...Module 4 Review Guide The sum of the production of goods and the supply of services in a given country is defined by the country's Gross National Product, or GNP. Many factors can affect the gross national product. Here are five major ones: 1. Population expansion or contraction - population growth can increase both GNP and per capita GNP. 2. Entrepreneurism - all the inventions associated with computers and other technological developments, have fueled a huge expansion in the GNP. 3. Trade – global trading increases GNP 4. War - Wars such as World War II destroyed much of Europe's economic infrastructure and drove down the GNP of the countries involved. However, for countries like the U.S. and much of Western Europe, which today supply military arms, war can have a positive effect on the GNP. 5. Natural Resources - The discovery of oil is a classic case of natural resources driving up the GNP of a region such as the Middle-East. Similarly, in rain forests around the world, harvesting trees has had a positive impact on the GNP. A business cycle is similar to the movement of a roller coaster. The four phases of the business cycle are (1) expansion, like the upward climb of the roller coaster. During the expansion phase, Gross Domestic Product, or GDP, is increasing. Usually, this also means that the rate of inflation is increasing while the unemployment rate is decreasing. The momentary pause at the summit is the (2) peak, where production reaches the highest current level. This...
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...faces (i.e. a photo) under United States trademark law. Celebrities have relied on state privacy statutes and/or the federal cause of action of unfair competition, which derives from 15 U.S.C. § 1125(a), known as section 43(a) of the Lanham Act. They have also utilized the right of publicity as a basis for bringing a cause of action against persons or entities that have commercialized and financially benefited from use of their photo or character. Nevertheless, celebrities currently cannot register their...
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...that the federal government could not require states that receive federal funds under the Medicaid program to participate in the Patient Protection and Affordable Care Act's (PPACA's) Medicaid expansion. Several shortcomings like limited provider payment and associated patient access barriers have been observed in Medicaid that make its adoption not a good idea. However, families below the poverty line can benefit. In July 2012, the Supreme Court upheld the constitutionality of the Patient Protection and Affordable Care Act (PPACA). The Court thus ended one phase in the political and legal battle over health reform. Yet in doing so, it opened a new front. In a notable departure from post–New Deal commerce clause jurisprudence, the Court ruled that the federal government could not require states that receive federal funds under the Medicaid program to participate in the PPACA’s Medicaid expansion. In effect, the Court made states’ participation in the PPACA’s Medicaid expansion voluntary — a possibility that neither the act’s supporters nor its opponents seriously entertained during the long legislative battle of 2009 and 2010. The full implications of these changes in federal-state relations remain to be seen. For states, the ruling brings both new flexibility and new accountability. Conservative legislators who have traditionally railed against Medicaid while accepting large subsidies will now have to actively accept or reject billions of dollars in federal resources...
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...healthcare in the U.S. Within all of our organizations, regulatory agency surveys are conducted to better the organizations as well as its employees. The purpose of the regulatory surveys is to focus on the areas that need improvement as well as promoting better health care access to the people in the community. Regulatory agencies serve as authority as well as enforcement to regulate laws from the government. Some examples of regulatory agencies are Food and Drug Administration (FDA), Agency for Healthcare Research and Quality (AHRQ), and Occupational Safety Health Administration (OSHA). There are many examples of laws and regulations that are currently being faced in health care. Analysis of health care laws and regulations help one understand their influences on the provider. There are many ways that laws and regulations affect our lives and community. The FDA is responsible for the oversight of drugs, medical devices, vaccines, blood products and biologics, establishing rules for testing, clinical trials and approval of new products. The AHRQ is a federal agency under Health & Human Services working to improve the quality, effectiveness and safety of health care. While the agency OSHA establishes and monitors safety regulations regarding all workers including health care workers. OSHA provides on-site inspections to evaluate workplace hazards, investigates accidents and provides educational materials to promote workplace safety, such as guidelines for working in hot...
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...had little influence outside their regional realm. Eventually, American capitalism evolved from a proprietary-competitive stage to a corporate-administered stage as a result of numerous factors. Economies of scale became more applicable with innovations in transportation, communication, production, management, distribution, and marketing. As a result, America transformed into a global economic power. From 1870 to 1913, the United States’ distribution of the world’s industrial production rose from 23 percent to 36 percent (Chandler, 4). Comparing this substantial growth to other industrious countries of the time exemplifies America’s dominance. In the same time span Great Britain fell from 32 percent to 14 percent, Germany rose from 13 percent to 16 percent, France dropped from 10 percent to 6 percent, Russia rose from 4 percent to 6 percent, Japan rose from 0 percent to 1 percent, and the rest of the world rose from 17 percent to 21 percent (Chandler, 4). Capital intensive, mass production industries that rose during the 2nd half of the 19th century distinguished American business from economic institutions in other cultures and set the foundations of what is now known as the American corporation. Standard Oil An industry that was a pioneer in changing the early business landscape was the petroleum sector. In 1859, the first successful commercial drilling of oil occurred at what is known as Drake’s Well in Titusville, Pennsylvania. The drilling of this well is known as the beginning...
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...Case Analysis: Federal Express Introduction Federal Express is an express transportation company, founded in 1973 by Frederick W. Smith. During his college years, he recognized that the United States was becoming a service-oriented economy and needed a reliable, overnight delivery service company designed to solely transport packages and documents. He wrote a Yale term paper on this idea, and received a ‘C’. His professor thought it would never work. Fortunately for Frederick Smith, he didn’t take it to heart and ended up building that company he dreamed of. He found investors willing to contribute $40 million, used $8 million in family money, and received bank financing. He started Federal Express with over $80 million, making it the largest company of its time ever funded by venture capital. Background Federal Express became successful so quickly because all their competition became weaker at the same time. They built a super-hub in Memphis, Tennessee, where all packages from the United States would be loaded on the correct transport and shipped out each night. Today, Federal Express has over 143,000 workers worldwide, and delivers more than 3 million express packages to 200 countries daily. One major change has affected Federal Express. In January of 1998, Federal Express changed to FDX Corporation. FDX Corporation now includes Federal Express, Roadway Packaging System (RPS), Viking Freight, Roberts Express, and Caliber Logistics. Even though FDX owns all...
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...Where each state stands on Affordable Care Act's (ACA) Medicaid expansion Under the ACA, each state must opt in or out of the Medicaid expansion provision of the legislation. The states assigned to the class have all “opted in”; however, we do not know whether these states have also chosen to develop their own Health Insurance Exchange (HIX), or if they have defaulted this activity to the federal government. 1. Briefly summarize the ACA legislation According to the dpc, “The Patient Protection and Affordable Care Act will ensure that all Americans have access to quality, affordable health care and will create the transformation within the health care system necessary to contain costs. The Congressional Budget Office (CBO) has determined that the Patient Protection and Affordable Care Act is fully paid for, will provide coverage to more than 94% of Americans while staying under the $900 billion limit that President Obama established, bending the health care cost curve, and reducing the deficit over the next ten years and beyond.” Some of the positives to the new health care bill will be people who make far more money than the average American will help pick up the slack through taxes. Individuals who are making 500,000 dollars a year or more will be the ones who help support the ACA. This will ensure that every American will have insurance and not have to worry about being able to pay for needed treatment. Some of the negatives to this is that businesses with over...
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...FEDERAL STATE-FUNDED EDUCATIONAL INSTITUTION OF HIGHER PROFESSIONAL EDUCATION FINANCIAL UNIVERSITY UNDER THE GOVERNMENT OF THE RUSSIAN FEDERATION Department of Macroeconomic Research paper “Banking system and its role in national economy of the USA” Prepared by Yusifova Sevindzh Supervisor: Orusova O. V. Department of Macroeconomics Moscow-2014 Contents Introduction 1. Federal Reserve System as the central banking system in the USA 1.1. The essence of Federal Reserve System and its main functions 1.2. Federal Deposit Insurance Corporation and Member Banks 1.3. The role of Federal Reserve System in national economy of the USA 1. Special features of the Federal Reserve System 2.1. The implementation of Monetary Policy 2.2. Integration with International Sphere 2.3. Rise and fall in the Fed’s balance sheet Conclusion References Introduction The Federal Reserve is the central bank of the United States. It was created by Congress to provide the nation with a safer, more flexible and more stable monetary and financial system. The Federal Reserve was created on December 23, 1913, with the signing of the Federal Reserve Act by President Woodrow Wilson. Today, the Federal Reserve’s duties fall into four general areas:conducting the...
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...Joseph Smith Pols. 335 10-18-2013 There are numerous debates over the new Affordable Care Act; more commonly known as Obamacare. The expansion of Medicaid is a debate within the legislation that should have more attention brought to it. First off, the expansion is an increase in those who are eligible for Medicaid and is optional for the states. On the surface it seems like a wonderful provision within the ACA and it is important to note that from a financial standpoint it is in the states’ best interest to take part in this expansion because the federal government is going to cover all expansion costs for the first 5 years and subsequently decrease it afterwards—but only by a nominal margin. However, a problem comes with this expansion when you take a closer look; a newly saturated beneficiary pool with the same or decreasing number of primary care physicians that will accept them. This is going to spell disaster for all Medicaid beneficiaries and the states that partake in this expansion. This expansion should be cut from Obamacare all together and have the funds reallocated in two ways: 1. increase the number of primary care physicians by subsidizing their degrees (i.e. similar to Medicare) and 2. create federal mandated minimums that states must pay doctors who accept Medicaid. Medicaid currently accounts for an average of 24% of state budgetary spending. This is partially due in part to Medicaid beneficiaries going to the emergency room for minor health issues...
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...Policy Making and the Federal System Obama Care Ashford University: POL-201 August 18, 2014 Policy Making Obamacare The United States Government plays a big role in the policies or programs that the citizens can like or dislike but really don’t have the overall say. When it comes to the policies that get put into place not everyone is going to be happy with it. Sure, some policies will benefit some people more than others and some can just plain benefit the ones who run the country. Obamacare has some history behind the issues, benefits, and policies that will be placed on Americans to abide by. Here are some of the pros and cons of such a policy and how they weigh in weather or not if it is good or bad depending on how it affects you and your family. The Pros of Obamacare What greatly increases these conflict and debates are rooted in the constitutional framework of federalism, which is derived from the 10th Amendment. Federal health care policy “Obamacare” is one of these conflicting issues that have a significant federalism component that requires national, state, and local interaction. This has also leaded to a great deal of potential tension among different levels of government. Obamacare is an overall Medicaid expansion that is supposed to be one of the biggest milestones within healthcare reform by insuring up to 21 million Americans over the next decade. This expansion to Medicaid is supposed to provide the nation’s poorest with health coverage...
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...[pic] Title: Total and State Medicaid Spending Growth FY 2000 - FY 2012 Description: With the expiration of federal stimulus funding in 2011, state spending on Medicaid is projected to rise 28.7% in 2012, while overall Medicaid spending will increase 2.2%. Source: Historic Medicaid Growth Rates, KCMU Analysis of CMS Form 64 Data; FY 2008, 2009 and 2010, KCMU survey of Medicaid officials in 50 states and DC conducted by Health Management Associates, 2011. Topics: Medicaid / CHIP Included in these Slideshows: KFF.org Data Spotlight Slide Date: October 28, 2011 Introduce the issue. Describe the problems in the U.S. healthcare system and how we might use another nation's healthcare system for reform. Evaluate how a new system would improve access to care, quality of care, and the efficient utilization of resources. Define the problem. a. High insurance premiums and out of reach for many American who remain uninsured. b. Drug companies are widely perceived as greedy and insensitive. c. Differences in prescription patterns related to insurance coverage. d. Medicaid patients are more likely to be prescribed generic drugs than patients who have commercial health insurance. e. Unethical behavior by the insurers that shows many institutions have violate fundamental values. f. Negative relationship between the insurers and physicians, personal-satisfaction ratings for health insurance plans, public concern about HMOs in particular and the health care...
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...Expansion of Medicaid Name School Abstract On March 23, 2010, President Obama signed the Affordable Care Act (ACA) into law, allowing all Americans access to affordable health care. Despite the urgent need to provide health care to all Americans some Governors and elected Congressmen continue to debate over the necessity to expand Medicaid and the ACA. The Supreme Court on June 28, 2012 ruled in support of the ACA by upholding the individual mandate which require Americans to have health care insurance. Americans without health care insurance, because of this new health care policy will be able to either purchase insurance through the exchange market or through the expansion of Medicaid. Some states are against the expansion of Medicaid even though the government will fund 100% of the program for the first 3 years. The states that decide to opt out of the Medicaid expansion will heap some negative impact on several stakeholders. The ultimate goal of the ACA and the expansion of Medicaid was to provide quality health to the many uninsured. Expansion of Medicaid The implementation of an important component of the Affordable Care Act (ACA) is the expansion of Medicaid. The expansion of Medicaid ensures health care coverage for children, poor people, disabled people and some elderly citizens. Unfortunately, 20 states have decided to opt out of this policy leaving access to health care unavailable to millions of needy people. It remains unclear why so many...
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...Fall 2012 [pic] ECO 212 – Macroeconomics Yellow Pages ANSWERS Unit 3 Mark Healy William Rainey Harper College E-Mail: mhealy@harpercollege.edu Office: J-262 Phone: 847-925-6352 Consumption and Saving Functions Y C S APC MPC APS MPS _____________________________________________________________________________________ 0 40 - 40 -- -- -- -- _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 100 120 - 20 1.2 .8 -0.2 .2 _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 200 200 0 1 .8 0 .2 _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 300. 280 20 .93 .8 .07 .2 _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 400. 360 40 .90 .8 .10 .2 _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 500. 440 60 .88 .8 .12 .2 _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 600. 520 80 .87 .8 .13 .2 _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ...
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...1 (Worth 4 points) Your friend says your car is worth about a dollar. Your friend is using money as a standard. store of value. medium of exchange. measure of value. Points earned on this question: 4 Question 2 (Worth 4 points) Currency is an adjective for current economic news. stocks and bonds. paper bills and coins. government-issued bank checks. Points earned on this question: 4 Question 3 (Worth 4 points) Quantity demanded is the quantity customers will purchase at a specific point in time. producers will sell at a specific price. government demands to be produced. people will purchase at a specific price. Points earned on this question: 0 Question 4 (Worth 4 points) Which situation best illustrates all three of the basic economic questions? You start your own web design company and sell your services to local businesses. You start your own web design company for fun, making sites for your friends. You pay a web design company to make a site for you. You start a web design company using your own equipment and serve local businesses. Points earned on this question: 4 Question 5 (Worth 4 points) Your friend wanted a cell phone and an mp3 player for birthday gifts. When his mom said he could only have one, he chose the cell phone. His opportunity cost is the the enjoyment of having a cell phone. price of the cell phone. the enjoyment of having a mp3 player. price of the mp3 player. Points earned on this question: 4 Question...
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...2014 with 2009 as the Base Year Source: (Shiller, 2015); (Federal Reserve Bank of St. Louis, 2015) Figure 1 above shows the real Gross Domestic product (GDP) of the United States for the years 1930 to 2014. Real GDP is essential and important as it shows the general soundness of the economy. Thus, when real GDP is high it means other macroeconomic factors such as employment and economic growth are positive and vice versa. This is because real GDP is substantially correlated to these macroeconomic factors. Therefore, the chart above shows that America’s GDP has been growing steadily over the years. This consistent growth has seen to it that America’s real GDP hit a high of 16.16 trillion U.S. dollars up from a low of around 1.06 trillion U.S. dollars in 1930. It is also apparent that the steady growth in the real GDP has led to many significant improvements in the economy and standards of living. Thus, it is evident that the standards of living and other macroeconomic factors are better now than in the mid nineteen hundreds (OpenStax College, 2014). Further, statistical and economic analysis shows that the real GDP of America has an average median and mean of approximately 6.34 and 7.20 trillion dollars respectively (Shiller, 2015). This is caused by the various cyclical changes in the economy. Despite the steady growth in real GDP the U.S. economy has experienced several recessions, depressions and expansions. These have led to several business cycles...
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