 1/2 O2(g) H2O(l) ÄH = -258.5 kJ H2(g) + O2(g) H2O2(l) ÄH = -187.8 kJ Use this information to calculate the enthalpy change for the reaction shown below. N2H4(l) +

asked by hannah on November 6, 2012
chem- i reallyneed help
Consider the following equations. N2H4(l) + O2(g) N2(g) + 2 H2O(l) ÄH = -622.2 kJ H2(g) + 1/2 O2(g) H2O(l) ÄH = -258.5 kJ H2(g) + O2(g) H2O2(l) ÄH = -187.8 kJ Use this information to calculate the enthalpy change for the reaction shown below. N2H4(l) +

asked by hannah on November 6, 2012
chemistry- stoichiometry problems
C2H4+3 O2->2 co2+2 H2O If you start wit 45 grams of C2H4 how many grams of carbon dioxide will be produced?

asked by anon on April 22, 2009
Chemistry
Which of the following is the best definition of Hess’ Law? A. Heat evolved in a given process can be expressed as the sum of the heats of several processes that, when added, yield the process of interest. B. The enthalpy of a process is the difference

asked by Jared on May 7, 2007
Hess’ law
Which of the following is the best definition of Hess’ Law? A. Heat is always released by the decomposition of 1 mole of a compound into its constitute elements. B. Since enthalpy is a state function, it will be different if a reaction takes place in one

asked by christine on February 9, 2007
college chem
Calculate the molar enthalpy of reaction standard enthalpy of formation below. H20 = -285.8 kj/mole H+ = 0.0 kj/mole OH- = -229.9 kj/mol H+(aq) + OH-(aq)→H2O(l) For this, don’t you do the summation of products x stoichemtry + the sum of reactants x

asked by sam on November 20, 2014
Enthalypy Reaction
What is the standard enthalpy of reaction for the following chemical reaction? CO2(g) + 2KOH(s) –> H2O(g) + K2CO3 (s) Express your answers numerically in kJ.

asked by Sarah on September 23, 2008

Chemistry
Please write the chemical equation and calculate the reaction enthalpy (or energy) for the total chlorination (addition of chlorine gas to all double bonds) of cyclopentadiene (if you do not know what cyclopentadiene is, assume C2H4).

asked by Eddie on December 6, 2010
chemistry
Please write the chemical equation and calculate the reaction enthalpy (or energy) for the total bromination (addition of bromine gas to all double bonds) of 2,3-dimethylbutadiene (if you do not know what 2,3-dimethylbutadiene is, assume C2H4).

asked by Eddie on December 7, 2010
Chemistry-Thermochemistry (grade 12)
Thermochemistry determine the final temperature if 45.67 kJ of heat energy is removed from 18.5 g of H2O (g) at 122 degrees Celsius useful information sp. heat H2O (s) = 2.03 J/g(degree C) sp heat H2O (l) = 4.18 J/g(degree C) Sp heat H2O (g) = 2.01

asked by Rose Bud on February 15, 2012
Chemistry
Which of the following is the best definition of Hess’ Law? A. Since enthalpy is a state function, it will be different if a reaction takes place in one step or a series of steps. B. Heat is always released by the decomposition of 1 mole of a compound into

asked by Anonymous on February 24, 2008
Chemistry
Consider the reaction of Lithium with water: 2 Li(s) + 2H2O(l) —-> 2 LiOH(aq) + H2(g) The delta H of the reaction is -160 KJ The enthalpy of fusion of H2O is 6.0 kJ/mol The specific heat capacity of H2O(l) is 4.18 J/gC When 10 grams of Li(s) is dropped

asked by Vinit on October 27, 2015
Chemistry
With a platinum catalyst, ammonia will burn in oxygen to give nitric oxide, NO. 4 NH3(g) + 5 O2(g) 4 NO(g) + 6 H2O(g) ÄH = -906 kJ What is the enthalpy change for the following reaction? NO(g) + 3/2 H2O(g) NH3(g) + 5/4 O2(g)

asked by Glenna on October 18, 2008
Chemistry
What is the standard enthalpy of reaction for the following reaction: H2 + 1/2 O2 –> H2O(g)

asked by Lauren on March 11, 2011
Chemistry
Calculate the enthalpy of the reaction 2B2H6 + 6O2=2B2O3 +6H2O given the following pertinent information: A. B2O3(s) + 2H2) )g) = 3O2 (g) + B2H6 (g), delta H= +2035kJ B. 2B (s) + 3H2 (g) =B2H6 (g), delta H= +36 kJ C. H2 (g) + 1/2)2 (g) =H2O (l), delta

asked by B on April 22, 2012
Chemistry
The enthalpy of formation for a substance corresponds to the enthalpy change for a reaction. Write the specific chemical reaction defining the enthalpy of formation of butane: Just checking to make sure this is correct: 4C + 5H2 —> C4H10

asked by AJ on March 26, 2017
chemistry
A scientist measures the standard enthalpy change for the following reaction to be -2923.0 kJ : 2C2H6(g) + 7 O2(g) 4CO2(g) + 6 H2O(g) Based on this value and the standard enthalpies of formation for the other substances, the standard enthalpy of formation

asked by Anonymous on October 24, 2012

Chemistry
A calorimeter contains 30.0 mL of water at 15.0 C. When 1.50 g of X (a substance with a molar mas of 46.0g/ mol is added, it dissolves via the reaction X (s) + H2O (l) —-> X (aq) and the temperature of the solution increases to 26.5 C. Calculate the

asked by Student on March 11, 2016
chemistry
The reaction SO2 + H2O =H2SO4 Is the last step in the commercial production of sulfuric acid . the enthalpy change for this reaction is -227 KJ . In designing a sulfuric acid plant is it necessary to provide for heating or cooling of the reaction mixture ?

asked by mathew on November 12, 2014
Chemistry
Table sugar consists mostly of sucrose, C12H22O11. The standard enthalpy of combustion for sucrose is the standard state delta H for the reaction: C12H22O11 + 12 O 2 —> 12 CO2 + 11 H2O Calculate this standard state delta H. Give answer in units of kJ to

asked by Eli on December 3, 2016
chemistry
Consider the reaction, C2H4 (g) + H2 (g)- C2H6 (g) where -137kJ of heat is released. How many kilojoules are released when 55.3g of C2H4 reacts?

asked by Sandy on July 10, 2011
Chemistry
Estimate the enthalpy change for the following reaction OH(g)+CH4(g)==>CH3(g)+H2O(g)

asked by West on April 19, 2011
College Chemistry
Estimate the enthalpy change for the following reaction OH(g)+CH4(g)==>CH3(g)+H2O(g)

asked by West on April 21, 2011
chemistry
Calculate the standard enthalpy change for the following reaction at 25 °C. H2O+C(graphite)(s) –> H2(g) +CO(g)

asked by anon on October 28, 2016
chemistry
estimate the enthalpy change for the following reaction: OF2 + H2O = O2 + 2HF

asked by small on November 27, 2016
Chemistry
how many C2H4 molecules are contained in 45.8 mg C2H4 when the molar mass of C2H4 is 28.05g/mol

asked by Thomissa on September 5, 2011
chemistry please help!
Calculate the enthalpy of the reaction of boron trioxide with steam: B2O3(s) + 3H2O(g) → 3O2(g) + B2H6(g) Given: H2O(l) H2(g) + 1⁄2 O2(g) 2B(s) + 3H2(g) 2B(s) + 3/2 O2(g) → B2O3(s) → H2O(g) → H2O(l) → B2H6(g) 44 kJ/mol -286 kJ/mol 36 kJ/mol

asked by Lay on October 19, 2015

college chemistry
The chemical reaction representing production of water gas is as follows: C(s)+H2O(l)=CO(g)+H2(g) calculate the enthalpy change in the production of 200L(at 500mmHg and 65degree celcius) of hydrogen by this reaction.

asked by bennett on November 3, 2008
chemistry URGENT (2)
Label each of the following reactions as exothermic or endothermic (“exo” or “endo”), and according to whether work is done on or by the system (“on” or “by”)? Note that no “en-on” cases appear here, as these are always thermodynamically unfavourable.

asked by Anonymous on November 16, 2008
chemistry
Label each of the following reactions as exothermic or endothermic (“exo” or “endo”), and according to whether work is done on or by the system (“on” or “by”)? Note that no “en-on” cases appear here, as these are always thermodynamically unfavourable.

asked by Anonymous on November 16, 2008
Chemistry
The equation for the complete combustion of ethene (C2H4) is C2H4(g) + 3 O2(g) ==> 2CO2(g) + 2H2O(g) If 2.70 mol C2H4 is reacted with 6.30 mole O2, identify the limiting reagent. show all work.

asked by Danny on March 27, 2010
Chemistry
The reaction between 0.045 g of calcium with an excess of water was carried out in an ice calorimeter as used in this lab. The volume of water in the calorimeter decreased by 0.18 mL during the reaction a) Write the equation for the reaction which occurs.

asked by Sean on June 3, 2009
chemistry
When NH3 is treated with oxygen gas, the products obtained are N2(g) and H2O(l). If standard enthalpies of formation at 298 K for NH3(g) and H2O(l) are –46.00 kJ/mol and –286.0 kJ/mol respectively, calculate the enthalpy change of the reaction.

asked by Shana on January 27, 2015
chem
When NH3 is treated with oxygen gas, the products obtained are N2(g) and H2O(l). If standard enthalpies of formation at 298 K for NH3(g) and H2O(l) are –46.00 kJ/mol and –286.0 kJ/mol respectively, calculate the enthalpy change of the reaction.

asked by shana on January 27, 2015
Chemistry
Question 9 Unsaved What is the rate law for the following reaction, if the order of the reaction is m, an unknown? H2O2(aq) → H2O(l) + ½O2(g) a. k [H2O2]m b.k [H2O]m [O2]1/2 c.k [H2O] m /[H2O][O2 d.k[H2O] m [O2]m Thanks in advance. The k and m are meant

asked by Ramon on March 23, 2018
Chemistry
‘At 600.0 K, the equilibrium constant based on pressure is Kp = 1.83 x 10^2. Gaseous C2H4 and H2O are placed in a 1.2 L closed flask at 600.0 K. At equilibrium, the flask contains 0.0062 mol of C2H4 and 0.041 mol of H2O. Determine the equilibrium

asked by SaraF275 on January 30, 2018
Chemistry practice
Using the form of energy diagram,make a concept map of the two different methods of calculation of reaction enthalpy(via the bond enthalpy and via the enthalpy of formation)

asked by Gift on July 31, 2011

Chemistry
When a chemist burns ammonia according to the reaction below she finds that the reaction releases heat. (It is exothermic.) 4NH3(g) + 3O2(g) 2N2(g) + 6H2O(g) The enthalpy of the reaction DH = -1267 kJ. What is the enthalpy change (in kJ) when 7 grams of

asked by Devin on January 12, 2015
Chemisty
Calculate the standard enthalpy change for the following reaction at 25 °C. MgCl2(s)+H2O(l)–>MgO(s)+2HCl

asked by Orton on April 1, 2013
Chemistry
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THE CORPORATION’S PLACE IN SOCIETY

Gabriel Rauterberg*

Morality, Competition, and the Firm: The Market Failures Approach to Business Ethics. By Joseph Heath. New York: Ox- ford University Press. 2014. Pp. ix, 372. $65.

The social responsibility of business is to increase its profits.

—Milton Friedman1

Economic justice is concerned with the fairness with which benefits and bur- dens . . . are distributed . . . among organizational stakeholders.

—Newman S. Peery, Jr.2

The vast majority of economic activity is now organized through corpo- rations. The public corporation is usurping the state’s role as the most im- portant institution of wealthy capitalist societies. Across the developed world, there is increasing convergence on the shareholder-owned corpora- tion as the primary vehicle for creating wealth.3 Yet nothing like this degree of convergence has occurred in answering the fundamental questions of cor- porate capitalism: What role do corporations serve? What is the goal of cor- porate law? What should corporate managers do? Discussion of these questions is as old as the institutions involved.

Contemporary reflection on these questions takes the form of two starkly different and estranged orthodoxies.4 Both are now decades old, but neither shows any sign of either subsiding or emerging victorious. In corpo- rate finance, economics, and most of corporate law, the orthodoxy is that a corporation should aim exclusively to maximize shareholder value within

* Post-Doctoral Research Scholar, Program in the Law & Economics of Capital Markets, Columbia Law School.

1. Milton Friedman, The Social Responsibility of Business Is to Increase Its Profits, N.Y. Times, Sept. 13, 1970 (Magazine), at 32.

2. Newman S. Peery, Jr., Business, Government, and Society 12 (1995) (emphasis omitted).

3. Henry Hansmann & Reinier Kraakman, The End of History for Corporate Law, 89 Geo. L.J. 439, 439–41 (2001).

4. Usha Rodrigues, From Loyalty to Conflict: Addressing Fiduciary Duty at the Officer Level, 61 Fla. L. Rev. 1, 10 (2009) (“What is striking is that two different disciplines [of corporate law and business ethics] have apparently settled on two completely different answers to the central question in their fields—for whom should a corporation be governed? Even more striking has been the general lack of interest from either side in bridging the gulf be- tween business ethics and corporate law.” (footnote omitted)).

913

914 Michigan Law Review [Vol. 114:913

the constraints established by law (“shareholder theory”).5 In business eth- ics, the leading view is that corporate managers should balance the interests of all the constituencies affected by a firm’s actions, including employees, suppliers, consumers, owners, and the broader society (“stakeholder theory”).6

Joseph Heath’s new book, Morality, Competition, and the Firm,7 revisits these questions. Heath criticizes the two standard views and develops an alternative, which he calls a “market failures” approach (p. 1). Heath en- dorses much of the shareholder view, but offers a powerful critique of its application. In essence, he suggests that it is managers’ ethical responsibility to pursue shareholder wealth maximization if, and only if, doing so is con- ducive to aggregate social efficiency.8 Often this will be the case, but under

5. Academically, the shareholder value view is reflected in the leading treatises of corpo- rate finance, economics, and corporate law. See, e.g., Richard A. Brealey et al., Fundamen- tals of Corporate Finance 12 (8th ed. 2015) (“[T]here is a natural financial objective on which almost all shareholders can agree: Maximize the current market value of shareholders’ investment in the firm.”); Michael C. Jensen, Value Maximization, Stakeholder Theory, and the Corporate Objective Function, J. Applied Corp. Fin., Fall 2001, at 8, 8 (“Most economists would answer simply that managers must have a criterion for evaluating performance and deciding between alternative courses of action, and that the criterion should be maximization of the long-term market value of the firm.”); Eric W. Orts, The Complexity and Legitimacy of Corporate Law, 50 Wash. & Lee L. Rev. 1565, 1588 (1993) (“A favorite claim by law-and- economics reformers is that the principles of corporate law reduce to a single goal: maximize profit and shareholder wealth.”). Nor is this view merely an academic conceit. See Dodge v. Ford Motor Co., 170 N.W. 668, 684 (Mich. 1919), for what is certainly the most famous judi- cial articulation of this view: “[I]t is not within the lawful powers of a board of directors to shape and conduct the affairs of a corporation for the merely incidental benefit of sharehold- ers and for the primary purpose of benefiting others . . . .” See also Reinier Kraakman et al., The Anatomy of Corporate Law 28 (2d ed. 2009) (“[I]t is sometimes said that the appropri- ate role of corporate law is simply to assure that the corporation serves the best interests of its shareholders or, more specifically, to maximize financial returns to shareholders . . . .”); Busi- nesses’ Tax Dodges Are Burden to All, Morning Call (Mar. 1, 2000), http://articles.mcall.com/ 2000-03-01/news/3292412_1_tax-shelters-tax-loopholes-federal-income-taxes [http:// perma.cc/R4S8-8ZMR] (“The business of a corporation is to maximize its earnings for its shareholders[.]” (quoting then-House Majority Leader Dick Armey)).

6. Lumen N. Mulligan, What’s Good for the Goose Is Not Good for the Gander: Sarbanes- Oxley-Style Nonprofit Reforms, 105 Mich. L. Rev. 1981, 2004 (2007) (“By most accounts, stakeholder theory is the preeminent contemporary normative theory of business ethics, espe- cially among business practitioners.”); Robert Phillips et al., What Stakeholder Theory Is Not, 13 Bus. Ethics Q. 479, 489 (2003). See generally R. Edward Freeman, Strategic Manage- ment: A Stakeholder Approach (1984) (discussing stakeholder theory as a practical tool for business management); Robert Phillips, Stakeholder Theory and Organizational Eth- ics (2003) (discussing stakeholder theory as a dominant theory of organizational ethics).

7. Joseph Heath is a Professor in the Department of Philosophy and the School of Pub- lic Policy and Governance at the University of Toronto.

8. There are two principal conceptions of efficiency in welfare economics, termed Pareto efficiency and Kaldor-Hicks efficiency. One state of the world is a Pareto improvement over another if no one is worse off in the new state and at least one person is better off. A Pareto optimum exists when there could be no change to the state of the world that would make one person better off without making anyone worse off. Because of its extremely de- manding conditions, major social policies are unlikely to ever constitute strict Pareto improve- ments. Even a law against fraud, for example, makes con artists worse off. As a result, the

April 2016] The Corporation’s Place in Society 915

conditions of market failure—when the allocation of goods and services in a market is inefficient for some reason—it is possible to increase shareholder wealth without contributing to social efficiency. Heath’s approach forbids corporate managers from pursuing shareholders’ interests when doing so exploits a market failure. This simple ideal of corporate managers as custodi- ans of social efficiency turns out to have dramatic implications for business ethics.

The scholarship addressing what corporate managers should aim to achieve is extensive.9 What sets Heath’s book apart is the remarkable breadth of legal, economic, and political analyses that he brings to bear and the bril- liance with which he synthesizes them.10 This book is one of the new cen- tury’s most important contributions to addressing capitalism’s fundamental questions.

This Review begins with the foundations of the market failures ap- proach and a critique of the shareholder and stakeholder views. Heath’s crit- ical project is largely successful and surely one of the most important contributions of the book. I then turn to the viability of the market failures approach. While sympathetic to the insights driving it, I ultimately find the market failures view to be far more exacting than Heath imagines it to be. Heath’s book aspires to offer both compelling and realistic ethics for corpo- rate managers, and it is in his second aspiration that I think he fails. This is, in itself, rather striking. Heath explicitly takes his vision of corporate pur- pose and managerial ethics to consist solely of the pursuit of efficiency, which he calls a kind of “implicit morality of the market.”11 Yet even the naked goal of social efficiency imposes a set of moral requirements so de- manding as to be plainly utopian.

I then turn to what I take to be a clear-eyed—some might say pessimis- tic—assessment of the prospects for any demanding business ethic within the specific institutional environment of today’s corporate marketplace. Spe- cifically, I argue that features of that marketplace effectively punish any form of ethical conduct that cuts into corporate profits. In the current configura- tion, business ethics with bite is thus in a very real sense unsustainable. I

Kaldor-Hicks criterion of efficiency was developed. A change in the world is Kaldor-Hicks efficient if those who are better off as a result of the change could compensate those who are worse off, so that no individual was worse off, and at least one person was still better off. Jules L. Coleman, Economics and the Law: A Critical Review of the Foundations of the Economic Approach to Law, 94 Ethics 649, 649–51 (1984); see also J.R. Hicks, The Foundations of Welfare Economics, 49 Econ. J. 696, 700–01, 706 (1939); Nicholas Kaldor, Welfare Propositions of Eco- nomics and Interpersonal Comparisons of Utility, 49 Econ. J. 549 (1939).

9. See supra notes 4–6; infra Section I.A.

10. This Review cannot hope to cover the vast number of topics that Heath discusses in his provocative, nearly 400-page book, but students of applied ethics, sociology, political phi- losophy, corporate law, and economics will all find much of interest.

11. P. 173. Heath borrows this phrase from Christopher McMahon. See Christopher McMahon, Public Capitalism: The Political Authority of Corporate Executives 117 (2012).

916 Michigan Law Review [Vol. 114:913

suggest how we might imagine alternative environments in which corpora- tions can aspire to more than profit.

I. What Are Corporations For?

There is nothing intrinsically valuable about the interests of sharehold- ers. So how did a single-minded emphasis on pursuing their interests be- come the dominant view of corporate purpose across economics, corporate law, and finance? Few slogans have put down as deep roots in the academic, popular, and political imaginations as Milton Friedman’s famous declara- tion that “The Social Responsibility of Business Is to Increase Its Profits.”12

Seeing the appeal of this view is thus important. Surprisingly, the easiest way to do so is through sketching the case for Heath’s own approach.

The basic architecture of the market failures approach is to focus on the normative goal of a system of private, market-based competition among producers and consumers, and then to elaborate a set of ethical principles based on promoting that goal. The goal is a simple one—social efficiency. The simplest way to see this is that the law actually prohibits forms of coop- eration that are promoted by everyday morality, effectively demanding that firms compete with one another. In particular, antitrust laws generally pro- hibit agreements among businesses in the same area to stop competing with each other.13 Corporate managers who agree, for instance, to charge the same price—and thus to “defect” from market competition—can go to prison as a result.14 This is despite the fact—or rather because of it—that price competition is a kind of prisoner’s dilemma for the firms involved, in which the outcome is suboptimal for all of them, but conducive to economic efficiency at a social level.15

Thus, the highly competitive markets that are characteristic of devel- oped economies do not simply appear by happenstance. They arise within a well-structured legal environment, which clearly defines and enforces con- tract and property rights16—and as mentioned, firms compete within a legal environment that expressly prohibits cartelization.17 A well-functioning market is thus a kind of staged competition or institutionalized collective- action problem designed to achieve the benefits of specific forms of compe- tition and avoid the pathologies associated with monopolies or price-fixing (pp. 5, 33).

The reason for seeking competitive markets is explained on the first day of Economics 101. A competitive market leads to an efficient allocation of

12. See Friedman, supra note 1, at 32.

13. Sherman Antitrust Act, 15 U.S.C. § 1 (2012) (making contracts, combinations, and conspiracies in restraint of trade potential felonies).

14. Id.

15. See p. 33.

16. Hernando de Soto, The Mystery of Capital: Why Capitalism Triumphs in the West and Fails Everywhere Else 6–10 (2000).

17. Sherman Antitrust Act § 1.

April 2016] The Corporation’s Place in Society 917

resources.18 Goods and services are directed toward those who express the greatest willingness to pay for them, and informative prices arise from the equalization of supply and demand.19 Heath thus takes efficiency to be the ultimate justification for market-based capitalism and the appropriate goal of corporate managers (p. 10). Markets are “essentially special-purpose in- stitutions designed to promote efficiency” (p. 10).

It would be more accurate to call the “market failures” approach to bus- iness ethics an “efficiency” account, as its guiding idea is that the ethic of business managers is to operate corporations to promote social efficiency. It bears emphasizing that this does not mean corporate managers are supposed to have social efficiency in mind whenever they make business decisions. In any adversarial context, participants can generate social benefits by compet- ing against each other—benefits that they need not personally have in mind (p. 28). For example, lawyers contribute to the justice of the adversarial sys- tem by zealously pursuing their clients’ cases, and athletes contribute to great athletic spectacles by pursuing their own victories.20

Indeed, managers’ usual contribution to competitive markets is compet- ing well, which means maximizing the value of the firm’s net product. This is equivalent to maximizing the value of the residual claim, that is, the re- turn to owners. Because most firms are owned by equity shareholders, max- imization of the residual claim means maximizing profits (profit is the revenue of a firm leftover after all of a firm’s contractual obligations have been satisfied).21 Thus, the typical way in which managers promote social efficiency is by pursuing shareholder wealth maximization. Heath thus walks us through the basic insights that lead quite naturally to the shareholder wealth maximization view of corporate ethics. That view boils down to the thesis that markets in which profit-seeking firms compete against each other generate benefits for all of society, and that the way to best ensure that firms are maximally profit-seeking are for managers to maximize the profits of a firm’s owners (pp. 28–33).

18. This well-known idea is formalized in the First Fundamental Theorem of Welfare Economics, which states that under certain general assumptions, a competitive equilibrium leads to a Pareto-efficient allocation of resources, which is a condition in which no one can be made better off without someone else being made worse off. This general conception of a competitive equilibrium is a foundation for welfare economics in general. See Hal R. Varian, Intermediate Microeconomics: A Modern Approach 522 (5th ed. 1999).

19. See, e.g., Paul Anthony Samuelson, Foundations of Economic Analysis 238–39 (photo. reprint 1971) (1947).

20. See p. 28.

21. See p. 31. The people best suited to ensuring that firms are competitive are their owners, for the simple reason that the owners of a business are its residual claimants—the group entitled to all of the profits of a firm, but only its profits. Other individuals involved with a firm, such as employees, bondholders, suppliers, and consumers, are fixed claimants— they have a specific contractual agreement with the firm, which grants them some fixed sum. Not so with owners, who are entitled only to any firm revenue that is leftover once everyone with a fixed contractual claim has been paid—that is, to profit. See Frank H. Easterbrook & Daniel R. Fischel, The Corporate Contract, 89 Colum. L. Rev. 1416, 1446–47 (1989).

918 Michigan Law Review [Vol. 114:913

A. The Market Failures Approach

So how does the market failures approach differ from the shareholder view? The key idea of the market failures approach is that, while pursuing shareholder wealth maximization will promote social efficiency under many circumstances, there are a wide variety of situations in which this is not the case. Under those circumstances, corporate managers are obliged to not maximize shareholder value because doing so does not promote social efficiency.

There are two important and distinct claims here. The first is identifying the conditions under which pursuit of firm profitability does not promote economic efficiency. These conditions are referred to as market failures.22 For market competition to generate Pareto efficiency, a number of restrictive conditions known as the Pareto conditions must be in place. When one or more of these conditions is not satisfied, a market will not reach a Pareto optimal condition—it will, put plainly, fail to be efficient.23 Well-known market failures include information asymmetries, externalities, and public goods.24 These market failures are unfortunately common.25 The simplest example of a market failure may be pollution, which is a negative externality. A negative externality is a situation in which one party imposes the costs of a decision he makes on another party without fully compensating that party. So, while it is comparatively easy to protect individuals’ property rights against trespass over their land, it is very difficult to enforce an individual’s right to clean air over her house. As a result, industrial firms can produce harmful toxins that permeate the atmosphere and go unpunished, allowing them to effectively externalize the costs of their firms’ business on the local citizens.26

When it is difficult to enforce property rights, say over air, a negative externality may occur. In that case, the market could fail because the pollut- ing business does not need to price the cost of its pollution into its activity.

22. See Paul A. Samuelson & William D. Nordhaus, Economics 677 (19th ed. 2010) (defining market failure as “[a]n imperfection in a price system that prevents an efficient allocation of resources”); Joshua D. Wright, The Antitrust/Consumer Protection Paradox: Two Policies at War with Each Other, 121 Yale L.J. 2216, 2222 (2012) (“A market failure occurs when functioning markets fail to realize full gains from trade through efficient production.”); see also Bernard Salanié, Microeconomics of Market Failures 1 (MIT Press 2000) (1998) (defining market failures as “circumstances where market equilibrium is not optimal”).

23. See Christopher R. Leslie, Achieving Efficiency Through Collusion: A Market Failure Defense to Horizontal Price-Fixing, 81 Calif. L. Rev. 243, 267–69 (1993).

24. Harvey S. Rosen, Public Finance 47–48 (7th ed. 2005); Maxwell A. Miller & Mark A. Glick, The Resurgence of Federalism: The Case for Tax-Exempt Bonds, 1 Tex. Rev. L. & Pol. 25, 29 (1997).

25. See generally Ryan Bubb & Richard H. Pildes, How Behavioral Economics Trims Its Sails and Why, 127 Harv. L. Rev. 1593, 1602 (2014) (“Familiar types of market failure include externalities, asymmetric information, and market power.”); Benjamin K. Sovacool, Placing a Glove on the Invisible Hand: How Intellectual Property Rights May Impede Innovation in Energy Research and Development (R&D), 18 Alb. L.J. Sci. & Tech. 381, 383 (2008).

26. See Miller & Glick, supra note 24, at 29–30.

April 2016] The Corporation’s Place in Society 919

Under such circumstances, pursuing shareholder profit by polluting maxi- mizes the firm’s value, but rather than promoting social efficiency, it en- riches shareholders at the expense of society.

Heath’s prescription is simple: in such cases, managers must not engi- neer or exploit the market failure. The “set of permissible profit-maximizing strategies is limited to those strategies that would be permissible under con- ditions of perfect competition” (p. 34). Corporate managers should not pol- lute (beyond what is socially desirable), seek monopolies, seek to deceive their customers about the quality of their products, erect barriers to entry, or otherwise bring about or exploit a market failure (pp. 36–37).

Instead, it is the duty of corporate managers to avoid adopting any busi- ness strategy that increases firm profitability by exploiting some market fail- ure (p. 37). Corporate managers may not pursue shareholders’ interests when they come at society’s expense (pp. 38–39). The approach’s major claim is as follows:

[T]he market is essentially a staged competition, designed to promote Pareto efficiency, and in cases where the explicit rules governing the com- petition are insufficient to secure the class of favored outcomes, economic actors should respect the spirit of these rules and refrain from pursuing strategies that run contrary to the point of the competition. (p. 5)

The market failures approach diverges from the shareholder view by insist- ing that when the justificatory link between shareholder wealth maximiza- tion and social efficiency breaks down, managers not only cease to have an obligation to maximize shareholder value, but they are obligated to avoid pursuing it when doing so exploits some market failure (pp. 31, 36–37). As Heath puts it, “[a] competitive market only serves to promote efficiency under certain conditions, and there are various ways of acting that subvert it. Such actions are not just unethical, but egregiously so, because they fail to satisfy even the artificially low standard that is set for the evaluation of mar- ketplace behavior” (p. 10).

I consider concerns about implementation in Part II, but putting those aside, it is difficult to disagree with Heath’s revision of the standard corpo- rate finance view. After all, few in economics, corporate finance, or corpo- rate law think there is something intrinsically valuable about serving shareholders’ interests; rather, serving those interests makes sense in a broader picture in which doing so serves society’s interests. The link between those two, however, is contingent. It requires an absence of market failure, and when markets fail, so may the link between shareholder value and social efficiency.

Two naı̈ve illusions may nonetheless fuel the position that the pursuit of shareholder value within the constraints of law exhausts managers’ moral obligations. One is that markets never fail in important ways. Given the experience of the last few decades with important market failures—includ- ing negative externalities like pollution, underproduction of public goods,

920 Michigan Law Review [Vol. 114:913

information asymmetries, and market power—this position seems remarka- bly Pollyannaish. One need only recall the fairy-tale conditions under which the Coase theorem or First Fundamental Welfare theorem hold.27

The second illusion is that when markets fail, the government should resolve those failures, and if it does not do so, it is not managers’ obligation to do the right thing. This view cannot survive scrutiny either. First, even in principle, legal interventions are extremely costly and intrusive and face con- siderable difficulties in detecting and punishing all incidences of wrongdo- ing (p. 34). Even more importantly, the process of passing legislation is subject to a widely documented set of pathologies that make it difficult even for responsive democratic governments to pass desirable laws.28

Lest Heath’s account sound like that of a philosophical radical, it is worth examining precisely how close his view is to the mainstream of corpo- rate law. A leading treatise on the subject, The Anatomy of Corporate Law,29

provides a brief account of the normative foundations of the authors’ theory of corporate law. Authors Henry Hansmann, Reinier Kraakman, and others ask, “[w]hat is the goal of corporate law?” and answer that “[a]s a normative matter, the overall objective of corporate law—as of any branch of law—is presumably to serve the interests of society as a whole[,]” and in particular, “the aggregate welfare of all who are affected by a firm’s activities, including the firm’s shareholders, employees, suppliers, and customers, as well as third parties such as local communities and beneficiaries of the natural environment.”30

They then turn to the narrower proposition that the goal of corpora- tions should be to serve the interests of shareholders or maximize the firm’s value for them. It is a claim Hansmann and Kraakman have endorsed else- where,31 but Hansmann and Kraakman’s service in The Anatomy of Corpo- rate Law is to disambiguate two distinct interpretations of that claim. One interpretation is to take the assertion at face value as saying that the sole

27. See pp. 3, 34.

28. See, e.g., Mancur Olson, The Logic of Collective Action: Public Goods and the Theory of Groups 22–57 (1971).

29. Kraakman et al., supra note 5. Heath is clearly familiar with the seminal treatises on corporate law. See, e.g., p. 123.

30. Kraakman et al., supra note 5, at 28. Kraakman and his coauthors equate “the aggregate welfare” with “overall social efficiency” and Kaldor-Hicks efficiency, and I use these terms interchangeably here as well. Id. More precisely, they equate social welfare with “Kaldor- Hicks efficiency within acceptable patterns of distribution”—an important caveat. Id. at 28 n.79; see also William T. Allen et al., Commentaries and Cases on the Law of Business Organization 7 (3d ed. 2009) (urging the use of Kaldor-Hicks efficiency as the criterion for evaluating corporate law and corporate governance arrangements).

31. See, e.g., Henry Hansmann & Reinier Kraakman, Reflections on the End of History for Corporate Law, in The Convergence of Corporate Governance: Promise and Prospects 32, 32–33 (Abdul A. Rasheed & Toru Yoshikawa eds., 2012) (“The strongest and clearest claim we make is . . . that what we term the ‘standard shareholder oriented model’ (SSM) . . . is the most attractive social ideal for the organization of large-scale enterprise.”); Hansmann & Kraakman, supra note 3, at 439 (“There is no longer any serious competitor to the view that corporate law should principally strive to increase long-term shareholder value.”).

April 2016] The Corporation’s Place in Society 921

interest of corporate law is maximizing value for shareholders. They dismiss this interpretation, noting that “[t]here would be little to recommend” a system in which creditors or employees lost $2 for every $1 shareholders gained.32 Instead, they endorse a second interpretation, which is that “focus- ing principally on the maximization of shareholder returns is, in general, the best means by which corporate law can serve the broader goal of advancing overall social welfare.”33

In essence, the market failures approach claims that corporate managers should seek to maximize shareholder value when and only when it promotes aggregate efficiency, serving the interests of society as a whole.34 Generally, pursuing shareholder wealth does promote social efficiency, but under cer- tain identifiable circumstances, this is clearly not the case. In those situa- tions, Heath insists, the very foundations of a view like Hansmann and Kraakman’s require that corporate managers not pursue shareholders’ profits.

B. Stakeholder Theory

The most important alternative to the corporate finance view is stake- holder theory, which Heath subjects to exacting criticism. Stakeholder the- ory claims that corporations should treat their many constituents— shareholders, employees, creditors, consumers, neighborhoods—equally, carefully balancing their interests when they conflict.35 Heath’s objections to stakeholder theory generally fall into two broad camps. The first set of criti- cisms aims to deflate motivations for the theory by showing that ordinary adversarial marketplace behavior is neither principally about self-interest nor immoral, contrary to certain commonsense intuitions that motivate some stakeholder theorists. The second set of criticisms aims to show that a firm that genuinely catered equally to the interests of all of its patrons or constituents, as desired by stakeholder theory, would be significantly ineffi- cient. This matters because stakeholder theory does not present itself as an alternative to capitalism, like socialism. Instead, it presents itself as a concep- tion of business ethics to be taught to corporate managers. As a result, it would be a very curious feature of such a view if it was foundationally in- compatible with a competitive corporate marketplace.

32. Kraakman et al., supra note 5, at 28.

33. Id.

34. Heath refers to his own view as “Paretian,” p. 5, but given the near-impossibility of genuine Pareto improvements when a policy dramatically alters a business’s strategy, it seems more accurate to conceptualize his account as aiming at Kaldor-Hicks efficiency. It is worth noting that while Heath’s view is a novel entrant to the current debate in business ethics, his general position that the structures of a market economy are justified where (and only where) they serve the interests of society as a whole is at least as ancient as Aquinas.

35. See Margaret M. Blair & Lynn A. Stout, A Team Production Theory of Corporate Law, 85 Va. L. Rev. 247, 253 (1999); Kevin Gibson, The Moral Basis of Stakeholder Theory, 26 J. Bus. Ethics 245, 245–46 (2000); see also Julia Sferlazzo, Learning Legal Ethics from MBAs: How a Comparison of Legal and Business Ethics Could Promote Ethical Professional Behavior, 25 Geo. J. Legal Ethics 769, 773 (2012).

922 Michigan Law Review [Vol. 114:913

A preliminary confusion, while not especially sophisticated, is suffi- ciently widespread to merit attention. In substance, this position posits that shareholder wealth maximization merely glorifies the self-interest of share- holders and that the exclusive pursuit of self-interest is a bad thing. Equating self-interest with shareholder wealth maximization is confused, however, at least if treated as a criticism of shareholder value as a goal of corporate law or corporate managers. After all, shareholder wealth maximization is typi- cally not the self-interested goal of corporate managers. The natural goal of corporate managers is to enrich themselves, rather than shareholders. Indeed, this problem of corporate managers’ interests not being aligned with that of a firm’s owners is widely considered the chief problem for corporate law to ameliorate.36

Heath persuasively demonstrates that stakeholder theory dramatically exacerbates the principal-agent problem between shareholders and corpo- rate managers. He points out that the developed world actually has ample experience in the operation of stakeholder-oriented firms (pp. 55–58). After all, in the mid-twentieth century, it was common for the governments of wealthy nations to operate major corporations that were expected not only to turn a profit, but also to serve other social responsibilities (pp. 55–57). Heath surveys the ample social-scientific evidence on the difficulties these state-owned enterprises faced in accomplishing their goals. The bottom line is that these firms failed not only to be profitable, but also to produce many of the social benefits they were supposed to achieve. They became instead havens for unprofitability and for opposition—within the government- owned enterprise—to state regulation of market failures (pp. 57–58).

A different line of criticism of stakeholder theory builds on Henry Hansmann’s enormously influential work on corporate ownership.37 One of Hansmann’s most interesting contributions is showing that while most firms are owned by shareholders—contributors of equity capital—every one of the firm’s constituents sometimes owns a firm.38 So, in a dairy cooperative, suppliers jointly own the business; in a mutual insurance company, the cus- tomers own it; in a law firm, the partners collectively own it, and so on.39

Hansmann’s analysis of when a given constituent will own a firm—and of why shareholders are such prevalent owners—centers on the political costs of ownership.40 In general, the most efficient owners of the firm tend to be the stakeholders who share homogenous interests in the firm’s perform- ance.41 The more heterogeneous the desires of the owners, the more conflict

36. See, e.g., Kraakman et al., supra note 5, at 35–53.

37. See chapter 5.

38. Henry Hansmann, The Ownership of Enterprise 12–16 (1996); see also Henry Hansmann, Ownership of the Firm, 4 J.L. Econ. & Org. 267 (1988).

39. Hansmann, The Ownership of Enterprise, supra note 38, at 13–16.

40. Hansmann, Ownership of the Firm, supra note 38, at 277–78.

41. Id. at 278.

April 2016] The Corporation’s Place in Society 923

there is among owners, and the harder it becomes to assess whether manage- ment is performing well.42 From this perspective, stakeholder theory poses an enormous problem for efficiently run businesses because it requires man- agers to attempt to equally balance the interests of all constituents, effec- tively importing into every firm the defects of extremely heterogeneous owner interests. The problem is that no firm is owned by all of its patrons and almost no businesses are even owned by multiple groups of patrons.43 The total absence of such firms is powerful evidence that there are deep ineffi- ciencies introduced by management that must cater to heterogeneous stakeholders.

II. The Prospects for Business Ethics: A Critical Assessment

“[T]he point of philosophy is not just to understand the world, but to change it.”44 Heath laudably thinks the point of business ethics is to improve the quality of corporate management. He notes that while “[m]any business ethicists . . . deny that they have any ambition to make people behave more ethically[,]” he “actually consider[s] that objective to be central to [his] task” (p. 12). Indeed, Heath is emphatic in his belief that:

[T]he central role of business ethics is to . . . correct the self-understanding of participants in the market economy, who are being bombarded—both by the business press and a certain segment of the academy, who appear not to have recovered from the epiphany they experienced in their first- year economics class—by a seductive but ultimately false suggestion that the institutions of the market free them from all forms of moral constraint. (p. 19)

Thus, while Heath’s theory may have implications for a variety of domains, its central ambition is to offer realistic prescriptions for the business ethics that managers should be taught.

Unfortunately, the market failures approach faces some debilitating and potentially fatal problems. In fact, these problems generalize across the en- tire class of theories in business ethics that ask more of corporate managers than the shareholder approach does. This diagnosis is rather grim, but it is necessary to understand the obstacles that business ethics faces to make progress.

A. The Problem of Competition

The most immediate problem is the competitive structure of the econ- omy itself—a “staged competition” (p. 5) in which we deliberately pit busi- nesses against each other in an adversarial contest designed to produce

42. Id. at 279.

43. But see p. 130.

44. P. 12. This is, of course, an echo of Marx’s famous declaration that “The philoso- phers have only interpreted the world in various ways; the point is to change it.” Karl Marx, Theses on Feuerbach, in The German Ideology 571 (1998).

924 Michigan Law Review [Vol. 114:913

certain efficiency benefits. In this competitive environment, any firm willing to substantially reduce its profits to act more ethically will see its market share progressively diminish until it goes out of business. Deliberately rais- ing prices to act ethically is unsustainable unless every other competitor also does so (p. 85). This is because the character of market competition selects out unprofitable firms and makes no exceptions for unprofitability driven by ethical conduct. Thus, in highly competitive industries, firms opting to es- chew profitable, legal, but unethical business strategies are unlikely to sur- vive. The very structured competition that makes the market effective in establishing useful incentives and generating informative prices will punish conduct designed to unilaterally serve the ends of the broader society.

Heath’s book hints at a response to this objection,45 which is that busi- ness ethics should strive to facilitate multilateral action by corporate manag- ers to stop exploiting some market failure or avoid engineering or exploiting new market failures. This is not as far-fetched as it may seem. There are other areas of the economy that are highly competitive but in which ethical behavior is widely observed—ethical behavior that eats into profits. We do not generally think that doctors prescribe the most expensive drugs and treatments possible simply because they can. The medical profession, we think, instills in its members norms that have at least some ethical bite.46

Heath suggests that through iterative interactions, managers in the same in- dustry may build up sufficient trust with one another so as to enter agree- ments to each avoid taking advantage of some market failure (p. 38).

Agreements among corporate managers to jointly engage in unprofita- ble ethical conduct, however, will suffer from the same powerful temptation to “defect,” which makes agreements to fix prices so unstable, even in the absence of antitrust enforcement.47 Because a member of a cartel can always make more money by unilaterally defecting and lowering prices, cartels are inherently unstable.48 Agreements sacrificing profit would also be unstable because such industries would attract new and less scrupulous entrants.49

These problems do not suggest that agreements among managers to act un- profitably but ethically are impossible—only that they are difficult.

45. See p. 38.

46. See p. 71 (noting the medical profession’s “stringent” code of conduct enforced by mechanisms such as medical licensing boards). There are legitimate questions as to whether the ethical professionalization of corporate managers is a plausible goal. Management certainly lacks the historical pedigree and accrued norms of other professions, such as law, medicine, or engineering, but there are some hints that MBA students are beginning to take the idea of ethical norms seriously. See, e.g., Robert Rhee et al., Ethical Issues in Business and the Lawyer’s Role, 12 Transactions: Tenn. J. Bus. L., no. 3, 2011, at 37, 37 (discussing Harvard and Columbia business schools’ requirement that MBA students make pledges to act ethically and responsibly).

47. See Christopher R. Leslie, Trust, Distrust, and Antitrust, 82 Tex. L. Rev. 515, 524–25 (2004).

48. See id. at 526.

49. See id. at 565.

April 2016] The Corporation’s Place in Society 925

To recap, the first distinct problem facing business ethics is the competi- tive structure of the corporate marketplace. Firms run by ethical managers willing to sacrifice profit for society’s interests will likely be eliminated by competitors in the long run. Let us assume, however, that because of manag- ers’ professionalization, business ethics avoids this obstacle.

B. The Problem of External Control

A second distinct problem will still arise to bar business ethics with bite from surviving. This is the fact that corporate managers ultimately answer to a corporation’s shareholders.50 Even if business ethicists succeeded in instil- ling in corporate managers a sense of their high ethical vocation, ethical managers would soon be weeded out by less ethical owners, unless the latter were also converted. If profits began to decline at a firm or even across an entire industry, shareholders would quickly assemble at the next board of directors meeting and select a new board. This board would promptly fire the ethical officers and replace them with less scrupulous successors. Unlike the partners of a law firm, who must answer solely to each other, the manag- ers of a public corporation must answer to the unprofessionalized share- holders of the firm. There is, of course, some room for slack, even in competitive product markets with competition for corporate control as well. Managers are able to extract some private benefits—and create some public benefits—without repercussions, but the competitiveness of both markets will impose important limits.

It seems to be a curious myopia of business ethics—in which, unfortu- nately, Heath is also guilty—that it has largely sought to reimagine the ethics of managers without revisiting the ethics of owners or consumers as well. We are left groping for a reason why business ethics has left our broader understanding of capitalism and its central regulatory institutions un- touched. Perhaps it is that in everyday life we do not expect there to be a class of controlling persons who oversee and systematically punish the altru- istic for their sacrificial conduct. But this is exactly the situation that will face socially minded managers in a world in which nothing has changed the perspective or control of shareholders over firms’ management. Unlike, per- haps, personal ethics, you simply cannot formulate viable business ethics for corporate managers without paying careful attention to the corporate environment.

Even a publicly traded firm both owned and managed by individuals who subscribed to a market failures philosophy would be dynamically unstable. The share price of that company’s stock would be depressed relative to what its value would have been if the company acted less ethically. The price of a public company’s shares reflects the discounted value of the future cash flows associated with that company.51 If that company had made an ethically

50. See, e.g., Edward B. Rock, The General Counsel of a Nonprofit Enterprise: Some Ques- tions, 46 Hous. L. Rev. 17, 19 (2009).

51. Lawrence A. Hamermesh & Michael L. Wachter, The Short and Puzzling Life of the “Implicit Minority Discount” in Delaware Appraisal Law, 156 U. Pa. L. Rev. 1, 47 (2007) (“In

926 Michigan Law Review [Vol. 114:913

driven decision to be less profitable, then the share price would reflect that long-term drop in profitability. This depression of the share price, however, creates an automatic profit opportunity for a prospective purchaser willing to take control of the firm and reverse course. As a result, for the very reason of their ethical conduct, ethical firms would be perennial takeover targets.52

We should expect business ethics that target solely corporate managers to suffer greatly at the hands of an ownership class if the owners remained indifferent to those ethical values.

If this seems extreme, consider the effects of adopting a market failures approach on some of the largest corporations. Assume that the scientific majority is correct that adverse global climate change is driven by current human levels of carbon use. If so, the carbon used in fossil fuels is enor- mously underpriced because of a market failure that prevents the price of carbon products from reflecting environmental harms caused by carbon use.53 Part of the profit of major oil companies, such as ExxonMobil, is driven by the fact that they sell products that are hugely underpriced—as opposed to how they would be priced in a complete market—since they benefit from market failure. Imagine, if you can, that the senior manage- ment of ExxonMobil decided to begin pricing their products at a level that reflected the actual cost of those products to society. That is, they decided to stop exploiting the market failure. According to current estimates, they would have to voluntarily pay $85 per CO-2 ton.54 Adopting this policy would not only cause Exxon’s share price to drop, it would cause it to plum- met. Even if the owners did not sue management,55 either their own share- holders or new owners would soon fire them. The new owners would

both finance theory and the appraisal remedy, the value of a shareholder’s stock is the pro rata value of the discounted future free cash flows . . . .”).

52. The shareholder approach does not face this obstacle. Agency costs are overwhelm- ingly more likely to make a corporation unprofitable than profitable, so corporations that are better at controlling agency costs should be more likely to survive in the long run. Id. at 36.

53. Cf. Timothy J. Brennan, Prizes Versus Patents: A Comment on Jonathan Adler’s Eyes on a Climate Prize: Rewarding Energy Innovation to Achieve Climate Stabilization, 42 Envtl. L. Rep. 10719, 10719 n.7 (2012) (“The primary virtue is that if carbon used in fossil fuels is underpriced because environmental harms, particularly from climate change, are not incorpo- rated in the price, then a carbon tax comes closer to getting prices right in the economy rather than force a gap between prices and marginal cost.”).

54. Nicholas Stern, Executive Summary of Stern Review: The Economics of Cli- mate Change xvi (2007), http://webarchive.nationalarchives.gov.uk/20130129110402/http:// www.hm-treasury.gov.uk/d/Executive_Summary.pdf [http://perma.cc/8XT2-837S].

55. It is unclear whether a firm’s owners could have a viable suit against their managers for breach of fiduciary duty if management were to avoid a profitable business strategy for ethical reasons. The substantial discretion provided to corporate managers by the business judgment rule may protect them from such a suit, and the case law of many states suggests that their highest courts do not share the view of many corporate scholars that the duty of corporate managers is solely to maximize shareholder value within the constraints of law. See generally Einer Elhauge, Sacrificing Corporate Profits in the Public Interest, 80 N.Y.U. L. Rev. 733, 738 (2005) (“Corporate managers . . . have always had some legal discretion (implicit or explicit) to sacrifice corporate profits in the public interest. . . . None of the fifty states has a statute that imposes a duty to profit-maximize or that makes profit-maximization the sole

April 2016] The Corporation’s Place in Society 927

acquire shares at low prices, intending to quickly increase shareholder value (at society’s expense) by reversing corporate policy. This example is not cho- sen at random. The Stern Report, probably the best known government re- port on the subject, notes that “[c]limate change presents a unique challenge for economics: it is the greatest and widest-ranging market failure ever seen.”56

This is a point worth emphasizing. Any approach to business ethics that bites into the profits of a firm but ignores the market for corporate control is going to suffer enormous problems in achieving any acceptance. Realizing a market failures or “efficiency” approach to business ethics thus faces con- siderable obstacles, which is something to reflect on. Market efficiency on its own implies a set of moral demands that are so startling in their scope as to seem almost utopian.

So, what is to be done? I propose a brief suggestion, not as an actual candidate for reform (it is too radical for my taste), but rather as an illustra- tion of the kind of dramatic change to the corporate control environment that might ease some of the tensions facing business ethics. There has been an increasing trend over the last fifteen years for U.S. financial legislation to include substantive corporate governance requirements.57 There has also been a recent rethinking of what exactly the status of being a “public” cor- poration should entail.58 At the intersection of these two developments is a candidate for the kind of structural reform that is likely necessary for a vi- sion of business ethics like Heath’s to become feasible. The idea is to have a “market failures” independent director on the board of each public com- pany. This director would ensure that the firm did not exploit any market failure, or more modestly, ensure that a firm did not try to engineer any new

purpose of the corporation. . . . [T]he influential Principles of Corporate Governance by the American Law Institute (ALI) explicitly state that common law fiduciary duties do not pro- hibit managers from sacrificing profits to further the public interest . . . .”). But see Kent Greenfield, Using Behavioral Economics to Show the Power and Efficiency of Corporate Law as Regulatory Tool, 35 U.C. Davis L. Rev. 581, 605 (2002) (“Since the early-twentieth century case of Dodge v Ford, corporations have been deemed to have an ‘unyielding’ duty to look after the interests of the shareholders, which has been translated into a duty to maximize profits.” (footnotes omitted)).

56. Stern, supra note 54, at i.

57. See, e.g., Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub. L. No. 111-203, 124 Stat. 1376 (2010); Sarbanes-Oxley Act of 2002, Pub. L. No. 107-204, 116 Stat. 745. This trend has not been without its able and trenchant critics. See, e.g., Roberta Romano, The Sarbanes-Oxley Act and the Making of Quack Corporate Governance, 114 Yale L.J. 1521, 1528 (2005); Stephen M. Bainbridge, The Creeping Federalization of Corporate Law, Reg., Spring 2003, at 26, 31.

58. See, e.g., Donald C. Langevoort & Robert B. Thompson, “Publicness” in Contempo- rary Securities Regulation After the JOBS Act, 101 Geo. L.J. 337, 338 (2013); Hillary A. Sale, The New “Public” Corporation, 74 Law & Contemp. Probs. 137, 141 (2011); Hillary A. Sale, Public Governance, 81 Geo. Wash. L. Rev. 1012, 1013–14 (2013).

928 Michigan Law Review [Vol. 114:913

market failure. So, for instance, such a director might oversee a firm’s lobby- ing activities to check whether the firm was inappropriately seeking to dis- suade government officials from trying to regulate some market failure.59

These market failures directors might also be part of organizations within industries devoted to reaching consensus on how that industry might stop exploiting a given market failure.

Conclusion

The obstacles of competition and owner control, while significant, should not cause us to despair. For inspiration, just look to the ingenuity that scholars have devoted to the central quest of corporate law—aligning the interests of managers with shareholders to overcome the agency problem created by the separation of ownership and control. Boards of directors, in- dependent directors, the market for corporate control, shareholder empow- erment, incentive contracts—the list of devices heralded at one time or another as the silver bullet for agency costs goes on and on.60 Heath’s book is a clarion call for scholars of corporate law and corporate finance to start taking seriously how the corporate environment could be altered to make it easier for corporations—as well as the government—to take steps to elimi- nate market failure. Imagining a more robust ethics for corporations re- quires carefully and comprehensively rethinking the institutional and social environment in which they function. Perhaps the greatest contribution of Joseph Heath’s wonderful book is to have clarified this task ahead.

59. Cf. Leo E. Strine, Jr. & Nicholas Walter, Conservative Collision Course?: The Tension Between Conservative Corporate Law Theory and Citizens United, 100 Cornell L. Rev. 335, 385 (2015) (noting that the ultimate shareholders of for-profit corporations are humans with concerns about the negative externalities that a profit-seeking motive alone may cause). An- other possible response—which I owe to Heath—is the use of “other constituency” statutes, which explicitly permit managers to consider nonshareholder interests. See A.A. Sommer, Jr., Whom Should the Corporation Serve? The Berle-Dodd Debate Revisited Sixty Years Later, 16 Del. J. Corp. L. 33, 41 (1991).

60. See, e.g., Ronald J. Gilson & Charles K. Whitehead, Deconstructing Equity: Public Ownership, Agency Costs, and Complete Capital Markets, 108 Colum. L. Rev. 231, 232 (2008).

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7/27/2014 Operating Systems with Lab

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Lab 4 of 7: Main Memory Allocation – Part 1 of 2 (50 Points)

Click here to open the instructions to access the Linux environment.

Main Memory Allocation – Part 1 of 2

The objective of this week’s lab is to simulate and evaluate different memory allocation/deallocation techniques (first fit, next fit, best fit,

and worst fit)when a linked list is used to keep track of memory usage. You will implement a separate Memory component for TWO

of the four memory allocation/deallocation techniques. This lab is designed to be completed in two weeks. One

allocation/deallocation technique is due on Week 4, and the second technique is due on Week 5.

Print

Submit your assignment to the Dropbox located on the silver tab at the top of this page.

(See the Syllabus section “Due Dates for Assignments & Exams” for due dates.)

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Connect to the iLab

here .

i L A B A C C E S S

Accessing the Linux Environment

i L A B O V E R V I E W

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Assume that the memory is 256 KB and is divided into units of 2 KB each. A process may request between 3 and 10 units of memory.

Your simulation consists of three components: a Memory component that implements a specific allocation/deallocation technique, a

request generation component that generates allocation/deallocation requests, and a statistics reporting component that prints out the

relevant statistics. The Memory component exports the following functions:

1. int allocate_mem(int process_id, int num_units): allocates num_units units of memory to a process whose id is

process_id. If successful, it returns the number of nodes traversed in the linked list. Otherwise, it returns -1.

2. int deallocate_mem(int process_id): deallocates the memory allocated to the process whose ID is process_id. It returns 1,

if successful, otherwise “1.

3. int fragment_count( ): returns the number of holes (fragments of sizes 1 or 2 units).

The request generation component generates allocation and deallocation requests. For allocation requests, the component specifies the

process ID of the process for which memory is requested as well as the number of memory units being requested. For this simulation,

assume that memory is requested for each process only once. For deallocation requests, the component specifies the process ID of the

process whose memory has to be deallocated. For this simulation, assume that the entire memory allocated to a process is deallocated on

a deallocation request. You may generate these requests based on some specific criteria, e.g., at random or from a memory

allocation/deallocation trace obtained from some source.

There are three performance parameters that your simulation should calculate for the chosen two techniques: average number of external

fragments, average allocation time in terms of the average number of nodes traversed in allocation, and the percentage of times an

allocation request is denied.

Generate 10,000 requests using the request generation component, and for each request, invoke the appropriate function of the Memory

component for each of the memory allocation/deallocation techniques. After every request, update the three performance parameters for

each of the techniques. The statistics reporting component prints the value of the three parameters for the two techniques at the end.

You will submit four separate files to the dropbox for Week 4:

1. C or C++ program (source code)

2. Executable file (object)

Deliverables

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3. Instructions to execute the program

4. Analysis of the results for the chosen allocation/deallocation technique

The program for the main memory allocation/deallocation for the first chosen technique is due this week. This program is to be written in

C or C++ programming language on a Linux environment. The second technique is due on Week 5.

IMPORTANT: Please make sure that any questions or clarification about these labs are addressed early.

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the complete portfolio refers to the investment in _________.

FINC 340- FINAL EXAMINATION

A- MULTIPLE CHOICE – Answer any 60 of the following (60 points -1 point each)

1– An exchange traded fund that invests in the stocks of large corporations is an example of

A) direct investment.

B) indirect investment.

C) derivative investment.

D) tangible investment.

2- On a net basis, funds in the financial markets are generally supplied by

A) individuals.

B) both individuals and business firms.

C) business firms.

D) the government.

3- Which of the following is an example of a tangible asset.

A) Bonds

B) mutual funds

C) real estate

D) stocks

4. Sarah purchased a stock one year ago at a price of $32 a share. In the past year, she has received four quarterly dividends of $0.75 each. Today she sold the stock for $38 a share. Her capital gain per share is

A) $3.00.

B) $6.00.

C) $(6.00).

D) $9.00.

5. Investment bankers who join together to share the financial risk associated with buying an entire issue of new securities and reselling them to the public is called a(n)

A) selling group.

B) tombstone group.

C) underwriting syndicate.

D) primary market group.

6. Which one of the following statements about the NYSE is correct?

A) Each member of the exchange owns a trading post.

B) Any listed stock may be traded at any of 20 trading posts.

C) Brokerage firms are only permitted to have one individual trading on the floor of the exchange.

D) Buy orders are filled at the lowest price and sell orders are filled at the highest price.

7. The price an individual investor will pay to purchase a stock in the OTC market is the

A) spread.

B) ask price.

C) bid price.

D) broker price.

8. Kayla invested $3,000 and purchased shares of a German corporation when the exchange rate was $1.00 = .70 euro. After six months, she sold all of the shares for 3,180 euros, when the exchange rate was $1.00 = .68 euro. No dividends were paid during the time Heidi owned the shares of stock. What is the amount of Kayla’s gain or loss on this investment?

A) $129.60 gain

B) $1676 gain

C) $1676 loss

D) $250 loss

9. The purchase of stock with cash in the hope of earning a capital gain is known as taking a

A) long position in the stock.

B) short position in the stock.

C) long, margined position in the stock.

D) short, margined position in the stock.

10. Megan bought 200 shares of stock at a price of $10 a share. She used her 70% margin account to make the purchase. Megan sold her stock after a year for $12 a share. Ignoring margin interest and trading costs, what is Megan’s return on investor’s equity for this investment?

A) 67%

B) 29%

C) 14%

D) 10%

11. Emily bought 200 shares of ABC Co. stock for $29.00 per share on 60% margin. Assume she holds the stock for one year and that her interest costs will be $80 over the holding period. Ignoring commissions, what is her percentage return (loss) on invested capital if the stock price went down 10%?

A) -32%

B) -21%

C) -16%

D) -10%

12. Which of the following types of information will NOT be found in major urban newspapers?

A) price quotations for stocks of local interest

B) stories concerning local business leaders

C) interest rates offered by local and national banks

D) real time price quotes for widely held stocks and exchange traded funds

13. Kelly bought a stock at a price of $22.50. She received a $1.75 dividend and sold the stock for $24.75. What is Kelly’s capital gain on this investment?

A) $4.00

B) $3.75

C) $2.25

D) $1.75

14. Inflation tends to have a favorable impact on

A) real estate.

B) common stock.

C) preferred stock.

D) bonds.

15. When calculating the present value of either a future single sum or a future annuity, the applicable interest rate is usually called the

A) yield to maturity.

B) compound interest rate.

C) internal rate of return.

D) discount rate.

16. The closest approximation to the real, risk-free rate of interest is

A) The short-term Treasury bill rate plus the inflation rate.

B) The short-term Treasury bill rate minus the inflation rate.

C) The 10 year Treasury bond rate minus the inflation rate.

D) The 10 year Treasury bond rate minus the 1 year Treasury bill rate.

 17. The markets in general are paying a 2% real rate of return. Inflation is expected to be 3%. ABC stock commands a 6% risk premium. What is the expected rate of return on ABC stock?

A) 2%

B) 5%

C) 8%

D) 11%

18. The required return on Beta stock is 14%. The risk-free rate of return is 4% and the real rate of return is 2%. How much are investors requiring as compensation for risk?

A) 8%

B) 10%

C) 12%

D) 14%

19. You find that the bid and ask prices for a stock are $10.25 and $10.30 respectively. If you purchase or sell the stock you must pay a flat commission of $25. If you buy 100 shares of the stock and immediately sell them, what is your total implied and actual transaction cost in dollars?  A. $50 B. $25 C. $30 D. $55

20. Systematic risks

A) can be eliminated by investing in a variety of economic sectors.

B) are forces that affect all investment categories.

C) result from random firm-specific events.

D) are unique to certain types of investment.

21. When the stock market has bottomed out and is beginning to recover, the best portfolio to own is the one with a beta of

A) 0.0.

B) +0.5.

C) +1.5.

D) +2.0.

22. Which one of the following statements about common stock is true?

A) Common stock can provide attractive capital appreciation opportunities.

B) Dividends generally provide the greatest rate of return on common stocks.

C) Common stocks generally have a negative rate of return over a ten-year period.

D) The DJIA is the best indicator of the overall performance of common stocks.

23. Substituting EBITDA for EBIT when computing the times interest earned ratio will make the company appear

A) more leveraged.

B) less leveraged.

C) more profitable.

D) less efficient.

24. Nadine Enterprises has total assets of $240,000, a debt-equity ratio of 0.60, and a return on assets of 9%. What is the return on equity?

A) 5.4%

B) 5.6%

C) 14.4%

D) 15.0%

25.  Which one of the following is a leverage measure?

A) times interest earned

B) net working capital

C) return on equity

D) net profit margin

26. Assume that you have recently purchased 100 shares in an investment company. Upon examining the balance sheet, you note the firm is reporting $225 million in assets, $30 million in liabilities, and 10 million shares outstanding. What is the Net Asset Value (NAV) of these shares?  A. $25.50 B. $22.50 C. $19.50 D. $1.95

27. The offer price of an open-end fund is $18.00 and the fund is sold with a front-end load of 5%? What is the fund’s NAV?  A. $18.74 B. $17.10 C. $15.40 D. $16.57

28. Whisper numbers are

A) officially published forecast numbers provided by company management.

B) the official released estimates prepared by financial analysts.

C) generally less accurate than the released estimates by analysts.

D) generally higher than the released analysts’ forecasts.

29. You invest in a mutual fund that charges a 3% front end load, 1% total annual fees, and a 0% back end load on Class A shares. The same fund charges 0% front end load, 1% total annual fees, and a 2% back end load on Class B shares. What are the total fees in year one on a Class A investment of $20,000 with no growth in value?  A. 658 B. 794 C. 885 D. 902

30. You invest in a mutual fund that charges a 3% front end load, 1% total annual fees, and a 0% back end load on Class A shares. The same fund charges 0% front end load, 1% total annual fees, and a 2% back end load on Class B shares. What are the total fees in year one on a Class B investment of $20,000 if you redeem shares with no growth in value?  A. 596 B. 794 C. 885 D. 902

31. You put up $50 at the beginning of the year for an investment. The value of the investment grows 4% and you earn a dividend of $3.50. Your HPR was ____.  A. 4.00% B. 3.50% C. 7.00% D. 11.00%

32. The complete portfolio refers to the investment in _________.  A. the risk-free asset B. the risky portfolio C. the risk-free asset and the risky portfolio combined D. the risky portfolio and the index

33. An investment earns 10% the first year, 15% the second year and loses 12% the third year. Your total compound return over the three years was ______.  A. 41.68% B. 11.32% C. 3.64% D. 13.00%

34. Suppose you pay $9,700 for a $10,000 par Treasury bill maturing in three months. What is the holding period return for this investment?  A. 3.01% B. 3.09% C. 12.42% D. 16.71%

35. The rate of return on _____ is known at the beginning of the holding period while the rate of return on ____ is not known until the end of the holding period.  A. risky assets, Treasury bills B. Treasury bills, risky assets C. excess returns, risky assets D. index assets, bonds

36. Most studies indicate that investors’ risk aversion is in the range _____.  A. 1-3 B. 2-4 C. 3-5 D. 4-6  

37. A measure of the riskiness of an asset held in isolation is ____________.  A. beta B. standard deviation C. covariance D. semi-variance

38.  If enough investors decide to purchase stocks they are likely to drive up stock prices thereby causing _____________ and ___________.  A. expected returns to fall; risk premiums to fall B. expected returns to rise; risk premiums to fall C. expected returns to rise; risk premiums to rise D. expected returns to fall; risk premiums to rise

39. Building a zero-investment portfolio will always involve _____________.  A. an unknown mixture of short and long positions B. only short positions C. only long positions D. equal investments in a short and a long position

40. Liquidity is a risk factor that __________.  A. has yet to be accurately measured and incorporated into portfolio management B. is unaffected by trading mechanisms on various stock exchanges C. has no effect on the market value of an asset D. affects bond prices but not stock prices

41. A stock’s alpha measures the stock’s ____________________.  A. expected return B. abnormal return C. excess return D. residual return

42. The measure of risk used in the Capital Asset Pricing Model is ___________.  A. specific risk B. the standard deviation of returns C. reinvestment risk D. beta

43. Random price movements indicate ________.  A. irrational markets B. that prices cannot equal fundamental values C. that technical analysis to uncover trends can be quite useful D. that markets are functioning efficiently

44. Stock prices that are stable over time _______.  A. indicate that prices are useful indicators of true economic value B. indicate that the market is not incorporating new information into current stock prices C. ensure that an economy allocates its resources efficiently D. indicates that returns follow a random walk process

45. If you believe in the __________ form of the EMH, you believe that stock prices reflect all relevant information including information that is available only to insiders.  A. semi-strong B. strong C. weak D. perfect

46. __________ is the return on a stock beyond what would be predicted from market movements alone.  A. A normal return B. A subliminal return C. An abnormal return D. An excess return 

47. A market anomaly refers to _______.  A. an exogenous shock to the market that is sharp but not persistent B. a price or volume event that is inconsistent with historical price or volume trends C. a trading or pricing structure that interferes with efficient buying and selling of securities D. price behavior that differs from the behavior predicted by the efficient market hypothesis

 48. The semi-strong form of the efficient market hypothesis implies that ____________ generate abnormal returns and ____________ generate abnormal returns.  A. Technical analysis cannot; fundamental analysis can B. Technical analysis can; fundamental analysis can C. Technical analysis can; fundamental analysis cannot D. Technical analysis cannot; fundamental analysis cannot

 49. Insiders are able to profitably trade and earn abnormal returns prior to the announcement of positive news. This is a violation of which form of efficiency?  A. Weak form efficiency B. Semi-strong form efficiency C. Strong form efficiency D. Technical analysis

50. In an efficient market and for an investor that believes in a passive approach to investing, what is the primary duty of a portfolio manager?  A. Accounting for results B. Diversification C. Identifying undervalued stocks D. No need for a portfolio manager

51. The lack of adequate trading volume in stock that may ultimately lead to its ability to produce excess returns is referred to as the ____________________.  A. January effect B. liquidity effect C. neglected firm effect D. P/E effect

52. The put/call ratio is a ______ indicator.  A. sentiment B. flow of funds C. market structure D. fundamental

53. 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

54. A high amount of short interest is typically considered as a __________ signal and contrarians may consider it as a _________ signal.  A. bearish; bullish B. bullish; bearish C. bearish; false D. bullish; false

55. An investor holds a very conservative portfolio invested for retirement but she takes some extra cash she earned from her year-end bonus and buys gold futures. She appears to be engaging in ___________.  A. overconfidence B. representativeness C. forecast errors D. mental accounting

56. If mutual fund portfolios are heavy in cash, market contrarians may interpret this as what kind of signal?  A. Buy signal B. Sell signal C. Hold signal D. This is not interpreted as a signal

57. Bonds rated _____ or better by Standard and Poor’s are considered investment grade.  A. AA B. BBB C. BB D. CCC

58. The __________ of a bond is computed as the ratio of coupon payments to market price.  A. nominal yield B. current yield C. yield to maturity D. yield to call

59. Which of the following bonds would most likely sell at the lowest yield?  A. A callable debenture B. A putable mortgage bond C. A callable mortgage bond D. A putable debenture

60. A 1% decline in yield will have the least effect on the price of the bond with a _________.  A. 10-year maturity, selling at 80 B. 10-year maturity, selling at 100 C. 20-year maturity, selling at 80 D. 20-year maturity, selling at 100

61. Yields on municipal bonds are generally lower than yields on similar corporate bonds because of differences in _________.  A. marketability B. risk C. taxation D. call protection

62. If interest rates are expected to rise, then Joe Hill should ____.  A. prefer the Wildwood bond to the Asbury bond B. prefer the Asbury bond to the Wildwood bond C. be indifferent between the Wildwood bond and the Asbury bond D. there is not enough information given to tell

63. The price of a bond at the beginning of a period is $980.00 and $975.00 at the end of the period. What is the holding period return if the annual coupon rate is 4.5%?  A. 4.08% B. 4.50% C. 5.10% D. 5.6%

64. 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 year zero coupon bond yielding 10% D. A 20 year zero coupon bond yielding 11%

65. As a result of bond convexity an increase in a bond’s price when yield to maturity falls is ________ the price decrease resulting from an increase in yield of equal magnitude.  A. greater than B. equivalent to C. smaller than D. The answer is indeterminate.

66. The duration of a 5-year zero coupon bond is ____ years.  A. 4.5 B. 5.0 C. 5.5 D. 3.. 

67. Pension fund managers can generally best bring about an effective reduction in their interest rate risk by holding ___________________.  A. long maturity bonds B. long duration bonds C. short maturity bonds D. short duration bonds

68. The use of leverage is practiced in the futures markets due to the existence of _________.  A. banks B. brokers C. clearinghouse D. margin

69. Perfect timing ability is equivalent to having __________ on the market portfolio.  A. a call option B. a futures contract C. a put option D. a forward contract

70. Active portfolio managers try to construct a risky portfolio with _______.  A. a higher Sharpe measure than a passive strategy B. a lower Sharpe measure than a passive strategy C. the same Sharpe measure as a passive strategy D. very few securities

B- TRUE/FALSE- Answer any 15 out of the following (15 points-1 point each)

1-In the financial markets, individuals are net demanders of funds.

2-Under current tax laws, most taxpayers will pay a lower tax rate on capital gains than on income from wages.

3-Capital markets deal exclusively in stock. Money markets deal exclusively in debt instruments.

4-Securities that trade in the over-the-counter market are called unlisted securities.

5- Diversification is the inclusion of a number of different investments in a portfolio with the goal of increasing returns or reducing risk.

6-On-line trading has greatly lowered greatly lowered the cost of buying and selling stock as well as greatly increasing the speed of transactions.

7-Descriptive information might include the company’s lines of business, a list of major competitors, and recent changes in management.

8- An investor who requires a 7% rate of return should be willing to pay $934.58 now to receive $1,000 at the end of one year.

9- Sydney invested $10,000 for an indefinite period at 5% per year. At the end of each year, she receives a a $500 check for interest earned. This type of account pays simple interest.

10-$10,000 invested in the NASDAQ Composite at the beginning of 1995 would have increased in value to over $50,000 by the end of 1999.

11– High dividend payout ratios are more of a concern to analysts than low payout ratios.

12-The dividend valuation model (DVM) is very sensitive to the growth rate (g) being used, because it affects both the model’s numerator and its denominator.

13– Advocates of the weak-form efficient market hypothesis claim that past price movements are the best predictors of future price movements.

14- For technical analysts, the forces of supply and demand have an important effect on the prices of securities.

15- Bonds are typically a good investment choice for an individual who is seeking long-term preservation of capital.

16-The risk premium component of a bond’s market interest rate is related to the characteristics of the particular bond and its issuer.

17– According to the expectations hypothesis, if investors anticipate higher rates of inflation in the future, the yield curve will be down sloping.

18- If a bond’s yield to maturity is lower than its coupon rate, the bond will sell at a discount.

19- When developing an asset allocation scheme, it is best to weight each type of asset equally.

20– Investors need to monitor economic and market activity to assess the potential impact these factors can have on their investment portfolios.

C- QUESTIONS/ANSWERS- Answer any 5 of the following ( 25 points- 5 points each)

1) Discuss the relationship between stock prices and investors’ beliefs about the business cycle.

2) What is the advantage of charting the price of a security over a period of time?

3) Zachary has purchased an investment that he expects to produce income of $3,000 at the end of the first year and $4,000 at the end of the second year. If he requires an 8% rate of return compounded annually, what is the maximum amount that he can pay and still earn the required rate of return?

4) Over the past 4 years, the annual rates of return on stock of Brown & Warren Inc. have been -2%, 4%, 14% and 6%, respectively, over the past four years. Compute the standard deviation of these returns.

5) Dr. Zweibel’s portfolio consists of four stocks: AZMN, 35%, beta 2.4; MKR, 20%, beta 1.6; ABDE, 25%, beta 1.8; and SBUK, 20%, beta 2.1. Compute Dr. Z’s portfolio beta. Does he seem to be a conservative or aggressive investor?

6) Why do some companies split their stock?

7) ROE = (net profit margin)(total asset turnover)(equity multiplier). What is the advantage of using this expanded version of the ROE formula versus using the simplified version which is net income divided by total equity?

8) The common stock of Peachtree Paper, Inc., is currently selling for $40 a share. A dividend of $2.00 per share was just paid. You are estimating that this dividend will grow at a constant rate of 10%.

(a) Using the constant growth DVM model, what is your required rate of return if $40 is a reasonable trading price? (Show all work.)

(b) If Peachtree Papers is a new company that produces a relatively unknown product, is the constant growth model a good valuation method for a potential investor to use? Justify your answer.

9) Explain the concept of bond immunization and the benefits derived from using this technique.

10) Explain why closed-end funds can sell at prices other than the fund’s NAV.

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uacds

ASSIGNMENT: Data Sets

  • Demonstrate compliance with healthcare data sets (Blooms 3)

Instructions:

Part I: Review the information on Data Sets from your lesson. Study the Table 1 provided in the lesson. Create your own table with 3 columns and copy the information from the table in the lesson for the first 2 columns for DEEDS, MDS, OASIS, UACDS, and UHDDS.

Part II: Research each of these online and/or in the Peden textbook

 – In the 3rd column, show 4 data elements that are required for each of the data sets.

Part III: Open the inpatient record provided as an attachment below

– Analyze the documentation in the record to see if it would meet the requirement for the UHDDS data elements you included in your table.

– Type a Yes or a No after each of the data elements to indicate if you were able to find the data element in the chart.

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valdosta blazeview

Introduction to Public Administration POLS 3600 – IC1

Spring 2017: Short Session 1 Professor: Nandan Kumar Jha, PhD Office: West Hall 237 E-mail: nkjha@valdosta.edu (Email is the best way to reach me and I will try to respond within 24 hours on working days and within 24-72 hours to email received during weekends) Phone: 229.293.6058 Office Hours: by email and by appointment only Class Meeting Times: Online Classroom: Desire2Learn Credit Hours: 3 CRN: 22955 Please Note: You are required to read the entire syllabus. This course syllabus provides a general plan for the course; deviations may be necessary. If a change does occur, sufficient notice will be given in class and via e-mail. Course Description This course will focus on the study of public administration processes and underlying theories within American government structures. Emphasis is on the pragmatic aspects of current government leadership and public agency management. This course provides a survey of national public administration with emphasis on the political processes within the surrounding administrative agencies. Topics include development of the administrative function, policy formulation and budgeting, the relations of administrators to Congress, interest groups, courts and the public. Course Objective This course is designed for students to learn about general public administration. Public administration is a field that studies how public policies are implemented through the public and nonprofit sectors, as well as through partnerships and contracts with the private sector. Course Goals:

 Gain understanding on how public policies are administered

 Gain understanding about organizational theories as they pertain to the public and nonprofit sectors

 Comprehend the impact of the “iron triangle” and other influences on the bureaucracy

 Build understanding on the internal processes that support the bureaucracy such as human resource management and financial management

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 Build the capability to critically determine solutions to common bureaucratic problems and improve decision-making skills

 Will be skilled in inquiry, logical reasoning, and critical analysis, enabling arguments, synthesize facts and information, and offer logical arguments leading to creative solutions to problems

Required Textbook/Readings The Politics of the Administrative Process, 6th Edition, Donald F. Kettl. ISBN: 978-1- 4833-3293-2 Required Technology

This course uses Desire2Learn as a course management system. If you have problems accessing any of the materials, The IT Help Desk provides support Monday – Thursday, 8:00 AM– 6:00 PM, Friday: 8:00 AM – 5:00 PM, Saturday: 12:00 PM – 5:00 PM, and Sunday: 1:00 PM – 6:00 PM Contact the IT Helpdesk at (229) 245-4357. You can also get assistance by contacting the USG D2L Help Center at https://d2lhelp.view.usg.edu or the BlazeVIEW Help Center TOLL FREE – 1-855-772- 0423 for help at any time, day or night. Technology issues may not be used as an excuse for not submitting or completing assignments, so be sure to plan ahead. Considerations will be allowed when there are system-wide errors or issues that affect the entire class. Attendance Policy Class attendance is mandatory. If you are not able to complete class requirements on a regular basis, you must drop the course and re-take it in a future semester. If a student is irregular and missing more than two assignments during the semester without any valid excuse, she/he will lose 5 points for each such absence. Exams & Assignments Assignments Assignment Points Quizzes (6) 138 Readings Discussions (7) 42 Final Exam 100 Total 280

Grading Scale 252– 280 A 224 – 251 B 196 – 223 C 168 – 195 Dhttps://d2lhelp.view.usg.edu/

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Below 168 F

Discussions about Readings- 7 worth 6 points each = 42 points (due by Midnight Sunday of the week assigned)

There will be seven (7) weekly discussion questions about the assigned readings. The questions can be answered when the student completes the readings, but the student will not post the discussion response until the assigned week. For each question, the student will answer the assigned question, support his/her answer incorporating the readings, and respond to the posted responses of at least two classmates. Rubric for Discussion Questions about Readings 6 points 4 Points 2 point Responses are posted by deadline; the question is answered thoroughly incorporating the readings into the answer. The student uses the “Reply” button to keep answers in threads and replies to at least two other students’ responses with something more substantial than a basic “I agree” or “I disagree” type of comment.

Responses are posted by deadline; the question is answered thoroughly incorporating the readings into the answer.

Responses are posted by deadline

Weekly Quizzes – 6 worth 23 points= 138 points (due by Midnight Sunday of the week assigned)

There will be six (6) weekly quizzes of 25 questions that will count toward your grade. Each will cover the assigned readings for that week and will have a time limit of 45 minutes to complete. You will have one attempt at completing the quiz so each students needs to make sure to schedule time to complete the quiz before he/she starts the quiz. Each quiz will be available to take from Wednesday-Sunday of the assigned week and students may take the quiz anytime during that period. There is a great deal of material in the chapters, so it is imperative that students read the material before taking the quiz.

Final- 100 points

There will a 50 questions final at the end of the course. The questions will come from the material provided in the text.

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Major Academic Dates This is an eight week course and it is important that students understand that the

certain deadlines will be different than those for full semester (16-week) courses. For example, withdrawals will have to be done before the midterm of the 8-week session and not the midterm of the 16-week semester. The following is a table with important dates for this course.

Spring Semester 2017 (Short Session I)

Classes Begin/End January 09 – March 09

Last Day to Add January 12

Last Day to Drop January 12

Login Deadline / Attendance Verification

January 20 by midnight

Midpoint Date – Last Day to withdraw with a “W”

February 10

Holidays/Breaks NA

Final Exam Day March 03

Class Schedule Schedule is tentative and may be subject to change.

Date Reading Assignments Assignments 01/09- 01/15 Wk. 1

Kettl Chapters 1 & 2: Chapter 1: Accountability Chapter 2: What Is Public Administration?

Discussion Question: Discussion 1: Introduce yourself to the class. Include in your response your experience with online classes and state how you would define public administration. Quiz 1 (Open 01/11 thru 01/15; Due NLT Midnight 01/15)

01/16- 01/22 Wk. 2

Kettl Chapters 3 & 4 Chapter 3: What Government Does And How It Does It Chapter 4: Organizational Theory

Discussion Question: Discussion 2: The text discusses the functions of government at the federal, state, and local levels. Which level do you feel has the greatest impact on the lives of American citizens? Why do you feel this way? QUIZ 2 (Open 01/18 thru 01/22; Due NLT Midnight 01/22)

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01/23- 01/29 Wk. 3

Kettl Chapters 5 & 6 Chapter 5: The Executive Branch Chapter 6: Organization Problems

Discussion Question: Discussion 3: What is “government by proxy” and how do you feel about it? In your opinion, does it increase or hinder government transparency and accountability? QUIZ 3 (Open 01/25 thru 01/29; Due NLT Midnight 01/29)

01/30- 02/05 Wk. 4

Kettl Chapters 7 & 8 Chapter 7: Administrative Reform Chapter 8: The Civil Service

Discussion Question: Discussion 4: Which of the three major administrative reform strategies—downsizing, reengineering, or continuous improvement—do you find to be the most compelling and why? QUIZ 4 (Open 02/01 thru 02/05; Due NLT Midnight 02/05)

02/06- 02/12 Wk. 5

Kettl Chapters 9 & 10 Chapter 9: Human Capital Chapter 10: Decision Making

Discussion Question: Discussion 5: Comment on the Deborah Stone quote reprinted in the text: “Because politics is driven by how people interpret information, much political activity is an effort to control interpretations.” What do you think of this idea that even information is political in the way that interpretations are controlled and perpetuated? QUIZ 5 (Open 02/08 thru 02/12; Due NLT Midnight 02/12)

02/13- 02/19 Wk. 6

Kettl Chapters 11 & 12 Chapter 11: Budgeting Chapter 12: Implementation

Discussion Question: Discussion 6: Within congressional budgeting, there were traditionally two main processes: authorizations and appropriations. Which do you think is more important and why? QUIZ 6 (Open 02/15 thru 02/19; Due NLT Midnight 02/19)

02/20- 02/26 Wk. 7

Kettl Chapters 13 & 14 Chapter 13: Regulation and the Courts Chapter 14: Executive Power and Political Accountability

Discussion Question: Discussion 7: Since many consider Congress to be the “most democratic” of all the branches because its leaders are elected by district and there are so many congressional leaders who have to act together for something to happen, how does American democracy benefit and/or suffer from congressional oversight? Quiz 7 (Open 02/22 thru 02/26; Due NLT Midnight 02/26)

02/27- 03/03 Wk. 8

FINAL EXAM WEEK Final Exam- Students will be able to take the exam any time beginning 12:00 A.M. 03/01 through Midnight 03/03.

Classroom Policies: Make-Up Work

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Make up work or alternative assignments will be determined by the

instructor and at the sole discretion of the instructor. These assignments may or may not exactly duplicate the original and will not entitle other students to the same alternatives since they may not have experienced the same situations. Communications regarding assignments:

Students are responsible for communicating with the instructor if they need

clarification on assignment instructions and grading. Students should initiate such

communication well before the due date of submission of an assignment. Students

should not seek clarity about assignment instructions after receiving grade for a

particular assignment.

POLICIES FOR SUBMISSION OF ASSIGNMENTS:

Students are required to submit assignments online. Students are also

responsible for their access to internet to meet course responsibilities in a timely

manner. Students must keep track of all updates via VSU email and Blazeview. If an

update is scheduled at the same time as the due date for an assignment, students must

submit their assignments beforehand or inform the instructor at the earliest.

If students experience any technical difficulties, then they will need to contact the

BlazeView help desk available through D2L. Any student who does not follow this

procedure will have his/her assignment counted as “late.” Students should keep copies

of all communications with Blazeview helpdesk, VSU IT help desk and use them later to

justify late submission to the instructor.

Policies for missed assignments, make-up assignments, late assignments:

Missed Assignments: If a student misses an assignment or submits an assignment late,

he/she need to submit acceptable documentation to the instructor.

Make-Up Work: After satisfactory review of the documentation provided in support of

the excuse, make up work or alternative assignments will be determined by the sole

discretion of the professor. These assignments may or may not exactly duplicate the

original and will not entitle other students to the same alternatives since they may not

have experienced the same situations.

COURSE COMMUNICATION POLICIES:

Students should check Blazeview course page and their Blazeview email account

regularly. I will communicate with you via your Blazeview email. I will post

announcements, readings, and exam grades on Blazeview. You are responsible for

downloading course materials from Blazeview. If you are unable to view or download

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course materials, it is your responsibility to email the instructor in a timely manner.

Lack of disk space in personal computers or similar types of reasons are not acceptable

reasons for not downloading course materials.

Contacting the Instructor

E-Mail Protocol: Most of the communications in this course will be via e-mail.

Generally, e-mails to the instructor will be answered within 24-72 hours. All e-mail

communication must:

 Be through the VSU email system and not personal e-mail accounts;

 Be properly addressed and follow appropriate Netiquette;

 Include the student’s name and section number for the class; in addition any attachment sent to the instructor must include the sender’s name, course number, and project title as part of the file name, e.g., Smith_POLS_3600IC1_Assign1.doc.

Telephonic Conversation Protocol: If you would like to talk with your instructor,

schedule an appointment one week in advance for phone conversation.

GRADING AND FEEDBACK TIMELINE:

The instructor will grade assignments within a reasonable period of time. Grades

will be made available to students within a week from the due date of submission of any

assignment. Instructor will provide feedback to each student. However, feedback will

not be given on the final exam as there is no time for students to incorporate such

feedback.

STUDENT CONDUCT

Students must use professional language in communication in class and via email

and phone. After two warnings, the instructor reserves the right to drop a student from

class due to unprofessional behavior.

CHANGES TO THE SYALLABUS

The instructor reserves the privilege of making changes to the syllabus –

including changes to the reading schedule, assignment expectations, and even grading

structure. Students will be given fair warning of any changes.

STUDENT OPINION OF INSTRUCTION (SOI):

At the end of the term, all students will be expected to complete Student Opinion

of Instruction survey (SOI). Students will receive an email notification through their

VSU email address when the SOI is available (generally at least one week before the end

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of the term). SOI responses are anonymous to instructors/administrators. Instructors

will be able to view only a summary of all responses after they have submitted final

grades. While instructors will not be able to view individual responses or to access any of

the data until after final grade submission, they will be able to see which students have

or have not completed their SOIs. These compliance and non-compliance reports will

not be available once instructors are able to access the results. Complete information

about the SOIs, including how to access the survey and a timetable for this term is

available at SOI Procedures and Timelines (located at

http://www.valdosta.edu/academics/academic-affairs/sois/welcome.php).

CHEATING AND PLAGIARISM:

Don’t. This class has zero-tolerance for academic misconduct. Sustained

violations will result in a grade of “F” for the class as well as any other action permitted

by the University. Review the Student Handbook at

http://www.valdosta.edu/studentaffairs/ if you need further clarification. In addition,

by taking this course, you agree that all required course work may be subject to

submission for textual similarity review to SafeAssign, a tool within BlazeVIEW. For

more information on the use of SafeAssign at VSU see SafeAssign for Students at

http://www.valdosta.edu/academic/SafeAssignforStudents.shtml.

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CHAPTER 3 Interdependence and the Gains from Trade

Consider your typical day. You wake up in the morning and pour yourself juice from oranges grown in Florida and coffee from beans grown in Brazil. Over breakfast, you watch a news program broadcast from New York on your television made in China. You get dressed in clothes made of cotton grown in Georgia and sewn in factories in Thailand. You drive to class in a car made of parts manufactured in more than a dozen countries around the world. Then you open up your economics textbook written by an author living in Massachusetts, published by a company located in Ohio, and printed on paper made from trees grown in Oregon.

   Every day, you rely on many people, most of whom you have never met, to provide you with the goods and services that you enjoy. Such interdependence is possible because people trade with one another. Those people providing you with goods and services are not acting out of generosity. Nor is some government agency directing them to satisfy your desires. Instead, people provide you and other consumers with the goods and services they produce because they get something in return.

   In subsequent chapters, we examine how an economy coordinates the activities of millions of people with varying tastes and abilities. As a starting point for this analysis, in this chapter we consider the reasons for economic interdependence. One of the Ten Principles of Economicshighlighted in Chapter 1 is that trade can make everyone better off. We now examine this principle more closely. What exactly do people gain when they trade with one another? Why do people choose to become interdependent?

   The answers to these questions are key to understanding the modern global economy. Most countries today import from abroad many of the goods and services they consume, and they export to foreign customers many of the goods and services they produce. The analysis in this chapter explains interdependence not only among individuals but also among nations. As we will see, the gains from trade are much the same whether you are buying a haircut from your local barber or a T-shirt made by a worker on the other side of the globe.

3-1 A Parable for the Modern Economy

To understand why people choose to depend on others for goods and services and how this choice improves their lives, let’s look at a simple economy. Imagine that there are two goods in the world: meat and potatoes. And there are two people in the world—a cattle rancher named Rose and a potato farmer named Frank—each of whom would like to eat both meat and potatoes.

   The gains from trade are most obvious if Rose can produce only meat and Frank can produce only potatoes. In one scenario, Frank and Rose could choose to have nothing to do with each other. But after several months of eating beef roasted, boiled, broiled, and grilled, Rose might decide that self-sufficiency is not all it’s cracked up to be. Frank, who has been eating potatoes mashed, fried, baked, and scalloped, would likely agree. It is easy to see that trade would allow them to enjoy greater variety: Each could then have a steak with a baked potato or a burger with fries.

   Although this scene illustrates most simply how everyone can benefit from trade, the gains would be similar if Frank and Rose were each capable of producing the other good, but only at great cost. Suppose, for example, that Rose is able to grow potatoes but her land is not very well suited for it. Similarly, suppose that Frank is able to raise cattle and produce meat but he is not very good at it. In this case, Frank and Rose can each benefit by specializing in what he or she does best and then trading with the other person.

   The gains from trade are less obvious, however, when one person is better at producing everygood. For example, suppose that Rose is better at raising cattle and better at growing potatoes than Frank. In this case, should Rose choose to remain self-sufficient? Or is there still reason for her to trade with Frank? To answer this question, we need to look more closely at the factors that affect such a decision.

3-1a Production Possibilities

Suppose that Frank and Rose each work 8 hours per day and can devote this time to growing potatoes, raising cattle, or a combination of the two. The table in  Figure 1  shows the amount of time each person requires to produce 1 ounce of each good. Frank can produce an ounce of potatoes in 15 minutes and an ounce of meat in 60 minutes. Rose, who is more productive in both activities, can produce an ounce of potatoes in 10 minutes and an ounce of meat in 20 minutes. The last two columns in the table show the amounts of meat or potatoes Frank and Rose can produce if they devote all 8 hours to producing only that good.

FIGURE 1 The Production Possibilities Frontier

Panel (a) shows the production opportunities available to Frank the farmer and Rose the rancher. Panel (b) shows the combinations of meat and potatoes that Frank can produce. Panel (c) shows the combinations of meat and potatoes that Rose can produce. Both production possibilities frontiers are derived assuming that Frank and Rose each work 8 hours per day. If there is no trade, each person’s production possibilities frontier is also his or her consumption possibilities frontier.

   Panel (b) of  Figure 1  illustrates the amounts of meat and potatoes that Frank can produce. If Frank devotes all 8 hours of his time to potatoes, he produces 32 ounces of potatoes (measured on the horizontal axis) and no meat. If he devotes all his time to meat, he produces 8 ounces of meat (measured on the vertical axis) and no potatoes. If Frank divides his time equally between the two activities, spending 4 hours on each, he produces 16 ounces of potatoes and 4 ounces of meat. The figure shows these three possible outcomes and all others in between.

   This graph is Frank’s production possibilities frontier. As we discussed in  Chapter 2 , a production possibilities frontier shows the various mixes of output that an economy can produce. It illustrates one of the Ten Principles of Economics in Chapter 1: People face trade-offs. Here Frank faces a trade-off between producing meat and producing potatoes.

   You may recall that the production possibilities frontier in  Chapter 2  was drawn bowed out. In that case, the rate at which society could trade one good for the other depended on the amounts that were being produced. Here, however, Frank’s technology for producing meat and potatoes (as summarized in Figure 1) allows him to switch between the two goods at a constant rate. Whenever Frank spends 1 hour less producing meat and 1 hour more producing potatoes, he reduces his output of meat by 1 ounce and raises his output of potatoes by 4 ounces—and this is true regardless of how much he is already producing. As a result, the production possibilities frontier is a straight line.

   Panel (c) of  Figure 1  shows the production possibilities frontier for Rose. If Rose devotes all 8 hours of her time to potatoes, she produces 48 ounces of potatoes and no meat. If she devotes all her time to meat, she produces 24 ounces of meat and no potatoes. If Rose divides her time equally, spending 4 hours on each activity, she produces 24 ounces of potatoes and 12 ounces of meat. Once again, the production possibilities frontier shows all the possible outcomes.

   If Frank and Rose choose to be self-sufficient rather than trade with each other, then each consumes exactly what he or she produces. In this case, the production possibilities frontier is also the consumption possibilities frontier. That is, without trade, Figure 1 shows the possible combinations of meat and potatoes that Frank and Rose can each produce and then consume.

   These production possibilities frontiers are useful in showing the trade-offs that Frank and Rose face, but they do not tell us what Frank and Rose will actually choose to do. To determine their choices, we need to know the tastes of Frank and Rose. Let’s suppose they choose the combinations identified by points A and B in Figure 1. Based on his production opportunities and food preferences, Frank decides to produce and consume 16 ounces of potatoes and 4 ounces of meat, while Rose decides to produce and consume 24 ounces of potatoes and 12 ounces of meat.

3-1b Specialization and Trade

After several years of eating combination B, Rose gets an idea and goes to talk to Frank:

· ROSE: Frank, my friend, have I got a deal for you! I know how to improve life for both of us. I think you should stop producing meat altogether and devote all your time to growing potatoes. According to my calculations, if you work 8 hours a day growing potatoes, you’ll produce 32 ounces of potatoes. If you give me 15 of those 32 ounces, I’ll give you 5 ounces of meat in return. In the end, you’ll get to eat 17 ounces of potatoes and 5 ounces of meat every day, instead of the 16 ounces of potatoes and 4 ounces of meat you now get. If you go along with my plan, you’ll have more of both foods. [To illustrate her point, Rose shows Frank panel (a) of Figure 2.]

· FRANK: (sounding skeptical) That seems like a good deal for me. But I don’t understand why you are offering it. If the deal is so good for me, it can’t be good for you too.

· ROSE: Oh, but it is! Suppose I spend 6 hours a day raising cattle and 2 hours growing potatoes. Then I can produce 18 ounces of meat and 12 ounces of potatoes. After I give you 5 ounces of my meat in exchange for 15 ounces of your potatoes, I’ll end up with 13 ounces of meat and 27 ounces of potatoes, instead of the 12 ounces of meat and 24 ounces of potatoes that I now get. So I will also consume more of both foods than I do now. [She points out panel (b) of  Figure 2 .]

· FRANK: I don’t know. . . . This sounds too good to be true.

· ROSE: It’s really not as complicated as it first seems. Here—I’ve summarized my proposal for you in a simple table. [Rose shows Frank a copy of the table at the bottom of Figure 2.]

· FRANK: (after pausing to study the table) These calculations seem correct, but I am puzzled. How can this deal make us both better off?

· ROSE: We can both benefit because trade allows each of us to specialize in doing what we do best. You will spend more time growing potatoes and less time raising cattle. I will spend more time raising cattle and less time growing potatoes. As a result of specialization and trade, each of us can consume more meat and more potatoes without working any more hours.

FIGURE 2 How Trade Expands the Set of Consumption Opportunities

The proposed trade between Frank the farmer and Rose the rancher offers each of them a combination of meat and potatoes that would be impossible in the absence of trade. In panel (a), Frank gets to consume at point A* rather than point A. In panel (b), Rose gets to consume at point B* rather than point B. Trade allows each to consume more meat and more potatoes.

Quick Quiz Draw an example of a production possibilities frontier for Robinson Crusoe, a shipwrecked sailor who spends his time gathering coconuts and catching fish. Does this frontier limit Crusoe’s consumption of coconuts and fish if he lives by himself? Does he face the same limits if he can trade with natives on the island?

3-2 Comparative Advantage: The Driving Force of Specialization

Rose’s explanation of the gains from trade, though correct, poses a puzzle: If Rose is better at both raising cattle and growing potatoes, how can Frank ever specialize in doing what he does best? Frank doesn’t seem to do anything best. To solve this puzzle, we need to look at the principle ofcomparative advantage.

   As a first step in developing this principle, consider the following question: In our example, who can produce potatoes at a lower cost—Frank or Rose? There are two possible answers, and in these two answers lie the solution to our puzzle and the key to understanding the gains from trade.

3-2a Absolute Advantage

One way to answer the question about the cost of producing potatoes is to compare the inputs required by the two producers. Economists use the term  absolute advantage  when comparing the productivity of one person, firm, or nation to that of another. The producer that requires a smaller quantity of inputs to produce a good is said to have an absolute advantage in producing that good.

absolute advantage

the ability to produce a good using fewer inputs than another producer

   In our example, time is the only input, so we can determine absolute advantage by looking at how much time each type of production takes. Rose has an absolute advantage both in producing meat and in producing potatoes because she requires less time than Frank to produce a unit of either good. Rose needs to input only 20 minutes to produce an ounce of meat, whereas Frank needs 60 minutes. Similarly, Rose needs only 10 minutes to produce an ounce of potatoes, whereas Frank needs 15 minutes. Based on this information, we can conclude that Rose has the lower cost of producing potatoes, if we measure cost in terms of the quantity of inputs.

3-2b Opportunity Cost and Comparative Advantage

There is another way to look at the cost of producing potatoes. Rather than comparing inputs required, we can compare opportunity costs. Recall from  Chapter 1  that the  opportunity cost  of some item is what we give up to get that item. In our example, we assumed that Frank and Rose each spend 8 hours a day working. Time spent producing potatoes, therefore, takes away from time available for producing meat. When reallocating time between the two goods, Rose and Frank give up units of one good to produce units of the other, thereby moving along the production possibilities frontier. The opportunity cost measures the trade-off between the two goods that each producer faces.

opportunity cost

whatever must be given up to obtain some item

   Let’s first consider Rose’s opportunity cost. According to the table in panel (a) of Figure 1, producing 1 ounce of potatoes takes 10 minutes of work. When Rose spends those 10 minutes producing potatoes, she spends 10 minutes less producing meat. Because Rose needs 20 minutes to produce 1 ounce of meat, 10 minutes of work would yield ½ ounce of meat. Hence, Rose’s opportunity cost of producing 1 ounce of potatoes is ½ ounce of meat.

TABLE 1 The Opportunity Cost of Meat and Potatoes

Opportunity Cost of:
1 oz of Meat1 oz of Potatoes
Frank the farmer4 oz potatoes¼ oz meat
Rose the rancher2 oz potatoes½ oz meat

   Now consider Frank’s opportunity cost. Producing 1 ounce of potatoes takes him 15 minutes. Because he needs 60 minutes to produce 1 ounce of meat, 15 minutes of work would yield ¼ ounce of meat. Hence, Frank’s opportunity cost of 1 ounce of potatoes is ¼ ounce of meat.

    Table 1  shows the opportunity costs of meat and potatoes for the two producers. Notice that the opportunity cost of meat is the inverse of the opportunity cost of potatoes. Because 1 ounce of potatoes costs Rose ½ ounce of meat, 1 ounce of meat costs Rose 2 ounces of potatoes. Similarly, because 1 ounce of potatoes costs Frank ¼ ounce of meat, 1 ounce of meat costs Frank 4 ounces of potatoes.

   Economists use the term  comparative advantage  when describing the opportunity costs faced by two producers. The producer who gives up less of other goods to produce Good X has the smaller opportunity cost of producing Good X and is said to have a comparative advantage in producing it. In our example, Frank has a lower opportunity cost of producing potatoes than Rose: An ounce of potatoes costs Frank only ¼ ounce of meat, but it costs Rose ½ ounce of meat. Conversely, Rose has a lower opportunity cost of producing meat than Frank: An ounce of meat costs Rose 2 ounces of potatoes, but it costs Frank 4 ounces of potatoes. Thus, Frank has a comparative advantage in growing potatoes, and Rose has a comparative advantage in producing meat.

comparative advantage

the ability to produce a good at a lower opportunity cost than another producer

   Although it is possible for one person to have an absolute advantage in both goods (as Rose does in our example), it is impossible for one person to have a comparative advantage in both goods. Because the opportunity cost of one good is the inverse of the opportunity cost of the other, if a person’s opportunity cost of one good is relatively high, the opportunity cost of the other good must be relatively low. Comparative advantage reflects the relative opportunity cost. Unless two people have the same opportunity cost, one person will have a comparative advantage in one good, and the other person will have a comparative advantage in the other good.

3-2c Comparative Advantage and Trade

The gains from specialization and trade are based not on absolute advantage but on comparative advantage. When each person specializes in producing the good for which he or she has a comparative advantage, total production in the economy rises. This increase in the size of the economic pie can be used to make everyone better off.

   In our example, Frank spends more time growing potatoes, and Rose spends more time producing meat. As a result, the total production of potatoes rises from 40 to 44 ounces, and the total production of meat rises from 16 to 18 ounces. Frank and Rose share the benefits of this increased production.

   We can also look at the gains from trade in terms of the price that each party pays the other. Because Frank and Rose have different opportunity costs, they can both get a bargain. That is, each of them benefits from trade by obtaining a good at a price that is lower than his or her opportunity cost of that good.

   Consider the proposed deal from Frank’s viewpoint. Frank receives 5 ounces of meat in exchange for 15 ounces of potatoes. In other words, Frank buys each ounce of meat for a price of 3 ounces of potatoes. This price of meat is lower than his opportunity cost for an ounce of meat, which is 4 ounces of potatoes. Thus, Frank benefits from the deal because he gets to buy meat at a good price.

   Now consider the deal from Rose’s viewpoint. Rose buys 15 ounces of potatoes for a price of 5 ounces of meat. That is, the price of potatoes is ⅓ ounce of meat. This price of potatoes is lower than her opportunity cost of an ounce of potatoes, which is ½ ounce of meat. Rose benefits because she gets to buy potatoes at a good price.

   The story of Rose the rancher and Frank the farmer has a simple moral, which should now be clear: Trade can benefit everyone in society because it allows people to specialize in activities in which they have a comparative advantage.

3-2d The Price of the Trade

The principle of comparative advantage establishes that there are gains from specialization and trade, but it raises a couple of related questions: What determines the price at which trade takes place? How are the gains from trade shared between the trading parties? The precise answer to these questions is beyond the scope of this chapter, but we can state one general rule: For both parties to gain from trade, the price at which they trade must lie between the two opportunity costs.

   In our example, Frank and Rose agreed to trade at a rate of 3 ounces of potatoes for each ounce of meat. This price is between Rose’s opportunity cost (2 ounces of potatoes per ounce of meat) and Frank’s opportunity cost (4 ounces of potatoes per ounce of meat). The price need not be exactly in the middle for both parties to gain, but it must be somewhere between 2 and 4.

   To see why the price has to be in this range, consider what would happen if it were not. If the price of meat were below 2 ounces of potatoes, both Frank and Rose would want to buy meat, because the price would be below each of their opportunity costs. Similarly, if the price of meat were above 4 ounces of potatoes, both would want to sell meat, because the price would be above their opportunity costs. But there are only two members of this economy. They cannot both be buyers of meat, nor can they both be sellers. Someone has to take the other side of the deal.

   A mutually advantageous trade can be struck at a price between 2 and 4. In this price range, Rose wants to sell meat to buy potatoes, and Frank wants to sell potatoes to buy meat. Each party can buy a good at a price that is lower than his or her opportunity cost. In the end, each person specializes in the good for which he or she has a comparative advantage and is, as a result, better off.

Quick Quiz Robinson Crusoe can gather 10 coconuts or catch 1 fish per hour. His friend Friday can gather 30 coconuts or catch 2 fish per hour. What is Crusoe’s opportunity cost of catching 1 fish? What is Friday’s? Who has an absolute advantage in catching fish? Who has a comparative advantage in catching fish?

FYI: The Legacy of Adam Smith and David Ricardo

Economists have long understood the gains from trade. Here is how the great economist Adam Smith put the argument:

· It is a maxim of every prudent master of a family, never to attempt to make at home what it will cost him more to make than to buy. The tailor does not attempt to make his own shoes, but buys them of the shoemaker. The shoemaker does not attempt to make his own clothes but employs a tailor. The farmer attempts to make neither the one nor the other, but employs those different artificers. All of them find it for their interest to employ their whole industry in a way in which they have some advantage over their neighbors, and to purchase with a part of its produce, or what is the same thing, with the price of part of it, whatever else they have occasion for.

David Ricardo

This quotation is from Smith’s 1776 book An Inquiry into the Nature and Causes of the Wealth of Nations, which was a landmark in the analysis of trade and economic interdependence.

   Smith’s book inspired David Ricardo, a millionaire stockbroker, to become an economist. In his 1817 book Principles of Political Economy and Taxation, Ricardo developed the principle of comparative advantage as we know it today. He considered an example with two goods (wine and cloth) and two countries (England and Portugal). He showed that both countries can gain by opening up trade and specializing based on comparative advantage.

   Ricardo’s theory is the starting point of modern international economics, but his defense of free trade was not a mere academic exercise. Ricardo put his beliefs to work as a member of the British Parliament, where he opposed the Corn Laws, which restricted the import of grain.

   The conclusions of Adam Smith and David Ricardo on the gains from trade have held up well over time. Although economists often disagree on questions of policy, they are united in their support of free trade. Moreover, the central argument for free trade has not changed much in the past two centuries. Even though the field of economics has broadened its scope and refined its theories since the time of Smith and Ricardo, economists’ opposition to trade restrictions is still based largely on the principle of comparative advantage.

3-3 Applications of Comparative Advantage

The principle of comparative advantage explains interdependence and the gains from trade. Because interdependence is so prevalent in the modern world, the principle of comparative advantage has many applications. Here are two examples, one fanciful and one of great practical importance.

3-3a Should Tom Brady Mow His Own Lawn?

Tom Brady spends a lot of time running around on grass. One of the most talented football players of all time, he can throw a pass with a speed and accuracy that most casual athletes can only dream of. Most likely, he is talented at other physical activities as well. For example, let’s imagine that Brady can mow his lawn faster than anyone else. But just because he can mow his lawn fast, does this mean he should?

   To answer this question, we can use the concepts of opportunity cost and comparative advantage. Let’s say that Brady can mow his lawn in 2 hours. In that same 2 hours, he could film a television commercial and earn $20,000. By contrast, Forrest Gump, the boy next door, can mow Brady’s lawn in 4 hours. In that same 4 hours, Gump could work at McDonald’s and earn $40.

“They did a nice job mowing this grass.”

IN THE NEWS: Economics within a Marriage

An economist argues that you shouldn’t always unload the dishwasher just because you’re better than your partner at it.

You’re Dividing the Chores Wrong

By Emily Oster

No one likes doing chores. In happiness surveys, housework is ranked down there with commuting as activities that people enjoy the least. Maybe that’s why figuring out who does which chores usually prompts, at best, tense discussion in a household and, at worst, outright fighting.

   If everyone is good at something different, assigning chores is easy. If your partner is great at grocery shopping and you are great at the laundry, you’re set. But this isn’t always—or even usually—the case. Often one person is better at everything. (And let’s be honest, often that person is the woman.) Better at the laundry, the grocery shopping, the cleaning, the cooking. But does that mean she should have to do everything?

   Before my daughter was born, I both cooked and did the dishes. It wasn’t a big deal, it didn’t take too much time, and honestly I was a lot better at both than my husband. His cooking repertoire extended only to eggs and chili, and when I left him in charge of the dishwasher, I’d often find he had run it “full” with one pot and eight forks.

   After we had a kid, we had more to do and less time to do it in. It seemed like it was time for some reassignments. But, of course, I was still better at doing both things. Did that mean I should do them both?

   I could have appealed to the principle of fairness: We should each do half. I could have appealed to feminism—surveys show that women more often than not get the short end of the chore stick. In time-use data, women do about 44 minutes more housework than men (2 hours and 11 minutes versus 1 hour and 27 minutes). Men outwork women only in the areas of “lawn” and “exterior maintenance.” I could have suggested he do more chores to rectify this imbalance, to show our daughter, in the Free To Be You and Me style, that Mom and Dad are equal and that housework is fun if we do it together! I could have simply smashed around the pans in the dishwasher while sighing loudly in the hopes he would notice and offer to do it himself.

   But luckily for me and my husband, I’m an economist, so I have more effective tools than passive aggression. And some basic economic principles provided the answer. We needed to divide the chores because it is simply not efficient for the best cook and dishwasher to do all the cooking and dishwashing. The economic principle at play here is increasing marginal cost. Basically, people get worse when they are tired. When I teach my students at the University of Chicago this principle, I explain it in the context of managing their employees. Imagine you have a good employee and a not-so-good one. Should you make the good employee do literally everything?

   Usually, the answer is no. Why not? It’s likely that the not-so-good employee is better at 9 a.m. after a full night of sleep than the good employee is at 2 a.m. after a 17-hour workday. So you want to give at least a few tasks to your worse guy. The same principle applies in your household. Yes, you (or your spouse) might be better at everything. But anyone doing the laundry at 4 a.m. is likely to put the red towels in with the white T-shirts. Some task splitting is a good idea. How much depends on how fast people’s skills decay.

   To “optimize” your family efficiency (every economist’s ultimate goal—and yours, too), you want to equalize effectiveness on the final task each person is doing. Your partner does the dishes, mows the lawn, and makes the grocery list. You do the cooking, laundry, shopping, cleaning, and paying the bills. This may seem imbalanced, but when you look at it, you see that by the time your partner gets to the grocery-list task, he is wearing thin and starting to nod off. It’s all he can do to figure out how much milk you need. In fact, he is just about as good at that as you are when you get around to paying the bills, even though that’s your fifth task.

   If you then made your partner also do the cleaning—so it was an even four and four—the house would be a disaster, since he is already exhausted by his third chore while you are still doing fine. This system may well end up meaning one person does more, but it is unlikely to result in one person doing everything.

   Once you’ve decided you need to divide up the chores in this way, how should you decide who does what? One option would be randomly assigning tasks; another would be having each person do some of everything. One spousal-advice website I read suggested you should divide tasks based on which ones you like the best. None of these are quite right. (In the last case, how would anyone ever end up with the job of cleaning the bathroom?)

   To decide who does what, we need more economics. Specifically, the principle of comparative advantage. Economists usually talk about this in the context of trade. Imagine Finland is better than Sweden at making both reindeer hats and snowshoes. But they are much, much better at the hats and only a little better at the snowshoes. The overall world production is maximized when Finland makes hats and Sweden makes snowshoes.

   We say that Finland has an absolute advantage in both things but a comparative advantage only in hats. This principle is part of the reason economists value free trade, but that’s for another column (and probably another author). But it’s also a guideline for how to trade tasks in your house. You want to assign each person the tasks on which he or she has a comparative advantage. It doesn’t matter that you have an absolute advantage in everything. If you are much, much better at the laundry and only a little better at cleaning the toilet, you should do the laundry and have your spouse get out the scrub brush. Just explain that it’s efficient!

   In our case, it was easy. Other than using the grill—which I freely admit is the husband domain—I’m much, much better at cooking. And I was only moderately better at the dishes. So he got the job of cleaning up after meals, even though his dishwasher loading habits had already come under scrutiny. The good news is another economic principle I hadn’t even counted on was soon in play:learning by doing. As people do a task, they improve at it. Eighteen months into this new arrangement the dishwasher is almost a work of art: neat rows of dishes and everything carefully screened for “top-rack only” status. I, meanwhile, am forbidden from getting near the dishwasher. Apparently, there is a risk that I’ll “ruin it.”

   Ms. Oster is a professor of economics at the University of Chicago.

Source: Slate, November 21, 2012. The article is found in the link:http://www.slate.com/articles/double_x/doublex/2012/11/dividing_the_chores_who_should_cook_and_who_should_clean.2.html

   In this example, Brady has an absolute advantage in mowing lawns because he can do the work with a lower input of time. Yet because Brady’s opportunity cost of mowing the lawn is $20,000 and Gump’s opportunity cost is only $40, Gump has a comparative advantage in mowing lawns.

   The gains from trade in this example are tremendous. Rather than mowing his own lawn, Brady should make the commercial and hire Gump to mow the lawn. As long as Brady pays Gump more than $40 and less than $20,000, both of them are better off.

3-3b Should the United States Trade with Other Countries?

Just as individuals can benefit from specialization and trade with one another, as Frank and Rose did, so can populations of people in different countries. Many of the goods that Americans enjoy are produced abroad, and many of the goods produced in the United States are sold abroad. Goods produced abroad and sold domestically are called  imports . Goods produced domestically and sold abroad are called  exports .

imports

goods produced abroad and sold domestically

exports

goods produced domestically and sold abroad

   To see how countries can benefit from trade, suppose there are two countries, the United States and Japan, and two goods, food and cars. Imagine that the two countries produce cars equally well: An American worker and a Japanese worker can each produce one car per month. By contrast, because the United States has more and better land, it is better at producing food: A U.S. worker can produce 2 tons of food per month, whereas a Japanese worker can produce only 1 ton of food per month.

   The principle of comparative advantage states that each good should be produced by the country that has the smaller opportunity cost of producing that good. Because the opportunity cost of a car is 2 tons of food in the United States but only 1 ton of food in Japan, Japan has a comparative advantage in producing cars. Japan should produce more cars than it wants for its own use and export some of them to the United States. Similarly, because the opportunity cost of a ton of food is 1 car in Japan but only ½ car in the United States, the United States has a comparative advantage in producing food. The United States should produce more food than it wants to consume and export some to Japan. Through specialization and trade, both countries can have more food and more cars.

   In reality, of course, the issues involved in trade among nations are more complex than this example suggests. Most important among these issues is that each country has many citizens with different interests. International trade can make some individuals worse off, even as it makes the country as a whole better off. When the United States exports food and imports cars, the impact on an American farmer is not the same as the impact on an American autoworker. Yet, contrary to the opinions sometimes voiced by politicians and pundits, international trade is not like war, in which some countries win and others lose. Trade allows all countries to achieve greater prosperity.

Quick Quiz Suppose that a skilled brain surgeon also happens to be the world’s fastest typist. Should she do her own typing or hire a secretary? Explain.

3-4 Conclusion

You should now understand more fully the benefits of living in an interdependent economy. When Americans buy tube socks from China, when residents of Maine drink orange juice from Florida, and when a homeowner hires the kid next door to mow the lawn, the same economic forces are at work. The principle of comparative advantage shows that trade can make everyone better off.

   Having seen why interdependence is desirable, you might naturally ask how it is possible. How do free societies coordinate the diverse activities of all the people involved in their economies? What ensures that goods and services will get from those who should be producing them to those who should be consuming them? In a world with only two people, such as Rose the rancher and Frank the farmer, the answer is simple: These two people can bargain and allocate resources between themselves. In the real world with billions of people, the answer is less obvious. We take up this issue in  Chapter 4 , where we see that free societies allocate resources through the market forces of supply and demand.

Summary

· • Each person consumes goods and services produced by many other people both in the United States and around the world. Interdependence and trade are desirable because they allow everyone to enjoy a greater quantity and variety of goods and services.

· • There are two ways to compare the ability of two people to produce a good. The person who can produce the good with the smaller quantity of inputs is said to have an absolute advantage in producing the good. The person who has the smaller opportunity cost of producing the good is said to have a comparative advantage. The gains from trade are based on comparative advantage, not absolute advantage.

· • Trade makes everyone better off because it allows people to specialize in those activities in which they have a comparative advantage.

· • The principle of comparative advantage applies to countries as well as to people. Economists use the principle of comparative advantage to advocate free trade among countries.

Key Concepts

absolute advantage p. 52

opportunity cost p. 52

comparative advantage p. 53

imports p. 57

exports p. 57

Questions for Review

· 1. Under what conditions is the production possibilities frontier linear rather than bowed out?

· 2. Explain how absolute advantage and comparative advantage differ.

· 3. Give an example in which one person has an absolute advantage in doing something but another person has a comparative advantage.

· 4. Is absolute advantage or comparative advantage more important for trade? Explain your reasoning using the example in your answer to Question 3.

· 5. If two parties trade based on comparative advantage and both gain, in what range must the price of the trade lie?

· 6. Why do economists oppose policies that restrict trade among nations?

Quick Check Multiple Choice

· 1. In an hour, David can wash 2 cars or mow 1 lawn, and Ron can wash 3 cars or mow 1 lawn. Who has the absolute advantage in car washing, and who has the absolute advantage in lawn mowing?

· a. David in washing, Ron in mowing.

· b. Ron in washing, David in mowing.

· c. David in washing, neither in mowing.

· d. Ron in washing, neither in mowing.

· 2. Once again, in an hour, David can wash 2 cars or mow 1 lawn, and Ron can wash 3 cars or mow 1 lawn. Who has the comparative advantage in car washing, and who has the comparative advantage in lawn mowing?

· a. David in washing, Ron in mowing.

· b. Ron in washing, David in mowing.

· c. David in washing, neither in mowing.

· d. Ron in washing, neither in mowing.

· 3. When two individuals produce efficiently and then make a mutually beneficial trade based on comparative advantage,

· a. they both obtain consumption outside their production possibilities frontier.

· b. they both obtain consumption inside their production possibilities frontier.

· c. one individual consumes inside her production possibilities frontier, while the other consumes outside hers.

· d. each individual consumes a point on her own production possibilities frontier.

· 4. Which goods will a nation typically import?

· a. those goods in which the nation has an absolute advantage

· b. those goods in which the nation has a comparative advantage

· c. those goods in which other nations have an absolute advantage

· d. those goods in which other nations have a comparative advantage

· 5. Suppose that in the United States, producing an aircraft takes 10,000 hours of labor and producing a shirt takes 2 hours of labor. In China, producing an aircraft takes 40,000 hours of labor and producing a shirt takes 4 hours of labor. What will these nations trade?

· a. China will export aircraft, and the United States will export shirts.

· b. China will export shirts, and the United States will export aircraft.

· c. Both nations will export shirts.

· d. There are no gains from trade in this situation.

· 6. Mark can cook dinner in 30 minutes and wash the laundry in 20 minutes. His roommate takes half as long to do each task. How should the roommates allocate the work?

· a. Mark should do more of the cooking based on his comparative advantage.

· b. Mark should do more of the washing based on his comparative advantage.

· c. Mark should do more of the washing based on his absolute advantage.

· d. There are no gains from trade in this situation.

Problems and Applications

· 1. Maria can read 20 pages of economics in an hour. She can also read 50 pages of sociology in an hour. She spends 5 hours per day studying.

· a. Draw Maria’s production possibilities frontier for reading economics and sociology.

· b. What is Maria’s opportunity cost of reading 100 pages of sociology?

· 2. American and Japanese workers can each produce 4 cars a year. An American worker can produce 10 tons of grain a year, whereas a Japanese worker can produce 5 tons of grain a year. To keep things simple, assume that each country has 100 million workers.

· a. For this situation, construct a table analogous to the table in Figure 1.

· b. Graph the production possibilities frontiers for the American and Japanese economies.

· c. For the United States, what is the opportunity cost of a car? Of grain? For Japan, what is the opportunity cost of a car? Of grain? Put this information in a table analogous to Table 1.

· d. Which country has an absolute advantage in producing cars? In producing grain?

· e. Which country has a comparative advantage in producing cars? In producing grain?

· f. Without trade, half of each country’s workers produce cars and half produce grain. What quantities of cars and grain does each country produce?

· g. Starting from a position without trade, give an example in which trade makes each country better off.

· 3. Pat and Kris are roommates. They spend most of their time studying (of course), but they leave some time for their favorite activities: making pizza and brewing root beer. Pat takes 4 hours to brew a gallon of root beer and 2 hours to make a pizza. Kris takes 6 hours to brew a gallon of root beer and 4 hours to make a pizza.

· a. What is each roommate’s opportunity cost of making a pizza? Who has the absolute advantage in making pizza? Who has the comparative advantage in making pizza?

· b. If Pat and Kris trade foods with each other, who will trade away pizza in exchange for root beer?

· c. The price of pizza can be expressed in terms of gallons of root beer. What is the highest price at which pizza can be traded that would make both roommates better off? What is the lowest price? Explain.

· 4. Suppose that there are 10 million workers in Canada and that each of these workers can produce either 2 cars or 30 bushels of wheat in a year.

· a. What is the opportunity cost of producing a car in Canada? What is the opportunity cost of producing a bushel of wheat in Canada? Explain the relationship between the opportunity costs of the two goods.

· b. Draw Canada’s production possibilities frontier. If Canada chooses to consume 10 million cars, how much wheat can it consume without trade? Label this point on the production possibilities frontier.

· c. Now suppose that the United States offers to buy 10 million cars from Canada in exchange for 20 bushels of wheat per car. If Canada continues to consume 10 million cars, how much wheat does this deal allow Canada to consume? Label this point on your diagram. Should Canada accept the deal?

· 5. England and Scotland both produce scones and sweaters. Suppose that an English worker can produce 50 scones per hour or 1 sweater per hour. Suppose that a Scottish worker can produce 40 scones per hour or 2 sweaters per hour.

· a. Which country has the absolute advantage in the production of each good? Which country has the comparative advantage?

· b. If England and Scotland decide to trade, which commodity will Scotland trade to England? Explain.

· c. If a Scottish worker could produce only 1 sweater per hour, would Scotland still gain from trade? Would England still gain from trade? Explain.

· 6. The following table describes the production possibilities of two cities in the country of Baseballia:

Pairs of Red Socks per Worker per HourPairs of White Socks per Worker per Hour
Boston33
Chicago21

· a. Without trade, what is the price of white socks (in terms of red socks) in Boston? What is the price in Chicago?

· b. Which city has an absolute advantage in the production of each color sock? Which city has a comparative advantage in the production of each color sock?

· c. If the cities trade with each other, which color sock will each export?

· d. What is the range of prices at which trade can occur?

· 7. A German worker takes 400 hours to produce a car and 2 hours to produce a case of wine. A French worker takes 600 hours to produce a car and X hours to produce a case of wine.

· a. For what values of X will gains from trade be possible? Explain.

· b. For what values of X will Germany export cars and import wine? Explain.

· 8. Suppose that in a year an American worker can produce 100 shirts or 20 computers and a Chinese worker can produce 100 shirts or 10 computers.

· a. For each country, graph the production possibilities frontier. Suppose that without trade the workers in each country spend half their time producing each good. Identify this point in your graphs.

· b. If these countries were open to trade, which country would export shirts? Give a specific numerical example and show it on your graphs. Which country would benefit from trade? Explain.

· c. Explain at what price of computers (in terms of shirts) the two countries might trade. d. Suppose that China catches up with American productivity so that a Chinese worker can produce 100 shirts or 20 computers. What pattern of trade would you predict now? How does this advance in Chinese productivity affect the economic wellbeing of the citizens of the two countries?

· 9. Are the following statements true or false? Explain in each case.

· a. “Two countries can achieve gains from trade even if one of the countries has an absolute advantage in the production of all goods.”

· b. “Certain very talented people have a comparative advantage in everything they do.”

· c. “If a certain trade is good for one person, it can’t be good for the other one.”

· d. “If a certain trade is good for one person, it is always good for the other one.”

· e. “If trade is good for a country, it must be good for everyone in the country.”

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oregonstate instructure

Assignment #3 ‐ Financial Statement Geography and Ra�os Started: Jan 30 at 6:48pm

Quiz Instruc�ons

WHAT:  Use the PDFs and spreadsheet below to answer the questions.  You will need to use the “Quick Guide” often as a reference so I would recommend printing it.

Financial Statement Quick Guide.pdf         Ratio Grid.pdf          GoPro Income Statement and Balance Sheet.xlsx

WHY: Accounting information is critical for making business decisions.  Without an understanding of where this information is located (i.e. “geography”) and how to analyze this information (i.e. ratios, common sizing, etc.) it is very difficult to be an effective decision maker.  This assignment is designed to give you a basic understanding of where the information is, how to analyze it, and how to use it in decisions. 

  1 pts

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Question 1

Use the attached PDF “Ratio Grid” – name the company and the ratio used to answer the question

Which company(ies) are financing the majority of their assets with debt?

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1 pts

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Question 2

Use the attached PDF “Ratio Grid” – name the company and the ratio used to answer the question

Which company appears to be the most overvalued?

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1/30/2017 Quiz: Assignment #3 – Financial Statement Geography and Ratios

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  1 pts

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Question 3

Use the data from the GoPro Income Statement and Balance Sheet file to answer the question.  Round to the hundredths place (i.e. 5.63):

What was GoPro’s receivables turnover ratio in 2015?  What was it for 2012?  In which year were they turning receivables into cash more quickly?

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1 pts

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Question 4

Use the data from the GoPro Income Statement and Balance Sheet file to answer the question.  Round to the hundredths place (i.e. 2.86):

What was GoPro’s current ratio as of 12/31/2015?  What was it as of 12/31/2012?  When were they more liquid?

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2 ptsQuestion 5

1/30/2017 Quiz: Assignment #3 – Financial Statement Geography and Ratios

https://oregonstate.instructure.com/courses/1624130/quizzes/2362465/take 3/7

HTML Editor

Use the data from the GoPro Income Statement and Balance Sheet file to answer the question. 

A) What was GoPro’s Market Cap on 12/31/2015 based on 140,570,000 shares outstanding and a share price of $9.15?  B) What was GoPro’s Earnings Per Share for 2015 based on 140,570,000 shares outstanding (format as currency e.g. $1.59)?  C) Based on the calculations in A and B ­ what is GoPro’s P/E Ratio?  D) Is this P/E ratio high or low relative to the average for Fortune 500 companies?

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1 pts

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Question 6

Use the data from the GoPro Income Statement and Balance Sheet file to answer the question. Format as a % rounded to the tenths (i.e. 12.3%).

What was GoPro’s gross margin in 2015? What was it in 2012?  In which year were they more efficient at producing their product?

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1 pts

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Question 7

  Use the data from the GoPro Income Statement and Balance Sheet file to answer the question.

How much did they pay in taxes in 2013?

1/30/2017 Quiz: Assignment #3 – Financial Statement Geography and Ratios

https://oregonstate.instructure.com/courses/1624130/quizzes/2362465/take 4/7

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1 pts

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Question 8

Use the data from the GoPro Income Statement and Balance Sheet file to answer the question.

A) How much did revenue increase/decrease from 2012 to 2015 in dollars?  B) What percentage increase/decrease is

that?

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1 ptsQuestion 9

Activity

Profitability

Liquidity

Leverage

  If you were a vendor/supplier extending credit to a potential client for 30 days, which type of ratio would be most important to look at?

1/30/2017 Quiz: Assignment #3 – Financial Statement Geography and Ratios

https://oregonstate.instructure.com/courses/1624130/quizzes/2362465/take 5/7

  1 ptsQuestion 10

Determine what trends are increasing or decreasing profits.

Make comparisons to the past and peers

Determine a company’s cash position.

Determine the company’s liquidity

If you were analyzing a company through income statement common sizing, what would this analysis let you do (check all those that apply)?

1 pts

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Question 11

In the common sized income statement found below you will note XYZ Company’s revenue increased from 2015 to 2016, but net profits decreased.  Based on what you see, what was the primary cause?

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1/30/2017 Quiz: Assignment #3 – Financial Statement Geography and Ratios

https://oregonstate.instructure.com/courses/1624130/quizzes/2362465/take 6/7

1 ptsQuestion 12

The increase in revenue between 2013 and 2014.

The increase in cash and short term investments between 2013 and 2014

The increase in total equity between 2013 and 2014

The increase in liabilities between 2013 and 2014.

Use the data from the GoPro Income Statement and Balance Sheet file to answer the question.

Go Pro had an initial public offering on June 24, 2014.  Where does one see evidence of this in the financial statements

(check all those that apply)?

1 pts

How much did a company do in sales last year? [ Choose ]

How much debt does a company have?  [ Choose ]

How much money did a company “make” last

year? [ Choose ]

How much cash operations is generating?  [ Choose ]

How much a company owes its vendors?  [ Choose ]

Question 13

Which financial statement would be used to answer the following questions.

1 ptsQuestion 14

Look at the balance sheets for ABC, Inc. and XYZ, Inc below. Which company has a “stronger” balance sheet and why is it

stronger (points are based on your explanation for why it is stronger).

1/30/2017 Quiz: Assignment #3 – Financial Statement Geography and Ratios

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with Microsoft®

Office 2010 V O L U M E 1

PEARSON T O W N S E N D FERRETT HAIN VARGAS

with M ic roso f t

Office 2010 V O L U M E

T O W N S E N D I FERRETT I H A I N I VARGAS

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HF5548.4.M525T692 201 I 005.5—dc22 2010016531

Editor in Chief: Michael Payne AVP/Executive Acquisitions Editor: Stephanie Wall Product Development Manager: Eileen Bien Calabro Editorial Project Manager: Virginia Gitariglia Development Editor: Nancy Lamm Editorial Assistant: Nicole Sam AVP/Director of Online Programs, Media: Richard Keaveny AVP/Dircctor of Product Development, Media: Lisa Strife Editor—Digital Learning & Assessment: Paul Gentile Product Development Manager, Media: Calhi Projitko Media Project Manager, Editorial: Alana Coles Media Project Manager, Production: John Cassar Director of Marketing: Kate Valentine Senior Marketing Manager: Tori Olscn Alves Marketing Coordinator SI/<<I« Osterlitz

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Contents in Brief

Common Features Chapter 1 Common Features ot Office 2010 2

More Skills 26

Word Chapter 1 Create Documents with Word 2010 30

More Skills 54 Chapter 2 Format and Organize Text 64

More Skills 88 Chapter 3 Work with Graphics, Tabs, and Tables 98

More Skills 122 Chapter 4 Apply Special Text, Paragraph and

Document Formats 132 More Skills 156

Excel Chapter 1 Create Workbooks with Excel 2010 166

More Skills 190

Chapter 2 Create Charts 200 More Skills 224

Chapter 3 Manage Multiple Worksheets 234 More Skills 258

Chapter 4 Use Excel Functions and Tables 268 More Skills 292

Access Chapter 1 Work with Databases and

Create Tables 302 More Skills 326

Chapter 2 M a n a g e Datasheets and Create Queries 336 More Skills 360

Chapter 3 Create Forms 370 More Skills 394

Chapter 4 Create Reports 404 More Skills 428

PowerPoint Chapter 1 Getting Started with PowerPoint 2010 438

More Skills 462 Chapter 2 Format a Presentation 472

More Skills 496 Chapter 3 Enhance Presentations with Graphics 506

More Skills 530 Chapter 4 Present Data Using Tables, Charts,

and Animation 540 More Skills 564

Integrated Projects Chapter 1 Integrating Word, Excel, A c c e s s ,

and PowerPoint 574 More Skills 598

Chapter 2 More Integrated Projects for Word, Excel, A c c e s s , and PowerPoint 610 More Skills 634

Glossary 646

Index 654

Contents in Brief iii

Table of Contents

C o m m o n Fea tu res C h a p t e r 1 C o m m o n F e a t u r e s of Office 2 0 1 0 2

Skill 1 Start Word and Navigate the Word Window 6 Skill 2 Start Excel and PowerPoint and Work with

Multiple Windows 8 Skill 3 Save Files in New Folders 10 Skill 4 Print and Save Documents 12 Skill 5 Open Student Data Files and Save Copies

Using Save As 14 Skill 6 Type and Edit Text 16 Skill 7 Cut, Copy, and Paste Text 18 Skill 8 Format Text and Paragraphs 20 Skill 9 Use the Ribbon 22

Skill 10 Use Shortcut Menus and Dialog Boxes 24

More Skills More Skills 11 Capture Screens with the Snipping

Tool 26 More Skills 12 Use Microsoft Office Help 26 More Skills 13 Organize Files 26 More Skills 14 Save Documents to Windows Live 26

W o r d C h a p t e r 1 C r e a t e D o c u m e n t s with Word 2 0 1 0 3 0

Skill 1 Create New Documents and Enter Text 34 Skill 2 Edit Text and Use Keyboard Shortcuts 36 Skill 3 Select Text 38 Skill 4 Insert Text from Other Documents 40 Skill 5 Change Fonts, Font Sizes, and Font Styles 42 Skill 6 Insert and Work with Graphics 44 Skill 7 Check Spelling and Grammar 46 Skill 8 Use the Thesaurus and Set Proofing Options 48 Skill 9 Create Document Footers 50

Skill 10 Work with the Print Page and Save Documents in Other Formats 52

More Skills More Skills 11 Split and Arrange Windows 54 More Skills 12 Insert Symbols 54 More Skills 13 Use Collect and Paste to Create a

Document 54 More Skills 14 Insert Screen Shots into Documents 54

C h a p t e r 2 Format a n d O r g a n i z e Text 6 4 Skill 1 Set Document Margins 68 Skill 2 Align Text and Set Indents 70 Skill 3 Modify Line and Paragraph Spacing 72 Skill 4 Format Text Using Format Painter 74 Skill 5 Find and Replace Text 76 Skill 6 Create Bulleted and Numbered Lists 78 Skill 7 Insert and Format Headers and Footers 80 Skill 8 Insert and Modify Footnotes 82 Skill 9 Add Citations 84

Skill 10 Create Bibliographies 86

More Skills More Skills 11 Record AutoCorrect Entries 88 More Skills 12 Use AutoFormat to Create

Numbered Lists 88 More Skills 13 Format and Customize Lists 88 More Skills 14 Manage Document Properties 88

C h a p t e r 3 Work with G r a p h i c s , Tabs , a n d T a b l e s 9 8

Skill 1 Insert Pictures from Files 102 Skill 2 Resize and Move Pictures 104 Skill 3 Format Pictures Using Styles and

Artistic Effects 106 Skill 4 Set Tab Stops 108 Skill 5 Enter Text with Tab Stops 110 Skill 6 Apply Table Styles 112 Skill 7 Create Tables 114 Skill 8 Add Rows and Columns to Tables H6 Skill 9 Format Text in Table Cells 118

Skill 10 Format Tables 120

iv Table of Contents

More Skills More Skills 11 Insert Text Boxes 122 More Skills 12 Format with WordArt 122 More Skills 13 Create Tables from Existing Lists 122 More Skills 14 Insert Drop Caps 122

C h a p t e r 4 A p p l y S p e c i a l T e x t , P a r a g r a p h , a n d D o c u m e n t F o r m a t s 1 3 2

Skill 1 Create Multiple-Column Text 136 Skill 2 Insert a Column Break 138 Skill 3 Apply and Format Text Effects 140 Skill 4 Use and Create Quick Styles 142 Skill 5 Add Borders and Shading to Paragraphs

and Pages 144 Skill 6 Insert and Format Clip Art Graphics 146 Skill 7 Insert SmartArt Graphics 148 Skill 8 Format SmartArt Graphics 150 Skill 9 Create Labels Using Mail Merge 152

Skill 10 Preview and Print Mail Merge Documents 154

More Skil ls More Skills 11 More Skills 12 More Skills 13 More Skills 14

Create Resumes from Templates 156 Create Outlines 156 Prepare Documents for Distribution 156 Preview and Save Documents as Web Pages 156

Exce l C h a p t e r 1 C r e a t e W o r k b o o k s w i t h

Exce l 2 0 1 0 Skill 1 Create and Save New Workbooks Skill 2 Enter Worksheet Data and Merge and

Center Titles Skill 3 Construct Addition and

Subtraction Formulas Skill 4 Construct Multiplication and

Division Formulas Skill 5 Adjust Column Widths and Apply Cell Styles Skill 6 Use the SUM Function Skill 7 Copy Formulas and Functions

Using the Fill Handle

1 6 6 170

Skill 8 Format, Edit, and Check the Spelling of Data 184 Skill 9 Create Footers and Change Page Settings 186

Skill 10 Display and Print Formulas and Scale Worksheets for Printing

More Skil ls More Skills 11

More Skills 12 More Skills 13 More Skills 14

Create New Workbooks from Templates Use Range Names in Formulas Change Themes Manage Document Properties

C h a p t e r 2 Skill 1 Skill 2

Skill 3 Skill 4 Skill 5 Skill 6 Skill 7

Skill 8

Skill 9 Skill 10

C r e a t e C h a r t s Open Existing Workbooks and Align Text Construct and Copy Formulas Containing Absolute Cell References Format Numbers Create Column Charts Format Column Charts Create Pie Charts and Chart Sheets Apply 3-D Effects and Rotate Pie Chart Slices Explode and Color Pie Slices, and Insert Text Boxes Update Charts and Insert WordArt Prepare Chart Sheets for Printing

More Ski l ls More Skills 11 More Skills 12 More Skills 13

Insert and Edit Comments Change Chart Types Copy Excel Data to Word Documents

More Skills 14 Fill Series Data into Worksheet Cells

188

190 190 190 190

2 0 0 204

206 208 210 212 214

216

218 220 222

224 224

224

224

172 C h a p t e r 3 M a n a g e M u l t i p l e W o r k s h e e t s 2 3 4

172 Skill 1 Work with Sheet Tabs 238

174 Skill 2 Enter and Format Dates 240 174 Skill 3 Clear Cell Contents and Formats 242

176 Skill 4 Move, Copy, Paste, and Paste Options 244

178 Skill 5 Work with Grouped Worksheets 246

180 Skill 6 Use Multiple Math Operators in a Formula 248 Skill 7 Format Grouped Worksheets 250

182 Skill 8 Insert and Move Worksheets 252

Table of Contents v

Skill 9 Construct Formulas That Refer to Cells in Other Worksheets 254

Skill 10 Create Clustered Bar Charts 256

More Skills More Skills 11 Create Organization Charts 258 More Skills 12 Create Line Charts 258 More Skills 13 Set and Clear Print Areas 258 More Skills 14 Insert Hyperlinks 258

C h a p t e r 4 U s e Exce l F u n c t i o n s a n d T a b l e s 2 6 8 Skill 1 Use the SUM and AVERAGE Functions 272 Skill 2 Use the MIN and MAX Functions 274 Skill 3 Move Ranges with Functions,

Add Borders, and Rotate Text 276 Skill 4 Use the IF Function 278 Skill 5 Apply Conditional Formatting with

Custom Formats, Data Bars, and Sparklines 280 Skill 6 Use Find and Replace and Insert

the NOW Function 282 Skill 7 Freeze and Unfreeze Panes 284 Skill 8 Create and Sort Excel Tables 286 Skill 9 Use the Search Filter in Excel Tables 288

Skill 10 Convert Tables to Ranges, Hide Rows and Columns, and Format Large Worksheets 290

More Skills More Skills 11 Apply Conditional Color Scales

with Top and Bottom Rules 292 More Skills 12 Use the Payment (PMT) Function 292 More Skills 13 Create PivotTable Reports 292 More Skills 14 Use Goal Seek 292

A c c e s s C h a p t e r 1 Work with D a t a b a s e s

a n d C r e a t e T a b l e s 3 0 2 Skill 1 Open and Organize Existing Databases 306 Skill 2 Enter and Edit Table Data 308 Skill 3 Create Forms and Enter Data 310 Skill 4 Filter Data in Queries 312 Skill 5 Create, Preview, and Print Reports 314 Skill 6 Create Databases and Tables 316

vi Table of Contents

Skill 7 Change Data Types and Other Field Properties 318

Skill 8 Create Tables in Design View 320 Skill 9 Relate Tables 322

Skill 10 Enter Data in Related Tables 324

More Skills More Skills 11 Compact and Repair Databases 326 More Skills 12 Import Data from Excel 326 More Skills 13 Work with the Attachment Data

Type 326 More Skills 14 Work with the Hyperlink

and Yes/No Data Types 326

C h a p t e r 2 M a n a g e D a t a s h e e t s a n d C r e a t e Q u e r i e s 3 3 6

Skill 1 Find and Replace Data 340 Skill 2 Filter and Sort Datasheets 342 Skill 3 Use the Simple Query Wizard 344 Skill 4 Format Datasheets 346 Skill 5 Add Date and Time Criteria 348 Skill 6 Create Queries in Design View 350 Skill 7 Add Calculated Fields to Queries 352 Skill 8 Work with Logical Criteria 354 Skill 9 Add Wildcards to Query Criteria 356

Skill 10 Group and Total Queries 358

More Skills More Skills 11 Export Queries to Other Fie Formats 360 More Skills 12 Find Duplicate Records 360 More Skills 13 Find Unmatched Records 360 More Skills 14 Create Crosstab Queries 360

C h a p t e r 3 C r e a t e Forms 3 7 0 Skill 1 Use the Form Wizard 374 Skill 2 Format Forms in Layout View 376 Skill 3 Use Forms to Modify Data 378 Skill 4 Use the Blank Form Tool 380 Skill 5 Customize Form Layouts 382 Skill 6 Add Input Masks 384 Skill 7 Apply Conditional Formatting 386 Skill 8 Create One-to-Many Forms 388 Skill 9 Enter Data Using One-to-Many Forms 390

Skill 10 Create Forms from Queries 392

More Skills More Skills 11 Validate Fields 394 More Skills 12 Add Combo Boxes to Forms 394 More Skills 13 Create Multiple Item Forms 394 More Skills 14 Create Macros 394

C h a p t e r 4 C r e a t e R e p o r t s 4 0 4 Skill 1 Create Reports and Apply Themes 408 Skill 2 Modify Report Layouts 410 Skill 3 Prepare Reports for Printing 412 Skill 4 Use the Blank Report Tool 414 Skill 5 Group and Sort Reports 416 Skill 6 Format and Filter Reports 418 Skill 7 Create Label Reports 420 Skill 8 Use the Report Wizard 422 Skill 9 Modify Layouts in Design View 424

Skill 10 Add Totals and Labels to Reports 426

More Skills More Skills 11 Export Reports to Word 428 More Skills 12 Export Reports to HTML Documents 428 More Skills 13 Create Parameter Queries 428 More Skills 14 Create Reports for Parameter Queries 428

PowerPo in t C h a p t e r 1 G e t t i n g S t a r t e d w i t h

P o w e r P o i n t 2 0 1 0 4 3 8 Skill 1 Open, View, and Save Presentations 442 Skill 2 Edit and Replace Text in Normal View 444 Skill 3 Format Slide Text 446 Skill 4 Check Spelling and Use the Thesaurus 448 Skill 5 Insert Slides and Modify Slide Layouts 450 Skill 6 Insert and Format Pictures 452 Skill 7 Organize Slides Using Slide Sorter View 454 Skill 8 Apply Slide Transitions and View Slide Shows 456 Skill 9 Insert Headers and Footers

and Print Presentation Handouts 458 Skill 10 Add Notes Pages and Print Notes 460

More Skil ls More Skills 11 Type Text in the Outline Tab 462 More Skills 12 Use Keyboard Shortcuts 462

More Skills 13 Move and Delete Slides in Normal View 462

More Skills 14 Design Presentations for Audience and Location 462

C h a p t e r 2 F o r m a t a P r e s e n t a t i o n 4 7 2 Skill 1 Create New Presentations 476 Skill 2 Change Presentation Themes 478 Skill 3 Apply Font and Color Themes 480 Skill 4 Format Slide Backgrounds with Styles 482 Skill 5 Format Slide Backgrounds with Pictures

and Textures 484 Skill 6 Format Text with WordArt 486 Skill 7 Change Character Spacing and Font Color 488 Skill 8 Modify Bulleted and Numbered Lists 490 Skill 9 Move and Copy Text and Objects 492

Skill 10 Use Format Painter and Clear All Formatting Commands 494

More Skil ls More Skills 11 Edit Slide Master 496 More Skills 12 Save and Apply Presentation

Template 496 More Skills 13 Create Slides from Microsoft Word

Outline 496 More Skills 14 Design Presentations with Contrast 496

C h a p t e r 3 E n h a n c e P r e s e n t a t i o n s w i t h G r a p h i c s 5 0 6

Skill 1 Insert Slides from Other Presentations 510 Skill 2 Insert, Size, and Move Clip Art 512 Skill 3 Modify Picture Shapes, Borders, and Effects 514 Skill 4 Insert, Size, and Move Shapes 516 Ski l l5 Add Text to Shapes and Insert Text Boxes 518 Skill 6 Apply Gradient Fills and Group

and Align Graphics 520 Skill 7 Convert Text to SmartArt Graphics

and Add Shapes 522 Skill 8 Modify SmartArt Layouts, Colors, and Styles 524 Skill 9 Insert Video Files 526

Skill 10 Apply Video Styles and Adjust Videos 528

More Skil ls More Skills 11 Compress Pictures 530

Table of Contents vii

More Skills 12 Save Groups as Picture Files 530 More Skills 13 Change Object Order 530 More Skills 14 Design Presentations Using

Appropriate Graphics 530

C h a p t e r 4 P r e s e n t D a t a U s i n g T a b l e s , C h a r t s , a n d A n i m a t i o n 5 4 0

Skill 1 Insert Tables 544 Skill 2 Modify Table Layouts 546 Skill 3 Apply Table Styles 548 Skill 4 Insert Column Charts 550 Skill 5 Edit and Format Charts 552 Skill 6 Insert Pie Charts 554 Skill 7 Apply Animation Entrance

and Emphasis Effects 556 Skill 8 Modify Animation Timing

and Use Animation Painter 558 Skill 9 Remove Animation and Modify Duration 560

Skill 10 Navigate Slide Shows 562

More Ski l ls More Skills 11 Prepare Presentations to be Viewed

Using Office PowerPoint Viewer 564 More Skills 12 Insert Hyperlinks in a Presentation 564 More Skills 13 Create Photo Albums 564 More Skills 14 Design Presentations with

Appropriate Animation 564

I n t e g r a t e d Pro jec ts C h a p t e r 1 I n t e g r a t i n g W o r d , E x c e l , A c c e s s ,

a n d P o w e r P o i n t 5 7 4 Skill 1 Move Text between Word Documents 578 Skill 2 Apply Heading Styles in Word 580 Skill 3 Create a PowerPoint Presentation

from a Word Document 582 Skill 4 Insert and Modify a Shape in PowerPoint 584 Skill 5 Import a Word Table into

an Excel Workbook 586 Skill 6 Insert a Shape from PowerPoint into Word

and Excel 588 Skill 7 Create and Work with an Excel Table 590

viii Table of Contents

Skill 8 Link Data between Office Applications Using O L E

Skill 9 Create Envelopes Using Data from Access Skill 10 Create Name Tags Using Data in Excel

More Ski l ls More Skills 11 Insert Subtotals in Excel and

Link Data to a Word Document More Skills 12 Insert Slides from Another

Presentation More Skills 13 Move and Copy Excel Worksheets

and Consolidate Data More Skills 14 Compare Shared Excel Workbooks

C h a p t e r 2

Skill 1 Skill 2 Skill 3 Skill 4

Skill 5

Skill 6 Skill 7

Skill 8 Skill 9

M o r e I n t e g r a t e d P r o j e c t s f o r W o r d , E x c e l , A c c e s s , a n d P o w e r P o i n t Create an Access Append Query Export Data from Access into Excel Create an Excel PivotTable Report Create External References between Excel Workbooks Insert a SmartArt Organization Chart into PowerPoint Insert an Excel PivotTable into PowerPoint Insert a PowerPoint Outline in Word and Create a Cover Page and Table of Contents Link and Embed Data from Excel into Word Export Data from Access to an R T F File and Insert the File into Word Insert Objects from PowerPoint into Word Skill 10

kills More Skills 11 Create an Excel PivotChart

and Link the PivotChart to Word More Skills 12 Create a Hyperlink between

PowerPoint, Word, and Excel Files More Skills 13 Insert a Total Row in an Excel Table

and Link the Table to PowerPoint More Skills 14 Compare Word Documents

Glossary

592 594 596

598

598

598 598

6 1 0 614 616 618

620

622 624

626 628

630 632

634

634

634 634

646

Index 654

About the Authors Kris Townsend is an Information Systems instructor at Spokane Falls Community College in Spokane, Washington. Kris earned a bachelor’s degree in both Education and Business, and a master’s degree in Education. He has also worked as a public school teacher and as a systems analyst. Kris enjoys working with wood, snowboarding, and camping. He commutes to work by bike and enjoys long road rides in the Palouse country south of Spokane.

1

Robert L. Ferrett recently retired as the Director of the Center for Instructional Computing at Eastern Michigan University, where he provided computer training and support to faculty. He has authored or co-authored more than 70 books on Access, PowerPoint, Excel, Publisher, WordPerfect, Windows, and Word. He has been designing, developing, and delivering computer workshops for more than two decades.

Catherine Hain is an instructor at Central New Mexico Community College in Albuquerque, New Mexico. She teaches computer applications classes in the Business and Information Technology School, both in the classroom and through the distance learning office. Catherine holds a bachelor’s degree in Management and Marketing and a master’s degree in Business Administration.

f t Alicia Vargas is an Associate Professor of Business Information Technology at Pasadena City College in California. She holds a bachelor’s and a master’s degree in Business Education from California State University, Los Angeles and has authored numerous textbooks and training materials on Microsoft Word, Microsoft Excel, and Microsoft PowerPoint.

A Special Thank You Pearson Prentice Hall gratefully acknowledges the contribution made by Shelley Gaskin to the first edition publication of this series—Skills for Success with Office 2007. The series has truly benefited from her dedication toward developing a textbook that aims to help students and instructors.We thank her for her continued support of this series.

About the Authors ix

Contributors We’d like to thank the following people for their work on Skills for Success:

Instructor Resource Authors Erich Adickes Parkland College Sharon Behrens Northeast Wisconsin Technical College Julie Boyles Portland Community College Barbara Edington St. Francis College Ranida Harris Indiana University Southeast Beth Hendrick Lake Sumter Community College Susan Holland Southeast Community College—Nebraska Andrea Leinbach Harrisburg Area Community College Yvonne Leonard Coastal Carolina Community College

Technical Editors Lisa Bucki Kelly Carling Hilda W i r t h Federico Jacksonville University Tom Lightner Missouri State University Elizabeth Lockley Joyce Nielsen

Reviewers Darrell Abbey Cascadia Community College Bridget I . Archer Oakton Community College Laura Aagard Sierra College John Alcorcha MTI College Barry Andrews Miami Dade College Natalie Andrews Miami Dade College Wilma Andrews Virginia Commonwealth University School

of Business Bridget Archer Oakton Community College Tahir Aziz J. Sargeant Reynolds Greg Balinger Miami Dade College Terry Bass University of Massachusetts, Lowell Lisa Beach Santa Rosa Junior College Rocky Belcher Sinclair Community College Nannette Biby Miami Dade College David Billings Guilford Technical Community College Brenda K. Br i t t Fayetteville Technical Community College Alisa Brown Pulaski Technical College Eric Cameron Passaic Community College

x Contributors

Trina Maurer Anthony Nowakowski Ernest Gines Stacey Gee Hollins John Purcell Ann Rowlette Amanda Shelton Steve St. John Joyce Thompson Karen Wisniewski

Georgia Virtual Technical College Buffalo State College Tarrant County College—Southeast St. Louis Community College—Meramec Castleton State College Liberty University J. Sargeant Reynolds Tulsa Community College Lehigh Carbon Community College County College of Morris

Janet Pickard Linda Pogue Steve Rubin Eric Sabbah Jan Snyder Mara Zebest

Chattanooga State Tech Community College Northwest Arkansas Community College California State University—Monterey Bay

Gene Carbonaro Trey Cherry Kim Childs Pualine Chohonis Lennie Coper Tara Cipriano Paulette Comet

Gail W . Cope Susana Contreras de Finch Chris Corbin Janis Cox Tomi Crawford Martin Cronlund Jennifer Day Ralph DeArazoza Carol Decker Loorna DeDuluc Caroline Delcourt

Long Beach City College Edgecombe Community College Bethany University Miami Dade College Miami Dade College Gateway Technical College Community College of Baltimore

Coun ty—Ca to nsville Sinclair Community College College of Southern Nevada Miami Dade College Tri-County Technical College Miami Dade College Anne Arundel Community College Sinclair Community College Miami Dade College Montgomery College Miami Dade College Black Hawk College

Contributors continued

Michael Discello Kevin Duggan Barbara Edington Donna Ehrhart Hilda Wirth Federico Tushnelda Fernandez Arlene Flerchinger Hedy Fossenkemper Kent Foster Penny Foster-Shiver Arlene Franklin George Gabb Barbara Garrell Deb Geoghan Jessica Gilmore Victor Giol Melinda Glander Linda Glassburn Deb Gross Rachelle Hall Marie Hartlein Diane Hartman Betsy Headrick Patrick Healy

Lindsay Henning Kermelle Hensley Diana Hill Rachel Hinton Mary Carole Hollingsworth Stacey Gee Hollins Bill Holmes Steve Holtz Margaret M. Hvatum Joan Ivey Dr. Dianna D. Johnson Kay Johnston Warren T. Jones, Sr. Sally Kaskocsak Renuka Kumar Kathy McKee Hazel Kates Gerald Kearns

Pittsburgh Technical Institute Midlands Technical Community College St. Francis College Genesee Community College Jacksonville University Miami Dade College Chattanooga State Tech Community College Paradise Valley Community College Withrop University Anne Arundel Community College Bucks County Community College Miami Dade College Delaware County Community College Bucks County Community College Highline Community College Miami Dade College Northmetro Technical College Cuyahoga Community College, West Ohio State University Glendale Community College Montgomery County Community College Utah Valley State College Chattanooga State Northern Virginia Community

College—Woodbridge Yavapai College Columbus Technical College Chesapeake College Broome Community College GA Perimeter St. Louis Community College—Meramec Chandler-Gilbert Community College University of Minnesota Duluth St. Louis Community College Lanier Technical College North Metro Technical College Columbia Basin College University of Alabama at Birmingham Sinclair Community College Community College of Baltimore County North Metro Technical College Miami Dade College Forsyth Technical Community College

Charles Kellermann

John Kidd Chris Kinnard Kelli Kleindorfer Kurt Kominek Dianne Kotokoff Cynthia Krebs Jean Lacoste Gene Laugh rey David LeBron Kaiyang Liang Linda Lindaman Felix Lopez Nicki Maines Cindy Manning Patri Mays Norma McKenzie Lee McKinley Sandy McCormack Eric Meyer Kathryn Miller

Gloria A. Morgan Kathy Morris Linda Moulton Ryan Murphy Stephanie Murre Wolf Jackie Myers Dell Najera

Scott Nason Paula Neal Bethanne Newman Eloise Newsome

Karen Nunan Ellen Orr Carol Ottaway Denise Passero Americus Pavese James Gordon Patterson Cindra Phillips

Northern Virginia Community College—Woodbridge

Tarrant County Community College Miami Dade College American Institute of Business NE State Tech Community College Lanier Technical College Utah Valley University Virginia Tech Northern Oklahoma College Miami Dade College Miami Dade College Black Hawk College Miami Dade College Mesa Community College Big Sandy Community and Technical College Paradise Valley Community College El Paso Community College GA Perimeter Monroe Community College Miami Dade College Big Sandy Community and Technical College,

Pike Ville Campus Monroe Community College University of Alabama, Tuscaloosa Montgomery County Community College Sinclair Community College Moraine Park Technical College Sinclair Community College El Paso Community College, Valle Verde

Campus Rowan Cabarrus Community College Sinclair Community College Paradise Valley Community College Northern Virginia Community

College—Woodbridge Northeast State Technical Community College Seminole Community College Chemeketa Community College Fulton-Montgomery Community College Community College of Baltimore County Paradise Valley Community College Clark State CC

Contributors

Contributors continued

Janet Pickard Chattanooga State Tech Community College Diane Stark Phoenix College Floyd Pittman Miami Dade College Neil Stenlund Northern Virginia Community College Melissa Prinzing Sierra College Linda Stoudemayer Lamar Institute of Technology Pat Rahmlow Montgomery County Community College Pamela Stovall Forsyth Technical Community College Mary Rasley Lehigh Carbon Community College Linda Switzer Highline Community College Scott Rosen Santa Rosa Junior College Margaret Taylor College of Southern Nevada Ann Rowlette Liberty University Martha Taylor Sinclair Community College Kamaljeet Sanghera George Mason University Michael M. Taylor Seattle Central Community College June Scott County College of Morris Roseann Thomas Fayetteville Tech Community College Janet Sebesy Cuyahoga Community College Ingrid Thompson-Sellers GA Perimeter Jennifer Sedelmeyer Broome Community College Daniel Thomson Keiser University Kelly SellAnne Arundel Community College Astrid Hoy Todd Guilford Technical Community College Teresa Sept College of Southern Idaho Barb Tollinger Sinclair Community College Pat Serrano Scottsdale Community College Cathy Urbanski Chandler Gilbert Community College Amanda Shelton J. Sargeant Reynolds Sue Van Boven Paradise Valley Community College Gary Sibbits St. Louis Community College—Meramec Philip Vavalides Guildford Technical Community College Janet Siert Ellsworth Community College Pete Vetere Montgomery County Community College— Robert Sindt Johnson County Community College West Campus Karen Smith Technical College of the Lowcountry Asteria Villegas Monroe College Robert Smolenski Delaware County Community College Michael Walton Miami Dade College Robert Sindt Johnson County Community College Teri Weston Harford Community College Gary R. Smith Paradise Valley Community College Julie Wheeler Sinclair Community College Patricia Snyder Midlands Technical College Debbie Wood Western Piedmont Community College Pamela Sorensen Santa Rosa Junior College Thomas Yip Passaic Community College Eric Stadnik Santa Rosa Junior College Lindy Young Sierra Community College Mark Stanchfield Rochester Community and Technical College Matt Zullo Wake Technical Community College

xii Contributors

I n s t r u c t o r s – Y o u a s k e d for it s o h e r e it is!

A M i c r o s o f t ® O f f i c e t e x t b o o k t h a t r e c o g n i z e s h o w s t u d e n t s l e a r n t o d a y –

Skills for Success with Microsoft

1 Office 2010 Volume 1

10 X 8.5 F o r m a t – Easy for students to read and type at the same time by simply propping the book up on the desk in front of their monitor

Clear ly Out l ined Sk i l l s – Each skill is presented in a single two-page spread so that students can easily follow along

Numbered S t e p s and Bul le ted Tex t – Students don’t read long paragraphs or text, but they will read information presented concisely

Easy-to-Find S t u d e n t Da ta Fi les – Visual key shows students how to locate and interact with their data files

S t a r t H e r e – Students know exactly where to start and what their starting file will look like

C H A P T E R

G e t t i n g S t a r t e d w i t h W i n d o w s 7 » YOU BK WINDOW 7 ro «CRK M I »F-JF IOM?«L« LOF RUINR-V.*™ PFLNJMN MO»»T*N>WN

MDAU mi mm • J- : >O-L

» IR WIND H I • >\XI OIJJAIZ* TOUR *»RK BV CNUR-J FILCI ir\i PUNNJ THOW tU« WIS FOLDCRI IHJIYAU

Your ilartlng » c r e « n will look Ilk* this: S K I L L !

chapter, you will be

S k i l l s L is t – A visual snapshot of what skills they will complete in the chapter

O u t c o m e – Shows students up front what their completed project will look like

You will tdvo your filoi a t :

T J H N M I M H7_S«II| ‘ ‘

S e q u e n t i a l P a g i n a t i o n – Saves you and your students time in locating topics and assignments I

VISUAL WALK-THROUGH XIII

Skills for Success l ock – Tells how much time students

need to complete the chapter

Introduct ion

• KM US TUNTNW *IR*I fie, 01 FGWRN INTO 4 «IR J .: -I—. IT…. I AIULT :;I N..I..: .:

• MIMIJ-»TT*IIHDR»«U««IJI;UIF.:M*NJFOU« |*:R-P<TKF* T > ffirt IN NUJX ITXFFL R»»I« IN RI«J

t Written for T o d a y ‘ s S t u d e n t s – skills are taught with numbered steps and bulleted text so students are less likely to skip valuable information T w o – P a g e S p r e a d s – Each skill is

presented on a two-page spread to help students keep up their momentum

* TITTR.TI bim irii mug], TU L>«

_ J

D a t a Files Are a S n a p – Students can now find their files easier than ever before with this visual map

C o l o r e d Text – Clearly shows what a student types

Hands-On – Students start actually working on their skills from Step 1

D o n e ! – Students always know when they’ve completed a skill

XIV VISUAL WALK-THROUGH

Skills for S u c c e s s

UorsSkJh © U M l d t o m i o C k g c n n f M

End-o f -Chapte r M a t e r i a l – Several levels of assessment so you can assign the material that best fits your students’ needs

M o r e S k i l l s – Additional skills included online

K e y T e r m s O n l i n e H e l p Sk i l ls

Midi .. – .! -.. I – :T.

O n l i n e P r o j e c t – Students practice using Microsoft Help online to help prepare them for using the applications on their own

H > u » i « i i HI

•.m • m •

Visual Walk-Through xv

Skills for S u c c e s s

Al l V i d e o s

a n d I n s t r u c t o r m a t e r i a l s

a v a i l a b l e o n t h e I R C D

Instructor Mater ia ls

I n s t r u c t o r ‘ s M a n u a l – Teaching tips and additional resources for each chapter

A s s i g n m e n t S h e e t s – Lists all the assignments for the chapter, you just add in the course information, due dates and points. Providing these to students ensures they will know what is due and when

S c r i p t e d L e c t u r e s – Classroom lectures prepared for you

A n n o t a t e d S o l u t i o n F i l e s – Coupled with the scoring rubrics, these create a grading and scoring system that makes grading so much easier for you

P o w e r P o i n t L e c t u r e s – PowerPoint presentations for each chapter

P r e p a r e d E x a m s – Exams for each chapter and for each application

S c o r i n g R u b r i c s – Can be used either by students to check their work or by you as a quick check-off for the items that need to be corrected

S y l l a b u s T e m p l a t e s – for 8-week, 12-week, and 16-week courses

T e s t B a n k – Includes a variety of test questions for each chapter

C o m p a n i o n W e b S i t e – Online content such as the More Skills Projects, Online Study Guide, Glossary, and Student Data Files are all at www.pearsonhighered.com/skills

xvi Visual Walk-Throughhttp://www.pearsonhighered.com/skills

with M ic roso f t

Office 2010 V O L U M E 1

C H A P T E R J Common Features of Office 2010 • The programs in Microsoft Office 2010—Word, Excel, PowerPoint, and Access—share common

tools that you use in a consistent, easy-to-learn manner.

• Common tasks include opening and saving files, entering and formatting text, and printing your work.

Your starting screen will look like this: SKILLS SKILLS 1 – 1 0 TRAINING Umt Insert Pjgt 1

C M M mailt – 1 1 – * 41 IT

«3f»or>

AaBtccJK AaBbCcIK A A B B G .-YABBCC

‘ Items’ “Mo:ca; . rtfacmgl H*jding2 ChtDQt

Past 1 ol I Wmdi 0

A t t h e e n d o f t h i s chapter , y o u w i l l be a b l e t o :

Skill 1 Start Word and Navigate the Word Window Skill 2 Start Excel and PowerPoint and Work with

Multiple Windows Skill 3 Save Files in New Folders Skill 4 Print and Save Documents Skill 5 Open Student Data Files and Save Copies

Using Save As Skill 6 Type and Edit Text Skill 7 Cut, Copy, and Paste Text Skill 8 Format Text and Paragraphs Skill 9 Use the Ribbon Skill 10 Use Shortcut Menus and Dialog Boxes

MORE SKILLS

More Skills 11 Capture Screens with the Snipping Tool More Skills 12 Use Microsoft Office Help More Skills 13 Organize Files More Skills 14 Save Documents to Windows Live

2 C O M M O N FEATURES OF OFFICE 2 0 1 0 | C O M M O N FEATURES C H A P T E R 1

Outcome Using the skills listed to the left will enable you to create documents similar to this:

Visit Aspen Falls! A s p e n F a l l s o v e r l o o k s t h e P a c i f i c O c e a n

a n d is s u r r o u n d e d b y m a n y v i n e y a r d s a n d

w i n e r i e s . O c e a n r e c r e a t i o n is a c c e s s e d

p r i m a r i l y a t D u r a n g o C o u n t y P a r k . T h e

A s p e n L a k e R e c r e a t i o n A r e a p r o v i d e s y e a r

r o u n d f r e s h w a t e r r e c r e a t i o n a n d is t h e

c i t y ‘ s l a r g e s t p a r k .

Local Attractions • W i n e C o u n t r y

o W i n e Tas t ing Tou rs

o Winer ies

• W o r d s w o r t h Fel lowship Museum of A r t

• Du rango C o u n t y M u s e u m of H is to ry

• Conven t ion Center

• A r t Galleries

• Gl ider T o u r s

Aspen Fallc Annual Events • Annua l Starving Artists Sidewalk Sale

• A n n u a l W i n e Festival

• C inco de Mayo

• Vintage Car S h o w

• Her i tage D a y Parade

• Harvest Days

• A m a t e u r Bike Races

• Farmer ‘s Market

• Aspen Lake Nature Cruises

• Aspen Falls T r ia th lon

• Tas te of Aspen Falls

• W i n t e r Blues Festival

Contact Y o u r N a m e for more informat ion.

Common Features of Office 2010

You will save your files as: Lastname_Firstname_cfO 1 _Visit 1 Lastname_Firstname_cfO l_Visit2 Lastname_Firstname_cf01_Visit3

Common Features Chapter 1 | Common Features of Office 2010 3

In t h i s c h a p t e r , y o u w i l l c r e a t e d o c u m e n t s f o r t h e A s p e n F a l l s C i t y

H a l l , w h i c h p r o v i d e s e s s e n t i a l s e r v i c e s f o r t h e c i t i z e n s a n d v i s i t o r s o f

A s p e n F a l l s , C a l i f o r n i a .

C o m m o n Features of Of f ice 2 0 1 0 • Microsoft Office is the most common software used to create and share

personal and business documents.

• Microsoft Office is a suite o f several programs—Word, PowerPoint, Excel, Access, and others—that each have a special purpose.

• Because of the consistent design and layout o f Microsoft Office, when you learn to use one Microsoft Office program, you can use most o f those skil ls when working wi th the other Microsoft Office programs.

• T h e files you create w i t h Microsoft Office need to be named and saved in locations where they can be easily found when you need them.

C o m m o n F e a t u r e s o f O f f i c e 2 0 1 0 | C o m m o n F e a t u r e s C h a p t e r 1

Time to complete all 10 skills – 50 to 90 minutes

Find your student data files here:

Student data files needed for this chapter:

« cf01_Visit

• cf01_Visit_Events

cfOl Visit River

C O M M O N FEATURES C H A P T E R 1 | C O M M O N FEATURES OF OFFICE 2 0 1 0 5

• The Word 2010 program can be launched by clicking the Start button, and then locating and clicking the Microsoft Word 2010 command.

• When you start Word, a new blank document displays in which you can type text.

1. In the lower left corner of the desktop, click the Start button © .

2 . In the lower left corner of the Start menu, click the All Programs command, and then compare your screen with Figure 1 . –

The Microsoft Office folder is located in the All Programs folder. If you have several programs installed on your computer, you may need to scroll to see the Microsoft Office folder.

3 . Click the Microsoft Office folder, and then compare your screen with Figure 2. –

Below the Microsoft Office folder, commands that open various Office 2010 programs display.

4 . From the Start menu, under the Microsoft Office folder, click Microsoft Word 2010, and then wait a few moments for the Microsoft Word window to display.

5 . If necessary, in the upper right corner of the Microsoft Word window, click the Maximize button B| .

• C o n t i n u e t o t h e n e x t p a g e t o c o m p l e t e t h e s

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On the Ribbon’s Home tab, in the Paragraph group, click the Show/Hide button H until it displays in gold indicating that it is active. Compare your screen with Figure 3 .

Above the blank Word document, the Quick Access Toolbar and Ribbon display. At the top of the Ribbon, a row of tab names display. Each Ribbon tab has buttons that you click to perform actions. The buttons are organized into groups that display their names along the bottom of the Ribbon.

In the document, the insertion point— a vertical line that indicates where text will be inserted when you start typing—flashes near the top left corner.

The Show/Hide button is a toggle button— a button used to turn a feature both on and off. The paragraph mark (f) indicates the end of a paragraph and will not print.

In the document, type your first and last names. As you type, notice that the insertion point and paragraph mark move to the right.

On the Home tab, in the Styles group, point to—but do not click—the Heading 1 thumbnail to show the Live Preview—a feature that displays the result of a formatting change if you select it.

Click the Heading 1 thumbnail to apply the formatting change as shown in Figure 4. If the Word Navigation Pane displays on the left side of the Word window, click its Close [*] button.

You have completed Skill 1 of 10

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Common Features Chapter 1 | Common Features of Office 2010 7

• When you open more than one Office program, each program displays in its own window.

• When you want to work with a program in a different window, you need to make it the active window.

1 . Click the Start button © , and then compare your screen with F i g u r e 1.

Your computer may be configured in such a way that you can open Office programs without opening the All Programs folder. The Office 2010 program commands may display as shortcuts in the Start menu’s pinned programs area or the recently used programs area. Your computer’s taskbar or desktop may also display icons that start each program.

2 . From the Start menu, locate and then click Microsoft Excel 2010. Depending on your computer, you may need to double-click—not single click—to launch Excel. Compare your screen with F i g u r e 2 . If necessary, click the Maximize – button mm\<

A new blank worksheet displays in a new window. The first cell—the box formed by the intersection of a row and column—is active as indicated by the thick, black border surrounding the cell. When you type in Excel, the text is entered into the active cell.

The Quick Access Toolbar displays above the spreadsheet. The Excel Ribbon has its own tabs and groups that you use to work with an Excel spreadsheet. Many of these tabs, groups, and buttons are similar to those found in Word.

On the taskbar, two buttons display—one for Word and one for Excel.

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3 . From the Start menu <PJ, locate and then click Microsoft PowerPoint 2010.

— Compare your screen with F i g u r e 3 . If necessary, Maximize N = M the Presentation 1 – Microsoft PowerPoint window.

A new, blank presentation opens in a new window. The PowerPoint window contains a slide in which you can type text. PowerPoint slides are designed to be displayed as you talk in front of a group of people.

4. In the upper right corner of the PowerPoint window, click the Close button fcgaj.

5. On the taskbar, click the Word button to make it the active window. With the insertion point flashing to the right of your name, press [Enter], and then type Skills for Success Common Features Chapter

6 . In the upper right corner of the Document 1 – Microsoft Word window, click the Minimize button

The Word window no longer displays, but its button is still available on the taskbar.

7 . With the Excel window active, in the first cell—cell A l — t y p e your first name. Press [Tab], and then type your last name.

Press (Enter), type =TODAY() and then press (Enter) to calculate the current date and to display it in the cell.

In the Excel window, click the Restore Down button |jSU and then compare your screen with F i g u r e 4.

The window remains open, but it no longer fills the entire screen. The Maximize button replaced the Restore Down button.

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• SKILL 3: Sav<

• A new document or spreadsheet is stored in the computer ‘s temporary memory (RAM) until you save it to your hard drive or USB flash drive.

1 . If you are saving your work on a USB flash drive, insert the USB flash drive into the computer now. If the Windows Explorer button [3 flashes on the taskbar, right-click the button, and then on the Jump List, click Close window.

2 . On the taskbar, click the Word button to make it the active window. On the Quick Access Toolbar, click the Save button [y].

For new documents, the first time you click the Save button, the Save As dialog box opens so that you can name the file.

3 . If you are to save your work on a USB drive, in the Navigation pane scroll down to display the list of drives, and then click your USB flash drive as shown in F i g u r e 1 . If you are saving your work to another location, in the Navigation pane, locate and then click that folder or drive.

4. On the Save As dialog box toolbar, click the New folder button, and then immedi­ ately type Common Features Chapter 1

5 . Press [En te r ] to accept the folder name, and then press [En te r ] again to open the new folder as shown in F i g u r e 2 .

The new folder is created and then opened in the Save As dialog box file list.

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6. In the Save As dialog box, click in the File name box one time to highlight all of the existing text.

7. With the text in the File name box still highlighted, type Lastname_Firstname_ cfOl_Visitl

– 8 . Compare your screen with F i g u r e 3 , and then click Save.

After the document is saved, the name of the file displays on the title bar at the top of the window.

9 . On the taskbar, click the Windows Explorer button \^\. In the folder window Navigation pane, open [ft] the drive on which you are saving your work, and then click the Common Features Chapter 1 folder. Verify that Lastname_Firstname_ cpl_Visitl displays in file list.

1 0 . On the taskbar, click the Excel button to make it the active window. On the Excel Quick Access Toolbar, click the Save button § ] .

1 1 . In the Save As dialog box Navigation pane, open 0 the drive where you are saving your work, and then click the Common Features Chapter 1 folder to display its file list.

The Word file may not display because the Save As box typically displays only files created by the program you are using. Here, only Excel files will typically display.

1 2 . Click in the File name box, replace the existing value with Lastname_Firstname_ cf01_Visit2 and then click the Save button.

1 3 . On the taskbar, click the Windows Explorer button, and then compare your screen with F i g u r e 4.

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F i g u r e 4

C o m m o n F e a t u r e s C h a p t e r 1 | C o m m o n F e a t u r e s o f O f f i c e 2 0 1 0 1 1

• SKILL 4: Print an.

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1 . O n t h e t a s k b a r , c l i c k t h e Excel b u t t o n , a n d t h e n c l i c k t h e Maximize |Uey b u t t o n .

2 . O n t h e R i b b o n , c l i c k t h e View tab, a n d t h e n i n t h e Workbook Views group, c l i c k t h e Page Layout b u t t o n . C o m p a r e y o u r s c r e e n w i t h F i g u r e 1 .

The worksheet displays the cells, the margins, and the edges of the paper as they will be positioned when you print. The cell references—the numbers on the left side and the letters across the top of a spreadsheet that address each cell—will not print.

O n t h e R i b b o n , c l i c k t h e Page Layout tab. I n t h e Page Setup group, c l i c k t h e Margins b u t t o n , a n d t h e n i n t h e Margins g a l l e r y , c l i c k Wide.

C l i c k t h e File tab, a n d t h e n o n t h e l e f t s i d e o f t h e B a c k s t a g e , c l i c k Print. C o m p a r e y o u r s c r e e n w i t h F i g u r e 2.

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The Print tab has commands that affect your print job and a preview of the printed page. Here, the cell references and grid- lines—lines between the cells in a table or spreadsheet—do not display because they will not be printed.

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9 .

6. Check with your Course Assignment Sheet or Course Syllabus, or consult with your instructor to determine whether you are to print your work for this chapter. If you are to print your work, at the top left corner of the Print Settings section, click the Print button. If you printed the spreadsheet, retrieve the printout from the printer.

7. On the File tab, click Save.

Because you have already named the file, the Save As dialog box does not display.

O n the File tab, click Exit to close the spreadsheet and exit Excel.

In the Word document, verify that the insertion point is in the second line of text. If not, on the taskbar, click the Word button to make it the active window.

10. On the Home tab, in the Styles group, click the Heading 2 thumbnail. Compare your screen with Figure 3.

11. On the File tab, click Print to display the Print tab. If you are printing your work for this chapter, click the Print button, and then retrieve your printout from the printer.

12. On the File tab, click Exit, and then com- pare your screen with Figure 4.

When you close a window with changes that have not yet been saved, a message will remind you to save your work.

13. Read the displayed message, and then click Save.

• You hove completed Skill 4 of 10

Figure 4 C o m m o n F e a t u r e s C h a p t e r 1 | C o m m o n F e a t u r e s o f O f f i c e 2010 1 3

• This book often instructs you to open a student data file so that you do not need to start the project with a blank document.

• The student data files are located on the student CD that came with this book. Your instructor may have provided an alternate location.

• You use Save As to create a copy of the stu­ dent data file onto your own storage device.

1 . If necessary, insert the student CD that came with this text. If the AutoPlay dialog box displays, click Close U a 4 .

2 . Using the skills practiced earlier, start Microsoft Word 2010.

3 . In the Documentl – Microsoft Word window, click the File tab, and then click Open.

4 . In the Open dialog box Navigation pane, scroll down and then, if necessary, open \V\ Computer. In the list of drives, click the CD/DVD drive to display the contents of the student CD. If your instructor has provided a different location, navigate to that location instead of using the student CD.

5. In the file list, double-click the 01_ student_data_files folder, double-click the 01_common_features folder, and then double-click the chapter_01 folder. Compare your screen with F i g u r e 1 . –

6. In the file list, click cf01_Visit, and then click the Open button. Compare your screen with F i g u r e 2 .

If you opened the file from the student CD, the title bar indicates that the document is in read-only mode—a mode where you cannot save your changes.

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how many major ideas should be present on each presentation aid?

Consider the Audience

• Analyzing the audience is central to the speechmaking process; consider your audience at every step of the way in preparing and presenting your speech. • Gather information about your audience by asking questions or surveying them more formally. • Summarize and analyze the information you have gathered.

Select and Narrow Your Topic

• Consider the audience: Who are your listeners and what do they expect? • Consider the occasion: What is the reason for the speech? • Consider your own interests and skills: What are your strengths?

Determine Your Purpose

• Decide whether your general speech purpose is to inform, to persuade, or

to entertain, or a combination of these goals. • Decide on your specific purpose:

What do you want your listeners to be able to do after you finish your speech? • Use your specific purpose to guide

you in connecting your message to your audience.

Develop Your Central Idea

• State your central idea for your speech in one sentence. • Your central idea should be a single idea

presented in clear, specific language. • Relate your central idea to your audience.

Generate Main Ideas

• Determine whether your central idea can be supported with logical divisions using a topical arrangement. • Determine whether your central idea can be supported with reasons the idea is true. • Determine whether your central idea can be supported with a series of steps.

Gather Supporting Material

• Remember that most of what you say consists of supporting material such

as stories, descriptions, definitions, analogies, statistics, and opinions.

• The best supporting material both clarifies your major ideas and holds your listeners’ attention. • Supporting material that is personal, concrete, and appealing to the listeners’

senses is often the most interesting.

Organize Your Speech

• Remember the maxim: Tell us what you’re going to tell us (introduction); tell us (body); and tell us what you told us (conclusion). • Outline your main ideas by topic, chronologically, spatially, by cause and effect, or by problem and solution. • Use signposts to clarify the overall structure of your message.

Rehearse Your Speech

• Prepare speaking notes and practice using them well in advance of your speaking date. • Rehearse your speech out loud, standing as you would stand while delivering your speech. • Practice with well-chosen visual aids that are big, simple, and appropriate for your audience.

Deliver Your Speech

• Look at individual listeners. • Use movement and gestures that fit your natural style of speaking.

Why Do You Need This New Edition? If you’re wondering why you should buy this new edition of Public Speaking: An Audience- Centered Approach, here are eight good reasons!

1. We’ve kept the best and improved the rest. The eighth edition of Public Speaking: An Audience-Centered Approach continues its unique focus on the importance of analyzing and considering the audience at every point in the speech- making process, but is now an easier-to-use and more effec- tive learning tool than ever.

2. We’ve streamlined the book to 16 chapters, so that every chapter can be covered during a standard semester. Chapter 1 now combines an introduction to public speaking with an overview of the audience-centered model. Chapter 6 now combines information on gathering supporting mate- rial with advice on how to integrate supporting material into a speech.

3. New end-of-chapter Study Guides are designed to help you retain and apply chapter concepts. Study Guides feature chapter summaries; “Using What You’ve Learned” questions posing realistic scenarios; “A Question of Ethics” to reinforce the importance of ethical speaking; and referrals to selected online resources that help you find resources to use in your own speeches.

4. More tables and Recap boxes summarize the content of nearly every major section in each chapter. These frequent reviews help you check understanding, study for exams, and rehearse material to aid retention.

5. The eighth edition continues our popular focus on control- ling speaking anxiety, developed through expanded and updated coverage of communication apprehension in Chapter 1 and reinforced with tips and reminders in “Confidently Connecting with Your Audience” features in the margins of every chapter.

6. New and expanded coverage of key communication theories and current research, including studies of anxiety styles in Chapter 1, introductions to social judgment theory in Chapter 14, and emotional response theory in Chapter 15, help you apply recent theories and findings.

7. Every chapter of the eighth edition boasts engaging fresh examples to help you connect concepts to your own life and interests, including new references to contemporary technology such as social media sites in Chapter 4 and iPads in Chapter 12.

8. New speeches, including Barack Obama’s inaugural speech, contribute to an impressive sample speech appendix that will inspire and instruct you as you work with your own material.

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Public Speaking

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8 Public SpeakingAN AUDIENCE-CENTERED APPROACH Steven A. Beebe Texas State University—San Marcos

Susan J. Beebe Texas State University—San Marcos

E D

IT IO

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Allyn & Bacon Boston Columbus Indianapolis New York San Francisco Upper Saddle River

Amsterdam Cape Town Dubai London Madrid Milan Munich Paris Montreal Toronto

Delhi Mexico City São Paulo Sydney Hong Kong Seoul Singapore Taipei Tokyo

Editor-in-Chief, Communication: Karon Bowers Development Editor: Sheralee Connors Editorial Assistant: Megan Sweeney Marketing Manager: Blair Tuckman Media Producer: Megan Higginbotham Project Manager: Anne Ricigliano Project Coordination, Text Design, and Electronic Page Makeup: Nesbitt Graphics, Inc. Cover Design Manager: Anne Nieglos Cover Designer: Joseph DePinho Cover Art: William Low Manufacturing Buyer: Mary Ann Gloriande Printer and Binder: Quad Graphics/Dubuque Cover Printer: Lehigh-Phoenix Color/Hagerstown

Library of Congress Cataloging-in-Publication Data Beebe, Steven A.

Public speaking : an audience-centered approach / Steven A. Beebe, Susan J. Beebe. — 8th ed. p. cm.

Includes bibliographical references and index. ISBN 978-0-205-78462-2 (alk. paper)

1. Public speaking. 2. Oral communication. I. Beebe, Susan J. II. Title. PN4129.15.B43 2012 808.5’1—dc22

2010054152

Copyright © 2012, 2009, 2006 by Pearson Education, Inc.

All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of the publisher. Printed in the United States. To obtain permission to use material from this work, please submit a written request to Pearson Education, Inc., Permissions Department, 501 Boylston Street, Suite 900, Boston, MA 02116, fax: (617) 671-2290. For information regarding permissions, call (617) 671-2295 or e-mail: permissionsus@pearson.com.

1 2 3 4 5 6 7 8 9 10—QGD—14 13 12 11

ISBN-13: 978-0-205-78462-2 www.pearsonhighered.com ISBN-10: 0-205-78462-3

Dedicated to our parents, Russell and Muriel Beebe and Herb and Jane Dye

And to our children, Mark, Matthew, and Brittany Beebe

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ix

1 Speaking with Confidence 3 2 Speaking Freely and Ethically 35 3 Listening to Speeches 49 4 Analyzing Your Audience 77 5 Developing Your Speech 111 6 Gathering and Using Supporting Material 133 7 Organizing Your Speech 161 8 Introducing and Concluding Your Speech 183 9 Outlining and Revising Your Speech 203

10 Using Words Well: Speaker Language and Style 217 11 Delivering Your Speech 235 12 Using Presentation Aids 265 13 Speaking to Inform 289 14 Understanding Principles of Persuasive Speaking 315 15 Using Persuasive Strategies 337 16 Speaking for Special Occasions and Purposes 373

Epilogue 390

Appendix A Speaking in Small Groups 392

Appendix B Speeches for Analysis and Discussion 400

Brief Contents

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xi

Contents

Preface xxiii

Speaking with Confidence 3 Why Study Public Speaking? 4

Empowerment 4 ● Employment 4

The Communication Process 5 Communication as Action 5 ● Communication as Interaction 6 ● Communication as Transaction 7

The Rich Heritage of Public Speaking 7 LEARNING FROM GREAT SPEAKERS Martin Luther King Jr. 8

Improving Your Confidence as a Speaker 9

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Gather Visual Supporting Material 25

Organize Your Speech 25

Select and Narrow Your Topic 20 Determine Your Purpose 21

Determine Your General Purpose 21 ● Determine Your Specific Purpose 21

Develop Your Central Idea 22 Generate the Main Ideas 22 Gather Supporting Material 23

Gather Interesting Supporting Material 23

Understand Your Nervousness 10 ● How to Build Your Confidence 13

CONFIDENTLY CONNECTING WITH YOUR AUDIENCE Begin with the End in Mind 17

An Overview of Audience-Centered Public Speaking 17 Consider Your Audience 19

Gather and Analyze Information about Your Audience 19 ● Consider the Culturally Diverse Backgrounds of Your Audience 19

Rehearse Your Speech 27

Deliver Your Speech 27

SAMPLE SPEECH 29

STUDY GUIDE 30

SPEECH WORKSHOP Improving Your Confidence as a Public Speaker 33

Speaking Freely and Ethically 35 Speaking Freely 37

Free Speech and the U.S. Constitution 37 ● Free Speech in the Twentieth Century 37 ● Free Speech in the Twenty-first Century 38

Speaking Ethically 39 Have a Clear, Responsible Goal 39

LEARNING FROM GREAT SPEAKERS Mohandas Gandhi 40

Use Sound Evidence and Reasoning 40 ● Be Sensitive to and Tolerant of Differences 41 ● Be Honest 41 ● Don’t Plagiarize 42

CONFIDENTLY CONNECTING WITH YOUR AUDIENCE Remember That You Will Look More Confident Than You May Feel 42

SAMPLE ORAL CITATION 44

Speaking Credibly 44

STUDY GUIDE 46

SPEECH WORKSHOP Avoiding Plagiarism 47

Listening to Speeches 49 Overcoming Barriers to Effective Listening 51

Managing Information Overload 52 ● Overcoming Personal Concerns 53 ● Reducing Outside Distractions 53 ● Overcoming Prejudice 54 ● Using Differences between Speech Rate and Thought Rate 54 ● Managing Receiver Apprehension 55

How to Become a Better Listener 55 Listen with Your Eyes as Well as Your Ears 56 ● Listen Mindfully 57

LEARNING FROM GREAT SPEAKERS César Chávez 58

Listen Skillfully 59 ● Listen Ethically 62

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Improving Listening and Critical Thinking Skills 63 Separate Facts from Inferences 63 ● Evaluate the Quality of Evidence 64 ● Evaluate the Underlying Logic and Reasoning 65

Analyzing and Evaluating Speeches 65 Understanding Criteria for Evaluating Speeches 66 ● Identifying and Analyzing Rhetorical Strategies 68 ● Giving Feedback to Others 69 ● Giving Feedback to Yourself 70

CONFIDENTLY CONNECTING WITH YOUR AUDIENCE Look for Positive Listener Support 71

STUDY GUIDE 72

SPEECH WORKSHOP Evaluating a Speaker’s Rhetorical Effectiveness 74

Analyzing Your Audience 77 Gathering Information about Your Audience 79 Analyzing Information about Your Audience 80

Look for Audience Member Similarities 81 ● Look for Audience Member Differences 82 ● Establish Common Ground with Your Audience 82

Adapting to Your Audience 82

LEARNING FROM GREAT SPEAKERS Winston Churchill 83

CONFIDENTLY CONNECTING WITH YOUR AUDIENCE Learn as Much as You Can about Your Audience 83

Analyzing Your Audience before You Speak 84 Demographic Audience Analysis 84 ● Psychological Audience Analysis 94 ● Situational Audience Analysis 96

Adapting to Your Audience as You Speak 99

DEVELOPING YOUR SPEECH STEP BY STEP Consider Your Audience 99

Identifying Nonverbal Audience Cues 100 ● Responding to Nonverbal Cues 101 ● Strategies for Customizing Your Message to Your Audience 101

Analyzing Your Audience after You Speak 103 Nonverbal Responses 104 ● Verbal Responses 104 ● Survey Responses 104 ● Behavioral Responses 105

STUDY GUIDE 106

SPEECH WORKSHOP Developing Communication Strategies to Adapt to Your Audience 108

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Developing Your Speech 111 Select and Narrow Your Topic 112

Guidelines for Selecting a Topic 113

CONFIDENTLY CONNECTING WITH YOUR AUDIENCE Select an Interesting Topic 113

LEARNING FROM GREAT SPEAKERS Frederick Douglass 115

Strategies for Selecting a Topic 115 ● Narrowing the Topic 117

DEVELOPING YOUR SPEECH STEP BY STEP Select and Narrow Your Topic 117

Determine Your Purpose 118 General Purpose 118 ● Specific Purpose 119

DEVELOPING YOUR SPEECH STEP BY STEP Determine Your Purpose 121

Develop Your Central Idea 121 A Complete Declarative Sentence 122 ● Direct, Specific Language 122

DEVELOPING YOUR SPEECH STEP BY STEP Develop Your Central Idea 123 ● A Single Idea 123 ● An Audience-Centered Idea 123

Generate and Preview Your Main Ideas 124 Generating Your Main Ideas 124 ● Previewing Your Main Ideas 125

Meanwhile, Back at the Computer . . . 126

DEVELOPING YOUR SPEECH STEP BY STEP Generate Your Main Ideas 127

STUDY GUIDE 128

SPEECH WORKSHOP Strategies for Selecting a Speech Topic 130

Gathering and Using Supporting Material 133 Sources of Supporting Material 134

Personal Knowledge and Experience 134 ● The Internet 134 ● Online Databases 135 ● Traditional Library Holdings 137 ● Interviews 139

Research Strategies 141 Develop a Preliminary Bibliography 141 ● Locate Resources 142 ● Assess the Usefulness of Resources 142 ● Take Notes 143

DEVELOPING YOUR SPEECH STEP BY STEP Gather Supporting Material 143

Identify Possible Presentation Aids 144

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Types of Supporting Material 144 Illustrations 145

LEARNING FROM GREAT SPEAKERS Eleanor Roosevelt 146

Descriptions and Explanations 147 ● Definitions 148 ● Analogies 149 ● Statistics 150 ● Opinions 152

CONFIDENTLY CONNECTING WITH YOUR AUDIENCE Prepare Early 153

The Best Supporting Material 154

STUDY GUIDE 156

SPEECH WORKSHOP Identifying a Variety of Supporting Material for Your Speech 158

Organizing Your Speech 161 Organizing Your Main Ideas 163

CONFIDENTLY CONNECTING WITH YOUR AUDIENCE Organize Your Message 163

Organizing Ideas Topically 163 ● Ordering Ideas Chronologically 164 ● Arranging Ideas Spatially 166 ● Organizing Ideas to Show Cause and Effect 166

LEARNING FROM GREAT SPEAKERS Desmond Tutu 166

Organizing Ideas by Problem-Solution 167 ● Acknowledging Cultural Differences in Organization 169

Subdividing Your Main Ideas 170 Integrating Your Supporting Material 170

Prepare Your Supporting Material 170 ● Organize Your Supporting Material 171

DEVELOPING YOUR SPEECH STEP BY STEP Organize Your Speech 172

Incorporate Your Supporting Material into Your Speech 173

Developing Signposts 173

SAMPLE INTEGRATION OF SUPPORTING MATERIAL 173

Transitions 174 ● Previews 175 ● Summaries 176

Supplementing Signposts with Presentation Aids 177

STUDY GUIDE 178

SPEECH WORKSHOP Organizing Your Ideas 180

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Introducing and Concluding Your Speech 183 CONFIDENTLY CONNECTING WITH YOUR AUDIENCE Be Familiar with Your

Introduction and Conclusion 184

Purposes of Introductions 184 Get the Audience’s Attention 184 ● Give the Audience a Reason to Listen 185 ● Introduce the Subject 185 ● Establish Your Credibility 186 ● Preview Your Main Ideas 186

Effective Introductions 187 Illustrations or Anecdotes 187 ● Startling Facts or Statistics 188 ● Quotations 188 ● Humor 189 ● Questions 190 ● References to Historical Events 191 ● References to Recent Events 192 ● Personal References 192 ● References to the Occasion 192 ● References to Preceding Speeches 193

Purposes of Conclusions 193 Summarize the Speech 193 ● Provide Closure 194

Effective Conclusions 195 Methods Also Used for Introductions 196 ● References to the Introduction 196 ● Inspirational Appeals or Challenges 196

LEARNING FROM GREAT SPEAKERS Patrick Henry 197

STUDY GUIDE 198

SPEECH WORKSHOP Developing the Introduction and Conclusion to Your Speech 200

Outlining and Revising Your Speech 203 Developing Your Preparation Outline 204

The Preparation Outline 204 ● Sample Preparation Outline 206

Revising Your Speech 207

SAMPLE PREPARATION OUTLINE 208

Developing Your Delivery Outline and Speaking Notes 209 The Delivery Outline 210

SAMPLE DELIVERY OUTLINE 210

Sample Delivery Outline 211 ● Speaking Notes 212

CONFIDENTLY CONNECTING WITH YOUR AUDIENCE Use Your Well-Prepared Speaking Notes When You Rehearse 212

LEARNING FROM GREAT SPEAKERS Mark Twain 213

STUDY GUIDE 214

SPEECH WORKSHOP Outlining Your Speech 215

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Using Words Well: Speaker Language and Style 217 Differentiating Oral and Written Language Styles 218 Using Words Effectively 219

Use Specific, Concrete Words 219 ● Use Simple Words 220 ● Use Words Correctly 220 ● Use Words Concisely 221

Adapting Your Language Style to Diverse Listeners 221 Use Language That Your Audience Can Understand 222 ● Use Appropriate Language 222 ● Use Unbiased Language 222

Crafting Memorable Word Structures 223 Creating Figurative Images 224 ● Creating Drama 225 ● Creating Cadence 225

LEARNING FROM GREAT SPEAKERS John F. Kennedy 228

Analyzing an Example of Memorable Word Structure 228

Using Memorable Word Structures Effectively 229

CONFIDENTLY CONNECTING WITH YOUR AUDIENCE Use Words to Manage Your Anxiety 229

STUDY GUIDE 230

SPEECH WORKSHOP Conducting a “Language Style Audit” of Your Speech 232

Delivering Your Speech 235 The Power of Speech Delivery 236

Listeners Expect Effective Delivery 236 ● Listeners Make Emotional Connections with You through Delivery 237 ● Listeners Believe What They See 238

Methods of Delivery 238 Manuscript Speaking 238 ● Memorized Speaking 239 ● Impromptu Speaking 240 ● Extemporaneous Speaking 241

Characteristics of Effective Delivery 242

LEARNING FROM GREAT SPEAKERS Marcus Tullius Cicero 242

Eye Contact 243 ● Gestures 243 ● Movement 246 ● Posture 247 ● Facial Expression 248 ● Vocal Delivery 248 ● Personal Appearance 253

Audience Diversity and Delivery 253

DON’T GET LOST IN TRANSLATION 255

Rehearsing Your Speech: Some Final Tips 256 CONFIDENTLY CONNECTING WITH YOUR AUDIENCE Re-create the Speech Environment When You Rehearse 257

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DEVELOPING YOUR SPEECH STEP BY STEP Rehearse Your Speech 257

Delivering Your Speech 257

DEVELOPING YOUR SPEECH STEP BY STEP Deliver Your Speech 257

Responding to Questions 258

STUDY GUIDE 261

SPEECH WORKSHOP Improving Your Speech Delivery 263

Using Presentation Aids 265 The Value of Presentation Aids 266

LEARNING FROM GREAT SPEAKERS Ronald Reagan 267

Types of Presentation Aids 268 Three-Dimensional Presentation Aids 268 ● Two-Dimensional Presentation Aids 269 ● PowerPoint™ Presentation Aids 274 ● Tips for Using PowerPoint™ 275 ● Audiovisual Aids 277

CONFIDENTLY CONNECTING WITH YOUR AUDIENCE Practice with Your Presentation Aids to Boost Your Confidence 277

Guidelines for Developing Presentation Aids 279 Make Them Easy to See 279 ● Keep Them Simple 279 ● Select the Right Presentation Aid 280 ● Do Not Use Dangerous or Illegal Presentation Aids 280

Guidelines for Using Presentation Aids 280 Rehearse with Your Presentation Aids 281 ● Make Eye Contact with Your Audience, Not with Your Presentation Aids 281 ● Explain Your Presentation Aids 281 ● Do Not Pass Objects among Members of Your Audience 282 ● Use Animals with Caution 282 ● Use Handouts Effectively 282 ● Time the Use of Visuals to Control Your Audience’s Attention 283 ● Use Technology Effectively 284 ● Remember Murphy’s Law 284

STUDY GUIDE 285

SPEECH WORKSHOP A Checklist for Using Effective Presentation Aids 287

Speaking to Inform 289 Types of Informative Speeches 290

LEARNING FROM GREAT SPEAKERS Oprah Winfrey 291

Speeches about Objects 292 ● Speeches about Procedures 293 ● Speeches about People 294 ● Speeches about Events 295 ● Speeches about Ideas 295

Strategies to Enhance Audience Understanding 296 Speak with Clarity 296 ● Use Principles and Techniques of Adult Learning 297 ● Clarify Unfamiliar Ideas or Complex Processes 298 ● Appeal to a Variety of Learning Styles 299

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Strategies to Maintain Audience Interest 300 Motivate Your Audience to Listen to You 300 ● Tell a Story 301 ● Present Information That Relates to Your Listeners 301 ● Use the Unexpected 301

SAMPLE INFORMATIVE SPEECH 302

Strategies to Enhance Audience Recall 303 Build In Redundancy 303 ● Make Your Key Ideas Short and Simple 304 ● Pace Your Information Flow 304 ● Reinforce Key Ideas 304

Developing an Audience-Centered Informative Speech 305 Consider Your Audience 305 ● Select and Narrow Your Informational Topic 305 ● Determine Your Informative Purpose 306 ● Develop Your Central Idea 306 ● Generate Your Main Ideas 306

CONFIDENTLY CONNECTING WITH YOUR AUDIENCE Focus on Your Information Rather Than on Your Fear 307

Gather Your Supporting Materials 307 ● Organize Your Speech 307 ● Rehearse Your Presentation 307 ● Deliver Your Speech 307

STUDY GUIDE 309

SPEECH WORKSHOP Developing a Vivid Word Picture 311

Understanding Principles of Persuasive Speaking 315 Persuasion Defined 314

Changing or Reinforcing Audience Attitudes 314 ● Changing or Reinforcing Audience Beliefs 315 ● Changing or Reinforcing Audience Values 315 ● Changing or Reinforcing Audience Behaviors 316

How Persuasion Works 316 Aristotle’s Traditional Approach: Using Ethos, Logos, and Pathos to Persuade 316 ● ELM’S Contemporary Approach: Using a Direct or Indirect Path to Persuade 317

How to Motivate Listeners 319 Use Cognitive Dissonance 319 ● Use Listener Needs 322 ● Use Positive Motivation 324 ● Use Negative Motivation 324

How to Develop Your Persuasive Speech 326 Consider the Audience 326 ● Select and Narrow Your Persuasive Topic 327

LEARNING FROM GREAT SPEAKERS Elizabeth Cady Stanton 327

Determine Your Persuasive Purpose 328 ● Develop Your Central Idea and Main Ideas 328 ● Gather Supporting Material 331

CONFIDENTLY CONNECTING WITH YOUR AUDIENCE Breathe to Relax 332

Organize Your Persuasive Speech 332 ● Rehearse and Deliver Your Speech 332

STUDY GUIDE 333

SPEECH WORKSHOP Developing a Persuasive Speech 335

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Using Persuasive Strategies 337 Enhancing Your Credibility 338

Elements of Your Credibility 338 ● Phases of Your Credibility 339

Using Logic and Evidence to Persuade 340 Understanding Types of Reasoning 341 ● Persuading the Culturally Diverse Audience 345 ● Supporting Your Reasoning with Evidence 347 ● Using Evidence Effectively 348 ● Avoiding Faulty Reasoning 349

Using Emotion to Persuade 351

LEARNING FROM GREAT SPEAKERS Franklin Delano Roosevelt 351

Tips for Using Emotion to Persuade 352 ● Using Emotional Appeals: Ethical Issues 355

Strategies for Adapting Ideas to People and People to Ideas 356 Persuading the Receptive Audience 356 ● Persuading the Neutral Audience 357 ● Persuading the Unreceptive Audience 357

CONFIDENTLY CONNECTING WITH YOUR AUDIENCE Enhance Your Initial Credibility 358

Strategies for Organizing Persuasive Messages 359 Problem–Solution 360 ● Refutation 361 ● Cause and Effect 362 ● The Motivated Sequence 363

SAMPLE PERSUASIVE SPEECH 366

STUDY GUIDE 369

SPEECH WORKSHOP Adapting Ideas to People and People to Ideas 371

Speaking for Special Occasions and Purposes 373 Public Speaking in the Workplace 374

Group Presentations 374 ● Public-Relations Speeches 377

CONFIDENTLY CONNECTING WITH YOUR AUDIENCE Seek a Variety of Speaking Opportunities 378

Ceremonial Speaking 378 Introductions 378 ● Toasts 379 ● Award Presentations 379 ● Nominations 380 ● Acceptances 380 ● Keynote Addresses 381 ● Commencement Addresses 382 ● Commemorative Addresses and Tributes 382 ● Eulogies 383

After-Dinner Speaking: Using Humor Effectively 383

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LEARNING FROM GREAT SPEAKERS Dave Barry 384

Humorous Topics 384 ● Humorous Stories 385 ● Humorous Verbal Strategies 386 ● Humorous Nonverbal Strategies 387

STUDY GUIDE 388

SPEECH WORKSHOP Introducing a Speaker 389

Epilogue 390

Speaking in Small Groups 392 Solving Problems in Groups and Teams 393

1. Identify and Define the Problem 393 ● 2. Analyze the Problem 394 ● 3. Generate Possible Solutions 394 ● 4. Select the Best Solution 395 ● 5. Test and Implement the Solution 395

Participating in Small Groups 395 Come Prepared for Group Discussions 395 ● Do Not Suggest Solutions before Analyzing the Problem 396 ● Evaluate Evidence 396 ● Help Summarize the Group’s Progress 396 ● Listen and Respond Courteously to Others 396 ● Help Manage Conflict 396

Leading Small Groups 397 Leadership Responsibilities 397 ● Leadership Styles 398

Speeches for Analysis and Discussion 400 I Have a Dream, Martin Luther King Jr. 400 Delivering the Gift of Freedom to Future Generations (Inaugural Address), Barack Obama 402 Find Your Passion, and Find a Way to Get Paid to Follow It, Anne Lynam Goddard 406 Sticky Ideas: Low-Tech Solutions to a High-Tech Problem, Richard L. Weaver, II 410

Land of the Free Because of the Homeless, Shaunna Miller 414

Endnotes 417 Index 431

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The eighth edition of Public Speaking: An Audience-Centered Approach is writ-ten to be the primary text in a course intended to help students become bet-ter public speakers. We are delighted that since the first edition of the book was published two decades ago, educators and students of public speaking have found our book a distinctively useful resource to enhance public-speaking skills. We’ve worked to make our latest edition a preeminent resource for helping students enhance their speaking skills by adding new features and retaining the most success- ful elements of previous editions.

New to the Eighth Edition We’ve refined and updated the book you are holding in your hands to create a pow- erful and contemporary resource for helping speakers connect to their audience. We’ve added several new features and revised features that both instructors and stu- dents have praised.

Streamlined Organization In response to suggestions from instructors who use the book, we’ve consolidated re- lated topics to reduce the book to a total of 16 chapters, allowing instructors to in- clude every chapter during a standard semester. Chapter 1 now offers a preview of the audience-centered speaking model as well as introducing students to the history and value of public speaking and starting the process of building their confidence as public speakers. Chapter 6 now not only shows stu- dents how to gather sup- porting material, but also immediately provides them advice and examples for ef- fective ways to integrate their supporting materials into a speech.

Preface

Learn, compare,

collect the

facts! . . . Always

have the courage to

say to yourself—

I am ignorant.

—IVAN PETROVICH PAVLOV

132

Sources of Supporting Material Personal Knowledge and

Experience The Internet Online Databases Traditional Library Holdings Interviews

Research Strategies Develop a Preliminary Bibliography Locate Resources Assess the Usefulness of Resources

Take Notes Identify Possible Presentation Aids

Types of Supporting Material Illustrations Descriptions and Explanations Definitions Analogies Statistics Opinions

The Best Supporting Material

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6 Gathering and UsingSupporting Material

A pple pie is your specialty. Your family and friends relish your flaky crust,spicy filling, and crunchy crumb topping. Fortunately, not only do you havea never-fail recipe and technique, but you also know where to go for the best ingredients. Fette’s Orchard has the tangiest pie apples in town. For your crust,

you use only Premier shortening, which you buy at Meyer’s Specialty Market. Your

crumb topping requires both stone-ground whole-wheat flour and fresh creamery

butter, available on Tuesdays at the farmer’s market on the courthouse square.

Chapter 6 covers the speech-development step highlighted in Figure 6.1 on

page 134: Gather Supporting Material. Just as making your apple pie requires

that you know where to find specific ingredients, creating a successful speech re-

quires a knowledge of the sources, research strategies, and types of supporting

material that speechmakers typically use.

After studying this chapter you should be able to do the following:

1. List five potential sources of supporting material for a speech.

2. Explain five strategies for a logical research process.

3. List and describe six types of supporting material.

4. List and explain six criteria for determining the best supporting material to use in a speech.

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Alexandra Exter (1882–1949), Sketch for a Scenic Design, ca. 1924, gouache on paper. Photo: M. E. Smith/Private Collection. © DeA Picture Library/Art Resource, N. Y.

xxiii

xxiv Preface

Updated Features In the eighth edition, we have added more marginal Recap boxes and tables to summarize the content of nearly every major section in each chapter. Students can use the Recaps and tables to check their understanding, review for exams, and to reference key advice as they prepare their speeches.

New End-of-Chapter Study Guides We’ve provided a new, consolidated Study Guide at the end of each chapter. This practical feature helps students to review and check their understanding of chapter topics. The Study Guide summarizes the content of each major section of the chapter; restates the chapter’s best ideas for being an audience-centered speaker; poses discussion- sparking scenarios that show how chapter concepts might apply in real speaking and ethical situations; and points readers in the direction of relevant online resources that they can use as speakers.

Purposes of Introductions It is important to begin and end your speech in a way that is memorable and that also provides the repetition audiences need. A good introduction gets the audience’s attention, gives the audience a reason to listen, intro- duces your subject, establishes your credibility, and pre- views your main ideas.

Introducing your subject and previewing the body of your speech can be accomplished by includ- ing your central idea and preview statement in the introduction.

Categories
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in activity-based costing, nonmanufacturing costs are not assigned to products.

True / False Questions  

1.Activity-based management seeks to eliminate waste by allocating costs to products that waste resources.    True    False
2.Direct labor-hours or direct labor cost should not be used as a measure of activity in an activity-based costing system.    True    False
3.In activity-based costing, nonmanufacturing costs are not assigned to products.    True    False
4.In traditional costing, some manufacturing costs may be excluded from product costs.    True    False
5.Organization-sustaining overhead costs should be allocated to products just like unit-level and product-level activities.    True    False
6.Activity-based costing uses a number of activity cost pools, each of which may have a different allocation base.    True    False
7.In activity-based costing, organization-sustaining costs should be included in product costs for internal management reports that are used for decision-making.    True    False
8.The practice of assigning the costs of idle capacity to products results in more stable unit product costs.    True    False
9.In general, duration drivers are more accurate measures of the consumption of resources than transaction drivers.    True    False
10.Activity-based costing is a costing method that is designed to provide managers with cost information for strategic and other decisions that potentially affect only variable costs.    True    False
11.In traditional costing systems, manufacturing costs that are not caused by products are not assigned to products.    True    False
12.When a company shifts from a traditional cost system in which manufacturing overhead is applied based on direct labor-hours to an activity-based costing system with batch-level and product-level costs, the unit product costs of low volume products typically decrease whereas the unit product costs of high volume products typically increase.    True    False
13.The costs of idle capacity should be assigned to products in activity-based costing.    True    False
14.In activity-based costing, some manufacturing costs can be excluded from product costs.    True    False
 15.Batch-level activities are performed each time a unit is produced.    True    False
Multiple Choice16.An activity-based costing system that is designed for internal decision-making will not conform to generally accepted accounting principles because:   A. under activity-based costing the sum of all product costs does not equal the total costs of the company.B. under activity-based costing manufacturing costs are assigned to products.C. activity-based costing has not been approved by the United Nation’s International Accounting Board.D. activity-based costing results in less accurate costs than more traditional costing methods based on direct labor-hours or machine-hours.
17.Assembling a product is an example of a(n):    A. Unit-level activity.B. Batch-level activity.C. Product-level activity.D. Organization-sustaining.
18.If substantial batch-level or product-level costs exist, then overhead allocation based on a measure of volume such as direct labor-hours alone:   A. is a key aspect of the activity-based costing model.B. will systematically overcost high-volume products and undercost low-volume products.C. will systematically overcost low-volume products and undercost high-volume products.D. must be used for external financial reporting since activity-based costing cannot be used for external reporting purposes.
19.Which terms would make the following sentence true? Manufacturing companies that benefit the most from activity-based costing are those where overhead costs are a _________ percentage of total product cost and where there is ___________ diversity among the various products that they produce.   A. low, littleB. low, considerableC. high, littleD. high, considerable
20.Which of the following costs should not be included in product costs for internal management reports that are used for decision-making?   A. Costs of unit-level activities.B. Costs of batch-level activities.C. Costs of product-level activities.D. Costs of organization-sustaining activities.
21.The plant manager’s salary is an example of a(n):    A. Unit-level activity.B. Batch-level activity.C. Product-level activity.D. Organization-sustaining activity.
22.Setting up a machine to change from producing one product to another is an example of a(n):    A. Unit-level activity.B. Batch-level activity.C. Product-level activity.D. Organization-sustaining activity.
23.Which of the following would probably be the most accurate measure of activity to use for allocating the costs associated with a factory’s purchasing department?   A. Machine-hoursB. Direct labor-hoursC. Number of orders processedD. Cost of materials purchased
24.The labor time required to assemble a product is an example of a(n):    A. Unit-level activity.B. Batch-level activity.C. Product-level activity.D. Organization-sustaining activity.
25.Which of the following levels of costs should not be allocated to products for decision-making purposes?    A. Unit-level activities.B. Batch-level activities.C. Product-level activities.D. Organization-sustaining activities.
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identify the initial amount a and the growth factor b in the exponential function.

Can somebody please check my answers?

  1. Identify the initial amount a and the growth factor b in the exponential function.

g(x)=14*2^x
a)a=14, b=x
b)a=14, b=2 <<<<
c)a=28, b=1
d)a=28, b=x

  1. Identify the initial amount a and the growth factor b in the exponential function.

f(t)=1.4^t
a)a=1, b=0.4
b)a=1.4, b=0<<<<
c)a=1.4, b=t
d)a=1, b=1.4

3.Find the balance in the account after a given period.
$4000 principal earning 6% compounded annually, after 5 years.

a)$6,726.28
b)$5,352.90<<<<
c)$5,395.40
d)$7,716.74

6.Identify the initial amount a and the growth factor b in the exponential function.

y=5*0.5^x

a)a=5, b=x
b)a=0.5, b=5
c)a=5, b=0.5<<<<<
d)a=0.5, b=x

  1. State whether the equation represents exponential growth, exponential decay or neither.

y=5.8(3/7)^x
a) Exponential growth
b) Exponential decay<<<<<
c) Neither

2 1 3,477
asked by Sage
Feb 16, 2016

1 ok

2 initial amount is 1.4^0=1

3 ok

6 ok

7 ok

I’m surprised you blew it on #2; the others indicate good understanding.

What do you think b=0 would indicate?

0 6
posted by Steve
Feb 16, 2016
As soon as I posted this I realized I put the wrong one :/
Thank you for checking my work!

6 1
posted by Sage
Feb 16, 2016
1B 2D 3B 4B 5A 6C 7B 8B 9B 10D 11B 12C 100% Correct

48 1
posted by Zolita
Feb 22, 2017
zolita is right

14 1
posted by Kylie
Feb 25, 2017

Zolita is 100% right if you are in connections.

  1. B.
  2. D.
  3. B.
  4. B.
  5. A.
  6. C.
  7. B.
  8. B.
  9. B.
  10. D.
  11. B.
  12. C.

These answers are all correct in Pre-AP (and possibly on-level too) Algebra in connections academy.

25 0
posted by AnswerKing
Mar 1, 2017
i can confirm that zolita and answer king are correct!

7 1
posted by :))
Mar 27, 2017
Oui, AnswerKing and Zolita are correct!

2 1
posted by Velvet
Jan 23, 2018
yep! 12/12 100%!

3 1
posted by raychelz
Jan 24, 2018
Yes, the answers provided by Zolita and answerking are correct.

4 1
posted by non
Jan 29, 2018

OMG ZOLITA IS SOOOO CORRECT I GOT 12/12 DEFINETLT SUPER GREATFUL!

4 1
posted by HAHA
Jan 30, 2018
Thank you so much Zolitaaaaa

3 0
posted by croutons
Feb 3, 2018
Thanksss Zolita 100%:)

3 0
posted by Dat Farm Girl
Feb 7, 2018
hey anyone want to be freinds im in connections in washington connections sucks so i have no freinds if u want to talk my email is isaiahtubbs02@gmail. com

1 1
posted by isaiah_lange13
Feb 13, 2018

  1. B.
  2. D.
  3. B.
  4. B.
  5. A.
  6. C.
  7. B.
  8. B.
  9. B.
  10. D.
  11. B.
  12. C.
    U3L7 Exponential Growth and Decay 1 2
    posted by DingDong
    Feb 20, 2018

Thanksss Zolita!!! 🙂

0 0
posted by that emo girl!
Feb 28, 2018
Thanks Zolita!

0 0
posted by I THE SMART
Oct 14, 2018
Lol still right 2019 thanks Zolita

2 1
posted by Anonymous
Jan 25, 2019
She is still right

1 1
posted by Ha Ha Ha
Feb 3, 2019
Thankk youuuuuuuuuuu

1 0
posted by Chenlings
Feb 13, 2019

Thanks zoilta

0 0
posted by xxsupreme_masterxx
Feb 13, 2019
Thanks DingDong and Zolta

0 0
posted by Kelly
Feb 14, 2019
@Zolita is correct!

0 0
posted by
Feb 18, 2019
yup zolita is =>

that was right get it?

0 0
posted by @n0nym0u$
Mar 6, 2019

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dc network gcu login

How to Use SPSS from the GCU Server

SPSS is software used for statistical analysis. You will find this software on the DC Network. To access the SPSS program, follow these directions:

1. Access the DC Network at dc.gcu.edu

2. Enter the username and password used for accessing Loudcloud.

3. Click the Research/Dissertation tab.

4. On the left side of the page, you will see the heading, Research Resources. Click on the SPSS Statistical Analysis Software link.

5. Click the SPSS Server (access without download) link.

6. Click the SPSS Server Documentation_PC link.

7. Follow the directions given in this document.

© 2011. Grand Canyon University. All Rights Reserved.

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 Reviewing Assignment

Week #1 Assignment

Started: Feb 16, 2015 10:31 PM Finished: Feb 19, 2015 4:24 PM

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This submission has not yet been graded.

 Week #1 Assignment     (worth 10 points)

Students are to go to the following website: www.youtube.com

Enter the following into the search engine: Martin Luther King Jr. ­The Man and the Dream.

This video is approximately 59 minutes in length. Please watch this video in its’ entirety. There will be 4 questions to answer.

Question 1 of 4     (worth 2.5 points)

1. When and where was MLK Jr. born?

 Answer

MKL Jr. was born on January 15, 1929 in Atlanta, Georgia to a Baptist minister.

Question 2 of 4     (worth 2.5 points)

2. From what socio­economic class did MLK Jr. stem? How did this contrast to his parents upbringing?

 Answer

MKL Jr. was born from a family of a Baptist ministers, and his father was the pastor of Ebenezer Baptist Church in Atlanta. Being a son of a pastor growing up in among the black middle class, King was able to afford education and experience not available to children in poorer rural and urban areas. This did not contrast much to the socio-economic class of his parents as they were also from the middle-class.

Question 3 of 4     (worth 2.5 points)

3. How productive were MLK Jr methods of nonviolent protests?

 Answer

As a method of activism nonviolence guarantees no automatic and unfailing success; no method of conflict resolution does. His nonviolent, legal, and moral methods showed many white Americans that black Americans were not inferior to them based solely on their skin coloration. King showed how all of the problems concerning racism could be solved through peaceful demonstrations and not through violence, which only succeeded in making some white Americans dislike black Americans more.

Question 4 of 4     (worth 2.5 points)

4. In your opinion, does MLK Jr being a womanizer, tarnish his image? Is this a contradiction to being a Nobel Prize Winner Receipient?

 Answer

Being a womanizer does not tarnish the image of MLK Jr. because it is human nature to love women. This does not affect him being a Nobel Prize Winner Recipient.

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9/27/2015 Etudes : LAHC POL 001 4922 PRODR SP15 : Assignments, Tests and Surveys

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Etudes20150922 ­ apollo

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according to glaukon from the “ring of gyges” excerpt from plato’s republic, people are:

Question 1. 1. Rachels concludes that: (Points : 1)       [removed] active euthanasia is always worse than passive euthanasia.
      [removed] passive euthanasia is always worse than active euthanasia.
      [removed] active euthanasia is always morally permissible.
      [removed] none of the above.

Question 2. 2. Glaukon begins by claiming that “those who practice justice” do so (Points : 1)       [removed] Because they know it is the right thing to do.
      [removed] Because they are compelled by their conscience.
      [removed] Because they are incapable of doing otherwise.
      [removed] Because all of the parts of their character are harmoniously oriented toward the good.

Question 3. 3. According to Rachels, the case of Smith and Jones shows that: (Points : 1)       [removed] killing is intrinsically worse than letting die.
      [removed] there is no intrinsic moral difference between killing and letting die.
      [removed] letting die is morally worse than killing.
      [removed] it is never permissible either to let someone die or to kill them.

Question 4. 4. According to Rachels, many people accept the conventional doctrine because they believe: (Points : 1)       [removed] killing is intrinsically worse than letting die.
      [removed] there is no intrinsic moral difference between killing and letting die.
      [removed] letting die is morally worse than killing.
      [removed] it is never permissible either to let someone die or to kill them.

Question 5. 5. If the Ring of Gyges really existed, (Points : 1)       [removed] Just people would use it for justice.
      [removed] Just people would not use it at all.
      [removed] Unjust people would use it differently than just people.
      [removed] Everyone would use it the same.

Question 6. 6. Kass argues that there is an important difference between withdrawing treatment and active, direct mercy killing, and this difference lies in the (Points : 1)       [removed] primary intention of the doctor.
      [removed] ultimate outcome of the actions.
      [removed] Constitution of the United States.
      [removed] sympathy that we feel for the patient’s suffering.

Question 7. 7. Midgely concludes that (Points : 1)       [removed] If we accept a value in another culture, we can still reject that value in our culture.
      [removed] If we accept a value in another culture, we must accept that value in our culture.
      [removed] If we reject a value in another culture, we must reject that value in our culture.
      [removed] B and C.

Question 8. 8. According to Rachels, active euthanasia is currently: (Points : 1)       [removed] forbidden by law, and conventionally considered immoral.
      [removed] forbidden by law, but conventionally considered permissible.
      [removed] permitted by law, but conventionally considered immoral.
      [removed] permitted by law, and conventionally considered permissible.

Question 9. 9. According to the videos, in which is it legal to commit assisted suicide? (Points : 1)       [removed] Canada
      [removed] Mexico
      [removed] Germany
      [removed] Switzerland


Question 10. 10. The Ring of Gyges gave the shepherd who found it (Points : 1)       [removed] Intelligence
      [removed] Invincibility
      [removed] Invisibility
      [removed] Wisdom

Question 11. 11. Rachels claims that once it has been decided that euthanasia is desirable in a case: (Points : 1)       [removed] a moral error has already been made.
      [removed] it has been decided that death is no greater an evil than the patient’s continued existence.
      [removed] it has been decided that the patient does not have a right to life.
      [removed] the amount of suffering of the patient becomes irrelevant.

Question 12. 12. Rachels claims that when infants with Down’s syndrome are denied necessary operations, this is typically because: (Points : 1)       [removed] the infants have Down’s syndrome.
      [removed] the surgery would be too expensive.
      [removed] the surgery would be too risky.
      [removed] all of the above.

Question 13. 13. Rachels argues that the conventional doctrine: (Points : 1)       [removed] is self-evidently correct.
      [removed] is not what most people believe, but can be supported by strong arguments.
      [removed] leads to decisions concerning life and death made on morally irrelevant grounds.
      [removed] leads to patients being euthanized against their will.

Question 14. 14. Glaukon thinks that deep in our hearts we all believe that (Points : 1)       [removed] Injustice is more profitable than justice.
      [removed] We will have a clearer conscience if we always stick to the laws of justice.
      [removed] To be unjust is to be a fool.
      [removed] Both B and C.

Question 15. 15. Midgley thinks that although we can understand or appreciate other societies, (Points : 1)       [removed] We should never judge the values of other societies.
      [removed] We must always respect the values of other societies.
      [removed] We have the right to judge other societies.
      [removed] We cannot understand them well enough to judge them.

Question 16. 16. In the excerpt from Plato’s Republic, Glaukon suggests that people are good (Points : 1)       [removed] only because they are powerless to commit injustice and get away with it.
      [removed] because their conscience tells them to be.
      [removed] out of reverence for the law.
      [removed] because living justly is objectively the best sort of life.

Question 17. 17. Why is it hard for physicians to understand palliative care? (Points : 1)       [removed] They do not care about their patients enough.
      [removed] They are well-educated in palliative care.
      [removed] They did not pay attention in medical school.
      [removed] They are focused on healing rather than helping die.

Question 18. 18. Rachels claims that: (Points : 1)       [removed] there is no moral difference between active and passive euthanasia, considered in themselves.
      [removed] there is always a moral difference between the consequences of active and passive euthanasia.
      [removed] both a and b.
      [removed] neither a nor b.

Question 19. 19. Rachels claims that most actual cases of killing: (Points : 1)       [removed] are morally worse than most actual cases of letting die.
      [removed] are morally the same most actual cases of letting die.
      [removed] are morally less bad than most actual cases of letting die.
      [removed] are morally required.

Question 20. 20. James Rachels points out that when passive euthanasia is employed on infants, they typically die of: (Points : 1)       [removed] poisoning.
      [removed] SARS.
      [removed] suffocation.
      [removed] dehydration and infection.
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moodle campbellsville

Graded Assignments may be found at the end of each chapter of the required textbook under the title “Real-World Exercises”. Each assignment is due between Monday to Sunday evening by 11:00 p.m. EST. of the respective week. Each student is to select one exercise (per module exercise) from the grouping as identified below. Provide documented evidence, in Moodle, of completion of the chosen exercise (i.e. provide answers to each of the stated questions). Detailed and significant scholarly answers will be allotted full point value. Incomplete, inaccurate, or inadequate answers will receive less than full credit depending on the answers provided. All submissions need to directed to the appropriate area within Moodle. Late submissions, hardcopy, or email submissions will not be accepted. 

Module 2 Graded Assignment

From Chapter 2, page 81, Real World Exercise 2.2 

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QUESTION 2

1. Explain what a ‘sting operation’ is.

QUESTION 5

1. Describe the functions of a school resource officer.

QUESTION 7

1. Explain what a ‘power shift’ is, and why police agencies use them.

QUESTION 13

1. What did the Kansas City patrol experiment discover?

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the hawaiian island-emperor seamount chain formed as a result of ________.

Plate Tectonics Lab Assignment After reading the introduction to the Plate tectonic exercises in the manual, complete the questions on a hard copy of this Lab Assignment. When finished, transfer your answers to the lab assessment in BB Vista, save each answer individually if you feel that you are not to going to complete the whole assignment in one sitting. Do not press the “FINISH” button until you have filled all the answers and are ready to get it graded. Before the submission deadline, you can open the incomplete lab assignment for modifications as many times as you wish, but you will only be able to submit it once for a grade. Part 1- Lab Manual The exercises that follow are adaptations of the Plate Tectonics exercises contained in the lab manual. Note that the number that precedes the text of the question corresponds to the identifying number of that question in the lab manual. Lab Manual (Busch 9th Edition) Activity 2.8: The Origin of Magma 1. (Question A1, Figure 2.7) According to the continental geothermal gradient, rocks buried 80 km beneath a continent would normally be heated to what temperature? At 80 km depth, rocks will be heated to about _______ degrees Celsius 1. 1500 2. 1000 3. 750 4. 200 2. (Question A2, Figure 2.7) According to the oceanic geothermal gradient, rocks buried 80 km beneath an ocean basin would normally be heated to what temperature? At 80 km depth, rocks will be heated to about _______ degrees Celsius 1. 1500 2. 1000 3. 750 4. 200 3. (Question A3, Figure 2.7) What is the physical state of the peridotite at point X? 1. 100% liquid 2. a mixture of solids and liquid 3. 100% solid 4. (Question A4, Figure 2.7) What happens when the peridotite in point X is heated to 1750 °C? 1. no change 2. partial melting 3. complete melting 5. (Question A5, Figure 2.7) What happens when the peridotite in point X is heated to 2250 °C? 1. no change 2. partial melting 3. complete melting 6. (Question B1, Figure 2.7) At what depth and pressure will peridotite at point X begin to melt if it is uplifted closer to Earth’s surface and its temperature remains the same? 1. 75 km, 24,000 atm 2. 65 km 20,000 atm 3. 40 km 13,000 atm 4. 20 km 8,000 atm 7. (Question B2 and B3) When mantle peridotite melts as a result of being uplifted in the way described in the previous question, the process is called__________ and is likely to happen at ____________. 1. solidus crystallization, divergent boundaries 2. solution, convergent boundaries and hot spots 3. recrystallization melting, hot spots 4. decompression melting, divergent boundaries and hot spots 8. (Question C, Figure 2.7) According to your answers to the previous four questions related to the peridotite at point X being subjected to changes in pressure and temperature, which two processes would lead to melting? 1. decrease in pressure and temperature 2. increase in pressure and temperature 3. decrease in pressure and increase in temperature. 4. increase in pressure and decrease in temperature Lab manual (Busch, 9th Edition) Activity 2.8 part D: A few modifications will allow you to run the experiment described in this section using materials readily available in your home. The hot plate can be replaced by a foil lined frying pan on the stove burner. The two sugar cubes can also be replaced by two teaspoonfuls of sugar; the secret is not to add excessive water to the sample that needs to be wet. Extra water will dissolve the sugar and obscure the interpretation of your results. Prepare all the experiment materials directly on the cool burner to avoid mixing of the two samples when you move the foil. Place on the stove burner the foil lined pan, the two separate heaps of sugar and add the drops of water on one of the heaps. Then turn the stove on at medium heat, and observe. 9. (Question D1) Which sample melted first? 1. the dry sample 2. the wet sample 10. (Question D2) The rapid melting that you observed in the sample that melted first is called “flux melting,” because flux is an added component the speeds up a process. What was the flux? 1. sugar 2. water 3. silicates 11. (Question D3, Figure 2.8) The effect of water on peridotite is similar to its effect on the sugar experiment, therefore when peridotite is heated in “wet” conditions, the line of the “wet solidus” would be located to the _____________ of the “dry solidus” in Figure 2.8. 1. right, to higher temperatures 2. left, to lower temperatures 12. (Question D4) Looking at Figure 2.1 for a hint, indicate in what tectonic setting may water enter the mantle and produce flux melting of peridotite? 1. hot spots 2. subduction zones 3. mid-oceanic ridges 4. transform faults 13. (Question E3, Figure part E). Which choice best describes the sequence of processes leading to the formation of mid-oceanic ridge volcanoes? 1. “ wet” seafloor basalt subducts and dehydrates, water induces flux melting of mantle peridotite above, basaltic magma ascends and forms volcanoes. 2. flux melting, magma ascends to the surface forming volcanoes, peridotite rises, subduction 3. magma ascends, decompression melting of peridotite, peridotite pushes the basalt open and forms volcanoes. 4. peridotite ascends, decompression melting forms basaltic magma, magma pushes and cracks the ocean floor basalt open, and erupts forming volcanoes 14. (Question F3, Figure part F). Which choice best describes, the processes leading to the formation of a continental volcanic arc, in chronological order? (Beware of error in F3: the words between brackets “oceanic ridge” should be replaced with “continental volcanic arc”). 1. “ wet” seafloor basalt subducts and dehydrates, water induces flux melting of mantle peridotite above, basaltic magma ascends and forms volcanoes. 2. flux melting, magma ascends to the surface forming volcanoes, peridotite rises to shallow depth and melts, subduction. 3. magma ascends, decompression melting of peridotite, peridotite pushes the ocean floor basalt open and forms volcanoes. 4. peridotite ascends, decompression melting forms basaltic magma, magma pushes and cracks the ocean floor basalt open, and erupts forming volcanoes Lab manual (Busch, 9th Edition) Activity 2.3: Using Earthquakes to identify Plate boundaries 15. Refer to the figure in activity 2.3. Which of the following places represent a Benioff Zone? (Hint: refer back to the notes for unit 3) 1. 10°S, 110°W 2. 0°, 90°W 3. 0°, 80°W 4. 20°S, 100°W 16. The Benioff zone is associated with which type of plate boundary? 1. Divergent 2. Convergent (Continent-Continent) 3. Convergent (Continent-Ocean) 4. Transform Lab manual (Busch, 9th Edition) Activity 2.4: Analysis of Atlantic Seafloor Spreading To solve questions in this section, review how to work with graphic scales and the metric system in Unit 2. Use a ruler to measure the distance between features and determine the equivalent distance in the ground using the graphic scale. (A ruler is contained in the GEOTOOLS Sheet 1, at the end of your lab manual). The distance you determine will be in kilometers (km). Convert the distance to centimeters (cm), remember 1000 meters = 1 kilometer. Remember that the rate of movement is equivalent to the plate velocity. Velocity can be calculated dividing the distance the plate traveled by the time it took to cover that distance: velocity = distance/time. Choose the answers that best approximate to your calculated values, make sure you use the required units. 17. (Question B, Figure page 49). Notice that points B and C were together 145 million years ago, but did the sea floor spread apart at the same rate on both sides of the mid-ocean ridge? 1. Same Rate 2. Faster on the East 3. Faster on the West 18. (Question C, Figure page 49). How far apart are points B and C, today in kilometers? 1. ~3,250 km 2. ~3,850 km 3. ~4,250 km 4. ~4,550 km 19. (Question C.1, Figure page 49). Calculate the average rate, in km per million years, at which points B and C have moved apart over the past 145 million years. 1. 8 km/my 2. 16.4 km/my 3. 27.6 km/my 4. 31.8 km/my 20. (Question C.2, Figure page 49). Convert your answer above from km per million years to mm per year. The result is ________ in mm per year. 1. 10 times less than the previous answer 2. Same as the previous answer 3. 10 times more than the previous answer 4. 100 times more than the previous answer 21. (Question D, Figure page 49). Based on your answer in question 19, how many millions of years ago were Africa and North America part of the same continent? (Hint use points D and E). 1. ~150 million years 2. ~165 million years 3. ~180 million years 4. ~200 million years 22. (Question E, Figure page 49). Based on your answer in question 20, how far in meters have Africa and North America moved apart since the United States was formed in 1776 to 2011? 1. ~0.6 meters 2. ~6 meters 3. ~15 meters 3. ~25 meters Lab manual (Busch, 9th Edition) Activity 2.5: Plate motion along the San Andres Fault Part A. The two bodies of Late Miocene rocks (~25 million years old) located along either side of the San Andres Fault (map- page 51) resulted from a single body of rock being separated by motions along the fault. Note the arrows show the relative motion. 23. (Question A1, Figure page 51). Estimate the average annual rate of movement along the San Andres Fault by measuring how much the Late Miocene rocks have been offset by the fault and by assuming that these rocks began separating soon after they formed. What is the average rate of fault movement in centimeters per year (cm/yr)? 1. ~0.1 cm/year 2. ~1.3 cm/year 3. ~13 cm/year 4. ~25 cm/year 24. (Question A2, Figure page 51). Most of the movement along the San Andres Fault occurs during earthquakes. An average movement of about 5 m (16ft) along the San Andres Fault was associated with the devastating 1906 San Francisco earthquake that killed people and destroyed property. Assuming that all displacement along the fault was produced by earthquakes of this magnitude, how many Earthquakes are needed to produce the displacement observed in the previous question? 1. ~1,000 2. ~10,000 3. ~65,000 4. ~100,000 Lab manual (Busch, 9th Edition) Activity 2.7: Plate tectonics of the Northwest United States Notice the ages of seafloor rocks in Figure 2.6. The modern seafloor rocks of this region are forming along a divergent plate boundary called the Juan de Fuca Ridge. The farther one moves away from the plate boundary, the older the seafloor rocks. 25. (Question B2, Figure 2.6). Notice the seafloor rocks older than 8 million years are present west of the Juan de Fuca Ridge but not east of the ridge. What could cause their absence from the map? They are absent because ______________. 1. a strike slip fault along the ridge has moved older rocks further north. 2. older rocks have been subducted underneath the North American Plate 3. rifting has produced metamorphism, which obliterated the old age of the seafloor 4. erosion of the sea floor destroyed rocks older than 12 million years 26. (Question B3, Figure 2.6) The type of plate boundary represented by the red line on the figure is a/n __________________ boundary. 1. transform 2. convergent 3. divergent 4. unconformity 27. (Question B4, Figure 2.6) Which of the following best explains the origin of magma that builds Cascade Range volcanoes? 1. As the North American Plate and the Juan de Fuca Plate slide past each other on a horizontal plane, friction produces the heat to generate magma. 2. As the Juan de Fuca plate is rifted apart, lower pressure at the rift produces magma that feeds the volcanoes at the Cascade Range. 3. Subduction of the Juan de Fuca Plate under the North American Plate brings rocks from the ocean floor and marine sediment to depths where partial melting ensues due to the increased temperature and the influence of water. 4. Migration of the North American Plate over a hot spot is responsible for the Cascade Range volcanoes. Part 2- Google Earth The exercises that follow use Google Earth. For each question (or set of questions) paste the location that is given into the “fly to” box. Examine each location at multiple eye altitudes and differing amounts of tilt. For any measurements use the ruler tool, this can be accessed by clicking on the ruler icon above the image. Google Earth: Hawaiian Islands Fly to Hawaii. Please review the section on Hotspots and the Hawaiian Islands in the Lab manual and in the unit notes. Rocks have been dated on each of the Hawaiian Islands and their ages are as follows: Big Island- 0 (active), Maui – 1.1 million, Kauai- 4.7 million, Nihoa (23 03 32.79N 161 55 11.94W)- 7.2 million years 28. Consider the ages and positions of the islands listed above along with what you know about plate tectonics and hotspots. In what general direction is the Pacific Plate moving? 1. Northwest 2. Southeast 3. Northeast 4. Southwest 29. How fast was the Pacific plate moving during the last 1.1 million years between the formation of the Big Island and Maui in cm/year? 1. ~5 cm/year 2. ~10 cm/year 3. ~15 cm/year 4. ~20 cm/year 30. How fast was the Pacific plate moving from 7.2 million years ago to 4.7 million years ago between the formation of Kauai and Nihao in cm/year? 1. ~5 cm/year 2. ~10 cm/year 3. ~15 cm/year 4. ~20 cm/year 31) Examine the headings of the measurements that you took for the previous two questions. The headings indicate the direction the Pacific Plate is moving over the hot spot. How does the direction of motion of the Pacific Plate during the last 1.1 million years differ from direction of movement between 4.7 and 7.2 million years ago? The direction of plate movement in the last 1.1 million years________. 1. shows no change 2. has become more northerly 3. has become more southerly 32) Zoom out and examine the dozens of sunken volcanoes out past Nihoa, named the Emperor Seamounts. As one of these volcanic islands on the Pacific Plate moves off the hotspot it becomes inactive, or extinct, and the island begins to sink as it and the surrounding tectonic plate cool down. The speed the islands are sinking can be estimated by measuring the difference in elevation (tilting the image helps to find the highest elevation) between two islands and dividing by the difference in their ages (this method assumes the islands were a similar size when they were active). Using Maui and Nihoa, how fast are the Hawaiian Islands sinking? 1. ~0.05 cm/year 2. ~0.5 cm/year 3. ~5 cm/year 4. ~10 cm/year 33) Using the speed you calculated in the previous question (and ignoring possible changes in sea level), when will the Big Island of Hawaii sink below the surface of the ocean? 1. ~650,000 years 2. ~1.2 million years 3. ~8 million years 4. ~13 million years 34) Examine the Emperor Seamounts and notice that it is a continuous chain that reaches far north to the Aleutian Islands of Alaska. Using a speed halfway between that which you calculated in questions 29 and 30, calculate the age of the oldest (furthest North) seamount in the Emperor Seamounts? (Hint 1- using the line mode of the ruler tool will not work since the Pacific Plate had a drastic change in direction, try using the path mode of the ruler tool to give a more accurate distance; Hint 2- Since you know the plate does not move at the same speed over time, the age you estimated will differ from the real age based on radiometric dating, therefore your answer will be different from the one given in the lab manual!). 1. ~30 million years 2. ~45 million years 3. ~60 million years 4. ~75 million years Google Earth: Identifying Plate Boundaries 35. Fly to 15 19 48.78 S 75 12 03.41 W. What type of tectonic plates are present? 1. Ocean- Ocean 2. Ocean- Continent 3. Continent- Continent. 36. What type of plate tectonic boundary is present? 1. Transform 2. Convergent 3. Divergent 37. Fly to 6 21 49.68 S 29 35 37.87 E. What type of process is going on at this location? 1. Seafloor spreading 2. Continental rifting 3. Subduction 38. What type of plate tectonic boundary is present? 1. Transform 2. Convergent 3. Divergent 39. Fly to 28 04 27.04N 86 55 26.84E. What type of tectonic plates are present? 1. Ocean- Ocean 2. Ocean- Continent 3. Continent- Continent. 40. What type of plate tectonic boundary is present? 1. Transform 2. Convergent 3. Divergent

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the main melody of a fugue is called the

Exam Number: 350701RR Lesson Name: The Baroque Era

1.   When might an audience expect to hear an overture?      A. At the end of an opera  B. After the first movement of a large-scale vocal work  C. At the beginning of an oratorio  D. In between movements of a cantata
2.   The greatest baroque church musician (composer) was      A. Claudio Monteverdi.  B. Henry Purcell.  C. Johann Sebastian Bach.  D. Jacopo Peri.
3.   The most famous castrato was
      A. Farinelli.  B. Caccini.  C. Peri.  D. Monteverdi.
4.   A fugue is based on the _______ development of a melody.
      A. monodic  B. episodic  C. polyphonic  D. improvised
5.   The main melody of a fugue is called the
      A. prelude.  B. subject.  C. episode.  D. exposition.
6.   The gospels are biblical books that tell the story of the birth, life, and death of Jesus Christ. A gospel set to music is called a/an
      A. overture.  B. aria.  C. opera.  D. passion.
7.   Italian baroque opera reached its height with:
      A. George Frideric Handel.  B. Claudio Monteverdi.  C. Jacopo Peri.  D. Jean-Baptiste Lully.
8.   Which of the following is a multimovement instrumental work?
      A. Opera  B. Oratorio  C. Cantata  D. Sonata9.   The Latin word concertare, meaning to fight or contend, is the basis for the word concerto. This concept is demonstrated through      A. woodwinds alternating with drums.  B. music played loudly enough to drown out noisy crowds.  C. alternating ensembles of contrasting size.  D. music that was forbidden by the government10.   The _______ is the text of an opera.      A. libretto  B. recitative  C. chorus  D. aria 
11.   Which composer was part of the group that developed French opera?
      A. Carlo Broschi  B. George Frideric Handel  C. Henry Purcell  D. Jean-Baptiste Lully
12.   Barbara Strozzi is most famous for her compositions of
      A. orchestral music.  B. lute songs.  C. vocal music.  D. chorales.
13.   A work frequently composed for solo instrument and consisting of a series of movements based on dance rhythms is called a
      A. sonata.  B. prelude.  C. suite.  D. fugue.
14.   Which of the following characteristics was least important to Baroque composers?
      A. Contrast  B. Stillness  C. Movement  D. Ornamentation
15.   The Protestant Martin Luther wrote many melodies for
      A. recitatives.  B. oratorios.  C. arias.  D. chorales
16.   Transitional sections that occur between statements of the subject in a fugue are called
      A. episodes.  B. toccatas.  C. countersubjects.  D. expositions.
17.   Bach lived and worked in
      A. Italy.  B. Germany.  C. England.  D. France.
18.   The _______ is often called the “king” of instruments.
      A. piano  B. organ  C. harpsichord  D. violin
19.   Instrumental ensemble music that normally requires only one player per part is called
      A. theater music.  B. chamber music.  C. sonata music.  D. orchestral music.
20.   A four-movement work with the movement structure slow-fast-slow-fast and that was supposedly intended for performance in church is called a
      A. sonata da camera.  B. sonata da chiesa.  C. solo sonata.  D. trio sonata.

Exam Number: 350701RR

Lesson Name: The Baroque Era

1.

When might

an audience expect to hear an overture?

A.

At the end of an opera

B.

After the first movement of a large

scale vocal work

C.

At the beginning of an oratorio

D.

In between movements of a cantata

2.

The greates

t baroque church musician (composer) was

A.

Claudio Monteverdi.

B.

Henry Purcell.

C.

Johann Sebastian Bach.

D.

Jacopo Peri.

3.

The most fa

mous castrato was

A.

Farinelli.

B.

Caccini.

C.

Peri.

D.

Monteverdi.

4.

A fugue is based on the _______ development of a melody.

A.

monodic

B.

episodic

C.

polyphonic

D.

improvised

5.

The main melody of a fugue is called the

A.

prelude.

B.

subject.

C.

episode.

Exam Number: 350701RR

Lesson Name: The Baroque Era

1. When might an audience expect to hear an overture?

A. At the end of an opera

B. After the first movement of a large-scale vocal work

C. At the beginning of an oratorio

D. In between movements of a cantata

2. The greatest baroque church musician (composer) was

A. Claudio Monteverdi.

B. Henry Purcell.

C. Johann Sebastian Bach.

D. Jacopo Peri.

3. The most famous castrato was

A. Farinelli.

B. Caccini.

C. Peri.

D. Monteverdi.

4. A fugue is based on the _______ development of a melody.

A. monodic

B. episodic

C. polyphonic

D. improvised

5. The main melody of a fugue is called the

A. prelude.

B. subject.

C. episode.

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waldenu blackboard

8/11/13 Blackboard Learn

https://class.waldenu.edu/webapps/portal/frameset.jsp?tab_tab_group_id=_2_1&url=%2Fwebapps%2Fblackboard%2Fexecute%2Flauncher%3Ftype%3DCourse%26id%3D_3398669_1%26url%3D 1/4

Ap Application 2

Slightly Taxing

You are a programmer for the software development group of a large retailer. Your company has grown

dissatisfied with its current point-of-sale software, because it has historically struggled with the correct

application and calculation of sales tax on an order. Your business deals primarily with storefront business

and its customers are primarily on foot in the store when they buy, so it is of the utmost importance that

sales tax be calculated quickly and accurately. This may sound like a simple task, but remember that sales

tax varies by state and maybe even by item within that state.

Your supervisor has asked you to pull apart the initial version of a possible new sales system, which he

has colorfully but aptly named SaleBad for the sake of illustration (and perhaps his love of Tarzan

movies). After a quick analysis, you sketch out the following UML diagram to describe it.

It is clear that the program does, indeed, need some work. To demonstrate the problems within the

project, you prepare a brief demonstration of its weaknesses.

Task 1: Highlight the Problems. Unzip and open the project SaleBad. Create some Item objects,

a Saleobject, and some SaleLines objects (via the addItem method in SaleBad). Determine how

the total(from the SaleBad object) is calculated and explain why the class needs to be redesigned. In

one or two paragraphs, explain why the current design will not suffice. For the moment, do not worry

about how, exactly, that redesign will happen.

It occurs to you that the code needs to be more loosely coupled. Changes in tax policy on various items,https://class.waldenu.edu/bbcswebdav/institution/USW1/201360_04/MS_ISYS/ISYS_6030_ITEC_6030/MSIT/ITEC_ISYS_6030/unit8_d_application2.html#http://mym.cdn.laureate-media.com/2dett4d/Walden/CMIS/CMIS2002/master/code/salebad.zip

8/11/13 Blackboard Learn

https://class.waldenu.edu/webapps/portal/frameset.jsp?tab_tab_group_id=_2_1&url=%2Fwebapps%2Fblackboard%2Fexecute%2Flauncher%3Ftype%3DCourse%26id%3D_3398669_1%26url%3D 2/4

or on the tax rate itself, should affect as few classes and methods as possible. As you begin to

conceptualize the new design, your supervisor pops his head around the corner again. Evidently, the

store has been errantly charging sales tax on food items that are specifically supposed to be tax-free in

some states.

You decide that the Item class is the best place to implement sales tax, because the tax on each item

could vary. The state in which the Item is purchased may also affect the tax, so with these thoughts in

mind, you sketch out a new-and-improved UML class diagram, illustrated below.

This diagram is implemented in the project SaleBetter. Despite the improvements, however,

something is bothering you.

Task 2: What’s Bothering You? You had good reasons to implement tax calculations within the Item class

—it makes much more sense than placing it in the other current classes. However, it simply makes more

sense to introduce an entirely new Tax class. In 1 or 2 paragraphs, explain why, citing principles of good

program design.

Now that you have decided that the taxation policies on items should be handled in a completely

separate class, you proudly craft the UML diagram below. Feeling more and more confident, you

implement it in a project called SaleEvenBetter.http://mym.cdn.laureate-media.com/2dett4d/Walden/CMIS/CMIS2002/master/code/salebetter.zip

8/11/13 Blackboard Learn

https://class.waldenu.edu/webapps/portal/frameset.jsp?tab_tab_group_id=_2_1&url=%2Fwebapps%2Fblackboard%2Fexecute%2Flauncher%3Ftype%3DCourse%26id%3D_3398669_1%26url%3D 3/4

Task 3: Taxation With Class Representation. Open the SaleEvenBetter project and explore how sales

are calculated. In one or two paragraphs, explain how this design improves upon its predecessor.

One final hurdle needs to be cleared before you can mark this project complete: You still need to account

for Items that are not taxed. You sketch the UML diagram below, splitting the Tax class into two

subclasses, PercentageTax and NoTax. You have a plan in place, and your supervisor approves, so it is

time to implement it.http://mym.cdn.laureate-media.com/2dett4d/Walden/CMIS/CMIS2002/master/code/saleevenbetter.zip

8/11/13 Blackboard Learn

https://class.waldenu.edu/webapps/portal/frameset.jsp?tab_tab_group_id=_2_1&url=%2Fwebapps%2Fblackboard%2Fexecute%2Flauncher%3Ftype%3DCourse%26id%3D_3398669_1%26url%3D 4/4

Task 4: Let Them Eat (Untaxed) Cake. Using the project SaleEvenBetter as a starting point,

implement the new design, as described in the UML diagram above. Verify that the tax method

withinPercentageTax returns the same value as the getPriceWithTax method in the current version

ofSaleEvenBetter for taxed items, whereas the tax method in NoTax returns a value of zero. To

complete Task 4, submit the new version of SaleEvenBetter.

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if a nonbinding price ceiling is imposed on a market, then the

ECO 2003

Multiple Choice

Identify the choice that best completes the statement or answers the question.

____ 1. A surplus results when a

a. nonbinding price floor is imposed on a market.

b. nonbinding price floor is removed from a market.

c. binding price floor is imposed on a market.

d. binding price floor is removed from a market.

Figure 6-3

Panel (a) Panel (b)

image49.png

quantity quantity

____ 2. Refer to Figure 6-3. A nonbinding price floor is shown in

a. both panel (a) and panel (b).

b. panel (a) only.

c. panel (b) only.

d. neither panel (a) nor panel (b).

Figure 6-6

image2

____ 3. Refer to Figure 6-6. If the government imposes a price ceiling of $12 on this market, then there will be a. no shortage.

b. a shortage of 10 units.

c. a shortage of 20 units.

d. a shortage of 40 units.

Figure 6-9

image3

____ 4. Refer to Figure 6-9. At which price would a price ceiling be binding? a. $4

b. $5

c. $6

d. $7

Figure 6-11

image4
____5. Refer to Figure 6-11. Which of the following statements is not correct?a. A government-imposed price of $9 would be a binding price floor if market demand is Demand A and a binding price ceiling if market demand is Demand B.b. A government-imposed price of $15 would be a binding price ceiling if market demand is either Demand A or Demand B.c. A government-imposed price of $3 would be a binding price ceiling if market demand is either Demand A or Demand B.d. A government-imposed price of $12 would be a binding price floor if market demand is Demand A and a non-binding price ceiling if market demand is Demand B.
____6. When a tax is imposed on the sellers of a good, the supply curve shifts

a. upward by the amount of the tax.

b. downward by the amount of the tax.

c. upward by less than the amount of the tax.

d. downward by less than the amount of the tax.

Figure 6-25

Panel (a) Panel (b)

image5

quantity quantity

Panel (c)

image6

____ 7. Refer to Figure 6-25. In which market will the majority of the tax burden fall on buyers? a. market (a)

b. market (b)

c. market (c)

d. All of the above are correct.

Table 7-6

BuyerWillingness to Pay
Michael$500
Earvin$400
Larry$350
Charles$300
____8. Refer to Table 7-6. You have four essentially identical extra tickets to the Midwest Regional Sweet 16 game in the men’s NCAA basketball tournament. The table shows the willingness to pay of the four potential buyers in the market for a ticket to the game. You offer to sell the tickets for $400. How many tickets do you sell, and what is the total consumer surplus in the market? a. one ticket; $100b. two tickets; $100c. two tickets; $0d. three tickets; $0
____9. Suppose there is an early freeze in California that reduces the size of the lemon crop. What happens to consumer surplus in the market for lemons? a. Consumer surplus increases.b. Consumer surplus decreases.c. Consumer surplus is not affected by this change in market forces.d. We would have to know whether the demand for lemons is elastic or inelastic to make this determination.
____ 10. All else equal, what happens to consumer surplus if the price of a good increases?

a. Consumer surplus increases.

b. Consumer surplus decreases.

c. Consumer surplus is unchanged.

d. Consumer surplus may increase, decrease, or remain unchanged.

Figure 7-5

image7
____11. Refer to Figure 7-5. If the government imposes a price floor of $120 in this market, then consumer surplus will decrease by (Remember, area of a triangle is 1/2 * b * h) a. $75.b. $125.c. $225.d. $300.
____12. Producer surplus isa. measured using the demand curve for a good.b. always a negative number for sellers in a competitive market.c. the amount a seller is paid minus the cost of production.d. the opportunity cost of production minus the cost of producing goods that go unsold.
____13. If Gina sells a shirt for $40, and her producer surplus from the sale is $32, her cost must have been

a. $72.

b. $32.

c. $8.

d. We would have to know the consumer surplus in order to make this determination.

Table 7-10

SellerCost
LeBron$700
Kobe$600
Kevin$450
Steve$400

____ 14. Refer to Table 7-10. You want to hire a professional photographer to take pictures of your family. The table shows the costs of the four potential sellers in the local photography market. You take bids from the sellers. Who offers the winning bid, and what does he offer to charge for the photography session? a. Steve; more than $400 but less than $450

b. Steve; $399

c. LeBron; more than $700

d. LeBron; more than $600 but less than $700

Figure 7-15

image8
____15. Refer to Figure 7-15. If the government imposes a price floor of $60 in this market, then total surplus will be a. $110.50.b. $125.00.c. $187.50.d. $225.25..
____16. A tax on a gooda. raises the price that buyers effectively pay and raises the price that sellers effectively receive.b. raises the price that buyers effectively pay and lowers the price that sellers effectively receive.c. lowers the price that buyers effectively pay and raises the price that sellers effectively receive.d. lowers the price that buyers effectively pay and lowers the price that sellers effectively

receive.

____ 17. Suppose a tax is imposed on the sellers of fast-food French fries. The burden of the tax will

a. fall entirely on the buyers of fast-food French fries.

b. fall entirely on the sellers of fast-food French fries.

c. be shared equally by the buyers and sellers of fast-food French fries.

d. be shared by the buyers and sellers of fast-food French fries but not necessarily equally.

Figure 8-6

The vertical distance between points A and B represents a tax in the market.

image9

____ 18. Refer to Figure 8-6. When the tax is imposed in this market, producer surplus is a. $450.

b. $600.

c. $900.

d. $1,500.

Figure 8-7

The vertical distance between points A and B represents a tax in the market.

image10

____ 19. Refer to Figure 8-7. The deadweight loss associated with this tax amounts to

a. $60, and this figure represents the amount by which tax revenue to the government exceeds the combined loss of producer and consumer surpluses.

b. $60, and this figure represents the surplus that is lost because the tax discourages mutually advantageous trades between buyers and sellers.

c. $40, and this figure represents the amount by which tax revenue to the government exceeds the combined loss of producer and consumer surpluses.

d. $40, and this figure represents the surplus that is lost because the tax discourages mutually advantageous trades between buyers and sellers.

____ 20. The deadweight loss from a tax of $8 per unit will be smallest in a market with

a. elastic demand and elastic supply.

b. elastic demand and inelastic supply.

c. inelastic demand and elastic supply.

d. inelastic demand and inelastic supply.

____ 21. For any country, if the world price of zinc is higher than the domestic price of zinc without trade, that country should

a. export zinc, since that country has a comparative advantage in zinc.

b. import zinc, since that country has a comparative advantage in zinc.

c. neither export nor import zinc, since that country cannot gain from trade.

d. neither export nor import zinc, since that country already produces zinc at a low cost compared to other countries.

Figure 9-1

The figure illustrates the market for wool in Scotland.

image11

____ 22. Refer to Figure 9-1. With trade, Scotland will

a. export 11 units of wool.

b. export 5 units of wool.

c. import 15 units of wool.

d. import 6 units of wool.

Figure 9-4. The domestic country is Nicaragua.

image12.jpg

____ 23. Refer to Figure 9-4. Consumer surplus in Nicaragua without trade is

a. $375.

b. $2,000.

c. $2,250.

d. $8,700.

Figure 9-9

image13.jpg

____ 24. Refer to Figure 9-9. Consumer surplus in this market before trade is

a. A.

b. A + B.

c. A + B + D.

d. C.

Figure 9-10. The figure applies to Mexico and the good is rifles.

image14.jpg

____ 25. Refer to Figure 9-10. The price and quantity of rifles in Mexico before trade is

a. P0 and Q0.

b. P1 and Q1.

c. P2 and Q2.

d. P1 and Q0.

Figure 9-11

image15.jpg

____ 26. Refer to Figure 9-11. Consumer surplus in this market after trade is

a. A.

b. C + B.

c. A + B + D.

d. B + C + D.

____ 27. Refer to Figure 9-11. Producer surplus in this market before trade is

a. C.

b. B + C.

c. A + B + D.

d. B + C + D.

Figure 9-17

image16

4 8 12 16 20 24 28 32 36 40 44 48 52 56 60 64 68 72 76 80 84 88 92 96 100 Quantity

____28. Refer to Figure 9-17. Without trade, total surplus isa. $600.b. $1,200.c. $1,800.d. $2,250.
____29. When a country allows trade and becomes an importer of a good,a. domestic producers become better off, and domestic consumers become worse off.b. domestic producers become worse off, and domestic consumers become better off.c. domestic consumers become better off, but the effect on the well-being of domestic producers is ambiguous.d. domestic producers become worse off, but the effect on the well-being of domestic consumers is ambiguous.
____30. Which of the following is an example of an implicit cost?

(i) the owner of a firm forgoing an opportunity to earn a large salary working for a Wall Street brokerage firm

(ii) interest paid on the firm’s debt

(iii) rent paid by the firm to lease office space

a. (ii) and (iii) only

b. (i) and (iii) only

c. (i) only

d. (iii) only

____ 31. When the marginal product of an input declines as the quantity of that input increases, the production function exhibits

a. increasing marginal product.

b. diminishing marginal product.

c. diminishing total product.

d. Both b and c are correct.

____ 32. Variable cost divided by the change in quantity produced is

a. average variable cost.

b. marginal cost.

c. average total cost.

d. None of the above is correct.

Table 13-10

Eileen’s Elegant Earrings produces pairs of earrings for its mail order catalogue business. Each pair is shipped in a separate box. She rents a small room for $150 a week in the downtown business district that serves as her factory. She can hire workers for $275 a week. There are no implicit costs.

Number ofWorkersBoxes ofEarringsProduced per WeekMarginalProduct of LaborCost ofFactoryCost ofWorkersTotal Cost ofInputs
00
1330$150$275$425
2630
3150$825$975
4890
595060$1,375
610$1,800

____ 33. Refer to Table 13-10. What is the total cost associated with making 890 boxes of earrings per week? a. $1,250

b. $1,325

c. $1,400

d. $1,575

____ 34. When average cost is greater than marginal cost, marginal cost must be a. rising.

b. falling.

c. constant.

d. The direction of change in marginal cost cannot be determined from this information.

Figure 13-9

The figure below depicts average total cost functions for a firm that produces automobiles.

image17.jpg

____ 35. Refer to Figure 13-9. The firm experiences economies of scale at which output levels? a. output levels less than M

b. output levels between M and N

c. output levels greater than N

d. All of the above are correct as long as the firm is operating in the long run.

QUESTION 37 – EXTRA CREDIT (WORTH 1 POINT)

Starting in fall 2014, an introductory economics (ECO 2003, 2013, or 2023) will no longer be a required Core course for all students. Instead it will be one choice among several social and behavioral science courses. Suppose that choice had been given to you this year before you signed up for ECO 2003. What would your choice likely have been?

A. I would likely have chosen another course.

B. I would likely still have taken this economics class.

C. It would greatly depend on the other course choices.

—–********************************************************************************

.

PART I

Table 3

Assume that Aruba and Iceland can switch between producing coolers and producing radios at a constant rate.

Labor Hours Needed to Make 1
CoolerRadio
Aruba25
Iceland14

Refer to Table 3-2

1. Draw Aruba’s production possibilities frontier when 100 labor hours are available.

2. Draw Iceland’s production possibilities frontier when 100 labor hours are available.

3. What is the slope of Aruba’s PPF? Of Iceland’s?

4. Assuming that Aruba and Iceland each has 80 labor hours available, if each country divides its time equally between the production of coolers and radios, then total production is how many coolers and radios?

PART II

The only two countries in the world, Alpha and Omega, face the following production possibilities.

Alpha’s Production Possibilities Frontier Omega’s Production Possibilities Frontier

image18

25 50 75 100 125 150 175 200 225 250 peanuts 25 50 75 100 125 150 175 200 225 peanuts

1. Assume that each country decides to use half of its resources in the production of each good. Show these points on the graphs for each country as point A.

2. If these countries choose not to trade, what would be the total world production of popcorn and peanuts?

3. Now suppose that each country decides to specialize in the good in which each has a comparative advantage. By specializing, what is the total world production of each product now?

4. If each country decides to trade 100 units of popcorn for 100 units of peanuts, show on the graphs the gain each country would receive from trade. Label these points B.

PART III

1. Explain the difference between absolute advantage and comparative advantage. Which is more important in determining trade patterns, absolute advantage or comparative advantage? Why?

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decomposition reaction worksheet

Worksheet #2
             DECOMPOSITION REACTIONS RULES

IF THE REACTANT IS A SINGLE COMPOUND, THE REACTION IS A DECOMPOSITION REACTION.

GENERAL EQUATION: AB  A + B [ Compound  Element1 + Element2 ]

APPLY THESE RULES TO DECOMPOSTION REACTIONS:

  1. salt  metal + nonmetal
  2. ternary acid  nonmetal oxide (acid anhydride) + water
  3. metal hydroxide  metal oxide (basic anhydride) + water
  4. metal chlorate  metal chloride + oxygen
  5. salt (with polyatomic ion)  nonmetal oxide + metal oxide
  6. metal carbonate  metal oxide + carbon dioxide
  7. metal oxide  metal + oxygen
  8. hydrated salts  anhydrous salt + water

STATES OF MATTER IN DECOMPOSITION REACTIONS:

nonmetal oxides (g) metal oxides (s)
salts (s)
water as a product (g) water as a reactant (l) acids (aq)

individual elements (look at periodic chart for state)

THE DIATOMICS: H2, N2, O2, F2, Cl2, Br2, I2

DIRECTIONS: Determine the products of each reaction. Balance the equation. Indicate the states of matter on all reactants and products. Place the rule number for each to the right of each problem.

page2image12392
page2image12552
page2image12712
page2image12872
  1. ZnCO3  _______________________________
  2. Ba(ClO3) 2 _____________________________
  3. Sb2O5 ________________________________
  4. CaCO3 _______________________________
  5. KClO3 _______________________________
  6. H2CO3 _______________________________
  7. Ba(OH) 2 _____________________________
  8. HgO ________________________________
  9. NaCl ________________________________
  10. H2SO4 _______________________________

11. Ag2O _________________________________ 12. Fe(OH) 2 _______________________________ 13. PBr5 __________________________________ 14. CuSO4 • 5H2O _________________________ 15. Mg(OH) 2 ______________________________ 16. H3PO4 _________________________________ 17. Al(OH)3 ________________________________ 18. Zn(NO3)2 _______________________________ 19. Ca3(PO4)2_______________________________ 20. NaO2 __________________________________

Chemical Equations

page 2 

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arksped

Process and Laws in Special Education

The intent to provide special education is to have equal opportunities toward education for all children. This starts from birth up until

twenty-one. Services are individualized and specialized to meet the need for each child. Below you will see information regarding an

overview of the special education process and brief explanations of its components.

References:

www.parentcenter.hub.org/repository/steps www.conwayisd.org/specialeducation https://arksped.k12.ar.us

STEP 1. Evaluation

IDENTIFYING THE NEED FOR SERVICES

Before a child can obtain services there must first be an evaluation to see if the child has an eligible disability as described by

IDEA. If so, other pertinent questions will be asked; does the disability affect the educational process and does the child need

specialized instruction? An evaluation request can come from the parent and/or from the school district. Retrieved June 29,

2016 from Arkansas Department of Education Special Education website from https://arksped.k12.ar.us

STEP 2. Prior written

notice to

parents

GIVING PARENTS PRIOR NOTICE

Under IDEA guidelines, it is required that a parent be given a written notice about the school is wanting to give the child an

evaluation. Included in the notice must be an explanation about why the school wants to conduct the evaluation, explain each

phase of the evaluation, where parents can go to obtain the results of the evaluation, alternatives considered and any other

pertinent information that will be included. Retrieved June 29, 2016 from Arkansas Department of Education Special

Education website from https://arksped.k12.ar.us

STEP 3. Parental

Permission

PARENTS PERMISSION

Before a child can obtain services there must first be an evaluation to see if the child has an eligible disability as described by

IDEA. If so, other pertinent questions will be asked; does the disability affect the educational process and does the child need

specialized in? An evaluation request can come from the parent and/or from the school district. Retrieved June 29, 2016 from

Arkansas Department of Education Special Education website from https://arksped.k12.ar.us

STEP 4. TIMEFRAME

& SCOPE OF

EVALUATION

Time given for completion & details of the evaluation

The initial evaluation must be given within 60 days of parental approval to give evaluation to the child. Once the approval is

granted, the Individualized Education Plan (IEP) team appointment is made and during the meeting the student’s IEP is

prepared. Everyone on the team must give their consent. After IEP is completed, services for the child are awarded. Progress is

documented and shared with parents. The IEP is reviewed once per year and during this time changes can be made by the

team. The child is re-evaluated within three years. Retrieved June 29, 2016 from Arkansas Department of Education Special

Education website from https://arksped.k12.ar.ushttp://www.conwayisd.org/specialeducationhttps://arksped.k12.ar.us/https://arksped.k12.ar.us/https://arksped.k12.ar.us/https://arksped.k12.ar.us/https://arksped.k12.ar.us/

Process and Laws in Special Education

Your presence is requested to attend a development meeting with your child Jennifer’s educational staff. During the meeting we will

all discuss Jennifer’s disability and the special education process within our district. The reason for the meeting is to obtain Jennifer’s

potential need to develop transitional services that are used to determine if Jennifer will be eligible to receive special education

services. These services are in accordance with the individuals with disabilities education act (IDEA) and our school district.

During the meeting we all will be discussing Jennifer’s disability along with the steps used to determine whether or not she will be

able to obtain special education services. The topics that will be discussed in greater details are:

The evaluation process (identifying the need for services): before a child can obtain services there must first be an evaluation to see if

the child has an eligible disability as described by IDEA. If so, other pertinent questions will be asked; does the disability affect the

educational process and does the child need specialized instruction? An evaluation request can come from the parent and/or from the

school district. Retrieved June 29, 2016 from Arkansas Department of Education Special Education website from

https://arksped.k12.ar.us

Prior written notice to the parent(s) (giving parents prior notice): Under IDEA guidelines, it is required that a parent be given a

written notice about the school is wanting to give the child an evaluation. Included in the notice must be an explanation about why the

school wants to conduct the evaluation, explain each phase of the evaluation, where parents can go to obtain the results of the

evaluation, alternatives considered and any other pertinent information that will be included. Retrieved June 29, 2016 from Arkansas

Department of Education Special Education website from https://arksped.k12.ar.us

Parental permission (parents’ permission and input) before a child can obtain services there must first be an evaluation to see if the

child has an eligible disability as described by IDEA. If so, other pertinent questions will be asked; does the disability affect the

educational process and does the child need specialized instruction? An evaluation request can come from the parent and/or from the

school district. Retrieved June 29, 2016 from Arkansas Department of Education Special Education website from

https://arksped.k12.ar.us

Timeframe and scope of the evaluation (time given for completion and details of the evaluation) the initial evaluation must be given

within 60 days of parental approval to give evaluation to the child. Once the approval is granted, the Individualized Education Plan

(IEP) team appointment is made and during the meeting the student’s IEP is prepared. Everyone on the team must give their consent.

After IEP is completed, services for the child are awarded. Progress is documented and shared with parents. The IEP is reviewed oncehttps://arksped.k12.ar.us/https://arksped.k12.ar.us/https://arksped.k12.ar.us/

Process and Laws in Special Education

per year and during this time changes can be made by the team. The child is re-evaluated within three years. Retrieved June 29, 2016 from Arkansas Department of Education Special Education website from https://arksped.k12.ar.us

Each persons’ role is very vital. Therefore, it is very necessary for all parties to attend. I have highlighted all of our roles; as a student

it is expected that Jennifer actively participate in all discussions and decisions. As a parent it is expected that support be given to the

Jennifer and reinforcement is given to any pertinent information regarding all areas where Jennifer needs assistance. Also, there will

be other board members as myself present. During that time the board members will be providing input and allocating necessary

resources to ensure the student needs are met and as the teacher, I will provide input in regards to needed services. We have invited;

Ms. Rose Delano-Parent, Jennifer Delano-Student, Stephanie Edwards-Inspiring Special Education Teacher, and IEP team members.

You are welcome to invite other people that have knowledge about Jennifer’s disability.

The date and time scheduled will be August 26, 2016 at 10:00 a.m. The meeting will be held in conference room two. Please inform

me as to whether you will be able to accompany Jennifer at the date and time that is requested by returning the correspondence letter

to me by August 1, 2016. Also, kindly inform me if there are others whom you will be inviting (or persons who would like to come) to

Jennifer’s meeting and I will arrange and facilitate the meeting. If you have any questions about this letter or the meeting, please give

me a call at (501) 514-3599.

I and the team look forward to working with you to help Jennifer attain her personal and professional goals.

Sincerely,

Inspiring Special Education Teacherhttps://arksped.k12.ar.us/

Process and Laws in Special Education

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in contrast to folk culture, popular culture is more likely to vary

Chapter 4

Folk and Popular Culture

Culture and Customs

• People living in other locations often have extremely different social customs.

• Geographers ask why such differences exist and how social customs are related to the cultural landscape.

Folk and Popular Culture

• The Key Issues are:

1. Where do folk and popular cultures originate and diffuse?

2. Why is folk culture clustered?

3. Why is popular culture widely distributed?

4. Why does globalization of popular culture cause problems?

Material Culture Material artifacts of culture are the visible objects that a group possesses and leaves behind for the future.

• Here we look at two facets of material culture. 1) Survival activities.

2) Leisure activities • The arts

• Recreation.

Material Culture Defined

• Culture can be distinguished from habit and custom. – A habit is a repetitive act

that a particular individual performs.

– A custom is a repetitive act of a group.

• A collection of social customs produces a group’s material culture.

Folk vs. Popular Culture

• Folk culture is traditionally practiced primarily by small, homogeneous groups living in isolated rural areas.

• Popular culture is found in large, heterogeneous societies.

Folk vs. Popular Culture Continued

• Landscapes dominated by a collection of folk customs change relatively little over time.

• In contrast, popular culture is based on rapid simultaneous global connections.

• Thus, folk culture is more likely to vary from place to place at a given time, whereas popular culture is more likely to vary from time to time at a given place.

Effects of Popular Culture

• In Earth’s globalization, popular culture is becoming more dominant, threatening the survival of unique folk cultures.

• The disappearance of local folk customs reduces local diversity in the world and the intellectual stimulation that arises from differences in background.

• The dominance of popular culture can also threaten the quality of the environment.

Issue 1: Origins and Diffusion of Folk and Popular Cultures

• Origin of folk and popular cultures

– Origin of folk music

– Origin of popular music

• Diffusion of folk and popular cultures

– The Amish: Relocation diffusion of folk culture

– Sports: Hierarchical diffusion of popular culture

Origin of Folk and Popular Cultures

• A social custom originates at a hearth, a center of innovation.

• Folk customs often have anonymous hearths.

• They may also have multiple hearths.

• Popular culture is most often a product of the economically more developed countries.

• Industrial technology permits the uniform reproduction of objects in large quantities.

Folk Music

• Music exemplifies the differences in the origins of folk and popular culture.

• Folk songs tell a story or convey information about daily activities such as farming, life-cycle events (birth, death, and marriage), or mysterious events such as storms and earthquakes.

Origin of Country Music

Fig. 4-1: U.S. country music has four main hearths, or regions of origin: southern Appalachia, central Tennessee and Kentucky, the Ozark-Ouachita uplands, and north-central Texas.

Origin of Popular Music

• In contrast to folk music, popular music is written by specific individuals for the purpose of being sold to a large number of people.

Tin Pan Alley and Popular Music

Fig. 4-2: Writers and publishers of popular music were clustered in Tin Pan Alley in New York City in the early twentieth century. The area later moved north from 28th Street to Times Square.

Diffusion of American Music

• The diffusion of American popular music worldwide began in earnest during World War II, when the Armed Forces Radio Network broadcast music to American soldiers.

• English became the international language for popular music.

Hip Hop

• Hip hop is a more recent form of popular music that also originated in New York.

• Lyrics make local references and represent a distinctive hometown scene.

• At the same time, hip hop has diffused rapidly around the world through instruments of globalization.

A Mental Map of Hip Hop

Fig. 4-3: This mental map places major hip hop performers near other similar performers and in the portion of the country where they performed.

Diffusion of Folk and Popular Cultures

• The broadcasting of American popular music on Armed Forces radio illustrates the difference in diffusion of folk and popular cultures.

• The spread of popular culture typically follows the process of hierarchical diffusion from hearths or nodes of innovation.

• In contrast, folk culture is transmitted primarily through migration, relocation diffusion.

The Amish: Relocation Diffusion of Folk Culture

• Amish customs illustrate how relocation diffusion distributes folk culture.

• Amish folk culture remains visible on the landscape in at least 17 states.

• In Europe the Amish did not develop distinctive language, clothing, or farming practices and gradually merged with various Mennonite church groups.

• Several hundred Amish families migrated to North America in two waves.

• Living in rural and frontier settlements relatively isolated from other groups, Amish communities retained their traditional customs, even as other European immigrants to the United States adopted new ones.

Amish Settlements in the U.S.

Fig. 4-4: Amish settlements are distributed through the northeast U.S.

Sports: Hierarchical Diffusion of Popular Culture

• In contrast with the diffusion of folk customs, organized sports provide examples of how popular culture is diffused.

• Many sports originated as isolated folk customs and were diffused like other folk culture, through the migration of individuals.

• The contemporary diffusion of organized sports, however, displays the characteristics of popular culture.

Folk Culture Origin of Soccer

• Early soccer games resembled mob scenes.

• In the twelfth century the rules became standardized.

• Because soccer disrupted village life, King Henry II banned the game from England in the late twelfth century.

• It was not legalized again until 1603 by King James I.

• At this point, soccer was an English folk custom rather than a global popular custom.

Globalization of Soccer

• The transformation of soccer from an English folk custom to global popular culture began in the 1800’s.

• Sport became a subject that was taught in school.

• Increasing leisure time permitted people not only to view sporting events but to participate in them.

• With higher incomes, spectators paid to see first- class events.

Soccer’s Globalization

• Soccer was first played in continental Europe in the late 1870s by Dutch students who had been in Britain.

• British citizens further diffused the game throughout the worldwide British Empire.

• In the twentieth century, soccer, like other sports, was further diffused by new communication systems, especially radio and television.

• Although soccer was also exported to the United States, it never gained the popularity it won in Europe and Latin America

Sports in Popular Culture • Each country has its own

preferred sports. • Cricket is popular primarily in

Britain and former British colonies.

• Ice hockey prevails, logically, in colder climates.

• The most popular sports in China are martial arts, known as wushu, including archery, fencing, wrestling, and boxing.

• Baseball became popular in Japan after it was introduced by American soldiers.

Lacrosse as a Popular Sport

• Lacrosse is a sport played primarily in Ontario, Canada, and a few eastern U.S. cities, especially Baltimore and New York. – It has also fostered cultural identity

among the Iroquois Confederation of Six Nations.

– In recent years, the International Lacrosse Federation has invited the Iroquois nation to participate in the Lacrosse World Championships.

Issue 2: Clustering of Folk Cultures

• Isolation promotes cultural diversity

– Himalayan art

• Influence of the physical environment

– Distinctive food preferences

– Folk housing

– U.S. folk house forms

Isolation and Cultural Diversity

• Folk culture typically has unknown or multiple origins among groups living in relative isolation.

• A combination of physical and cultural factors influences the distinctive distributions of folk culture.

• Folk customs observed at a point in time vary widely from one place to another, even among nearby places.

Himalayan Art

• In a study of artistic customs in the Himalaya Mountains, geographers P. Karan and Cotton Mather demonstrate that distinctive views of the physical environment emerge among neighboring cultural groups that are isolated.

• These groups display similar uniqueness in their dance, music, architecture, and crafts.

Himalayan Folk Cultural Regions

Fig. 4-5: Cultural geographers have identified four distinct culture regions based on predominant religions in the Himalaya Mountains.

Influence of the Physical Environment

• People respond to their environment, but the environment is only one of several controls over social customs.

• Folk societies are particularly responsive to the environment because of their low level of technology and the prevailing agricultural economy.

• Yet folk culture may ignore the environment. • Broad differences in folk culture arise in part from physical conditions and

these conditions produce varied customs. • Two necessities of daily life—food and shelter—demonstrate the influence

of cultural values and the environment on development of unique folk culture.

Distinctive Food Preferences

• Folk food habits derive from the environment.

• For example, rice demands a milder, moist climate, while wheat thrives in colder, drier regions.

• People adapt their food preferences to conditions in the environment.

• A good example is soybeans. – In the raw state they are toxic and

indigestible. – Lengthy cooking renders (soybeans)

edible, but cooking fuel is scarce in Asia.

– Asians make foods from soybeans that do not require extensive cooking.

Food Preferences in Europe

• In Europe, traditional preferences for quick-frying foods in Italy resulted in part from cooking fuel shortages.

• In Northern Europe, an abundant wood supply encouraged the slow stewing and roasting of foods over fires, which also provided home heat in the colder climate.

Food Diversity in Transylvania

• Food customs are inevitably affected by the availability of products, but people do not simply eat what is available in their particular environment.

• In Transylvania, currently part of Romania, food preferences distinguish among groups who have long lived in close proximity.

• Soup, the food consumed by poorer people, shows the distinctive traditions of the neighboring cultural groups in Transylvania.

• Long after dress, manners, and speech have become indistinguishable from those of the majority, old food habits often continue as the last vestige of traditional folk customs.

Food Attractions and Taboos

• According to many folk customs, everything in nature carries a signature, or distinctive characteristic, based on its appearance and natural properties.

• Certain foods are eaten because their natural properties are perceived to enhance qualities considered desirable by the society, such as strength, fierceness, or lovemaking ability.

• People refuse to eat particular plants or animals that are thought to embody negative forces in the environment.

• Such a restriction on behavior imposed by social custom is a taboo.