Essay on public finance and policy solution gruber

Solutions and Activities to CHAPTER 13 SOCIAL SECURITY Questions and Problems 1. The government of Westlovakia has just reformed its social security system. This reform changed two aspects of the system: (1) It abolished its actuarial reduction for early retirement, and (2) it reduced the payroll tax by half for workers who continued to work beyond the early retirement age. Would the average retirement age for Weslovakian workers increase or decrease in response to these two changes, or can you tell? Explain your answer. The first policy change, abolishing the actuarial reduction, would tend to lower the average retirement age. The actuarial reduction is intended to make workers approximately indifferent between†¦show more content†¦This offset may not be huge, though. The highest-earning workers would not increase their benefits by very much due to the redistributive nature of the calculations. Low-wage earners who have zero or very-low-wage years among the 40 would have a lower average on which to base the benefit calculation. In addition, by including 5 more years, people who did not delay retirement would have an even lower calculated benefit: their lifetime average would include those low-wage summer or entry-level jobs. 4. Suppose the Social Security payroll tax was increased today to 16.4% in order to solve the 75-year fiscal imbalance in the program. Explain the effect of this change on the value of the Social Security program for persons of different ages, earning levels, and sexes. An increase in the payroll tax would reduce the value of Social Security for younger workers relative to older workers. Older workers would benefit from having a more secure plan, and they wouldn’t have to pay in at the higher rate for very long. Younger workers would have to pay the higher rate over many more years, and their benefit calculation would not increase (because the increase in taxes is meant to keep the current system solvent, not to increase benefits). The very-highest-earning workers would not be harmed as much as lower-earning workers because the payroll tax is not imposed on earnings above $87,900 (currently); however, theirShow MoreRelatedMedicare : A Federally Administered Health Insurance Program1423 Words   |  6 Pagescoverage for the elderly that were a part of the high risk category; this left them very vulnerable against the high costs of being ill (Staff of the Office of Program Evaluation and Planning). 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It also includes the study of the determinants of demand for health itself, global public health problems, and the nonmedical inputs into health, such as a decent living standard, education, physical and social environment, and personal lifestyle choices, to the extent that they are exogenous (e. g., independent of ones health status)Read MoreThe Cause of Globalization18688 Words   |  75 PagesCAUSES OF GLOBALIZATION COMPARATIVE POLITICAL STUDIES / August-September 2000 The most important causes of globalization differ among the three major components of international market integration: trade, multinational production, and international finance. The information technology revolution has made it very difficult for governments to control cross-border capital movements, even if they have political incentives to do so. Governments can still restrict the multinationalization of production, butRead MoreSelected Topics24764 Words   |  100 Pagesexplained in the following step. Initially, this procedure involves choosing the relevant variables that individuals are must likely to use in forming expectations about monetary policy. These variables are used to estimate the anticipated portion of policy actions while the residuals represent the unanticipated portion of the policy actions. In other words, anticipated variables based on fitted values whilst unanticipated ones related with the residuals. To separate these variables into the anticipatedRead MoreA Financial Perspective on Mergers and Acquisitions and the Economy19349 Words   |  78 Pageshave assumed that the deals with no announced prices were on average equal to 20 percent of the size of the announced transactions and carried the same average premium. *Professor of Business Administration, Harvard Business School, and Professor of Finance and Business Administration, University of Rochester. 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What is Love to Me - 464 Words

(HOOK) What is love? Everyone in this world thinks that love is all about expensive things such as clothes, electronics, and definitely money. This writer personally thinks that love is all about family, friends, siblings, and of course our God. (CI) This essay is about how love can be positive and negative in each and everybody’s lives. (GS1) One thing that this writer personally loves is the love of siblings. (GS2) The second thing that this writer loves is the love of friends. (GS3) The last thing that this writer loves is the love of parents. (THESIS) Overall, this writer loves many things, but this writer has (I) the love of siblings, (II) the love of friends, and (III) the love of parents. (TOPIC SENTENCE) This writer has many things that are loved in life, but one out of the three that are loved is the love of siblings. (MA) A positive thing that comes from the love of siblings is that they always spend time with us. (m1 for MA) One type of thing that siblings can do to spend more time with us is to go out and do fun things. Some of those fun things could be going to the movies together, going out to eat together, going to a game of some sort together and more. There is more than one way we can spend time with our siblings. (m2 for MA) Another reason why our siblings spend time with us is because our siblings always help us out no matter what. If we are in a certain situation that we cannot make on our own, we know the love of our siblings can get usShow MoreRelatedWhat Makes Me Love?888 Words   |  4 PagesWhen looking at what love means everybody has a different interpretation of what it is and what it means to them. During our lifetime, we will experience several different types of loves that range from love for our family, friends and lovers. We will show our love for those we care about in many different ways. 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Introduction to Business Law Independent Legal Law

Question: Describe about the Introduction to Business Law for Independent Legal Law. Answer: 1: Mr. and Mrs. Amadio had raised three causes of actions in this case. (i) Therefore, they pointed out that when they had signed the document for the bank, no independent legal advice was provided to them even when the bank new regarding the fact of their lack of experience in business matters. (ii) Similarly, the bank manager also knew regarding the fact that in the opinion of Mr. and Mrs. Amadio, the company of their son was doing very well. In the same way, they also raise the cause of action that they were not well versed in English language and were in advance years of age. (iii) The third cause of action raised by Mr. and Mrs. Amadio was that when they had entered into the contract, they were under the impression that their liability for the guarantee given by them was restricted to $50,000. Therefore, they were not aware of the fact that their liability was unlimited and at the same time, they were not told regarding this fact by the bank. 2: When the Appeal Court had reversed the judgment, it was of the opinion that in this case, an obligation was present on part of the bank to tell Mr. and Mrs. Amadio regarding the real financial condition of the company that their son was running when the elderly couple was going to provide a guarantee for their son. In this context, the appeal court also mentioned that the manager of the bank had made misrepresentation which can be attributed to the bank. Similarly, another finding on the basis of age, the court has reversed the judgment was that in the present situation, the transaction can be termed as unconscionable and as a result, it was required under equity that really should be provided to Mr. and Mrs. Amadio by the court. 3: While delivering the judgment, Justice Gibbs stated that in the present situation, in view of the fact that the bank knew that as potential guarantors, there was a particular disability present one part of Mr. and Mrs. Amadio, it was required that the real statement of accounts of the company run by their son should have been told by the Bank to the elderly couple when they were going to stand as guarantors for the business. 4: There were certain facts due to which, Gibbs J arrived at the conclusion that the bank should have told certain facts to Mr. and Mrs. Amadio. (i) These included the fact according to which, any person who is going to provide a guarantee for any customer of the bank will not imagine that the credit of such customer with the bank is not satisfactory or that the customer has overthrown the account. (ii) But to the contrary, in this case although the company managed by the son of Mr. and Mrs. Amadio was going to financial problems because it had exceeded its overdraft on a number of times and the cheques issued by this company were also not honored. These facts in themselves are sufficient to reveal the financial position of the company. Hence, Gibbs J. suggested that the circumstances require that a disclosure should have been made to Mr. and Mrs. Amadio in the event when they are going to provide guarantee for the company. 5: The legal ratio on the basis of which Gibbs J. arrived at the conclusion that it was not likely that a person who is going to provide surety for the past and the future liabilities of a particular Corporation will expect that there is any agreement created between such company and the bank which will have such unusual terms. Gibbs J. also noted the fact that the cheques issued by the company were being regularly dishonored, the bank continued with the select dishonored of the cheques with a view to maintain a facade of a successful company when the reality was that insolvency was glaring the company in its face. 6: The legal ratio on the basis of which, Mason J. had given his decision was the fact that in case of the relief granted for unconscionable conduct, it is generally presumed to be dealing with the cases where one party enjoys a superior bargaining power that is capable of being used unconsciously by the party, resulting in a detriment to the other party. At the same time, making his point clear, Mason J. also mentioned the difference that exists between undue influence and unconscionable conduct. Therefore he said that in this case, even if the other party has claimed that independent and voluntary will of the innocent party was present yet, under the circumstances it can be said that and unconscionable advantage has been taken by the bank regarding the visibility of Mr. and Mrs. Amadio. 7: There was a difference present between the legal ratio adopted by Mason J. and the legal issue on which the decision of Gibbs J. was based upon. Therefore, while delivering the decision, Gibbs J. noted the fact related with the failure on the part of the plan to disclose certain relevant facts to Mr. and Mrs. Amadio and stated that it can be treated as a misrepresentation although it was not intentional but still it was related with most of the transaction that took place between the bank and the elderly couple. On the other hand, the ratio behind the judgment given by Mason J. was based on the unconscionable conduct in which the bank was involved. 8: There were certain facts related to the position of the bank and also regarding the position of the couple which were identified by Mason J. as satisfying the legal test. Therefore, Mason J. stated on the basis of the following facts that the legal test has been satisfied in this case was the fact that the elderly couple was more than 70 years of age. Moreover, they were not very fluent in English. The other facts included the fact that the couple did not have any considerable business experience. At the same time, it was also noted by the court that the elderly couple was under the impression that their son's company was doing very well and therefore the need for the funds was only temporary. The court also looked at the fact that in such a situation, the bank knew very well that the company was facing financial problems. 9: For the purpose of describing the difference that can be found between undue influence and unconscionable conduct, Mason J. pointed out the fact that when undue influence is involved, the will of the innocent party cannot be described as free and Independent. On the other hand, when the matter arises due to unconscionable conduct, even if free and independent will of the innocent parties present, however the other party has taken an unconscionable advantage of the fact that the other party is suffering from a special disadvantage. However the reasoning of Deane J. was different. According to him, when undue influence is involved, the court has to evaluate the quality of the ascent of the weaker party. But when the matter is based on unconscionable conduct, the court has to look at the conduct of the stronger party. 10: The decision given by Deane J was based on the legal ratio according to which, the fact was noted that Mr. and Mrs. Amadio were not in a position to fully comprehend the nature and effect of the transaction in which they were entering into. Similarly, Deane J. also noted the fact that under the circumstances, it was very important that independent advice should have been provided to the elderly couple regarding the significance for the surety to look at the financial position of the other party, for which they are going to provide guarantee and also to find if any unusual features were present in the account of such a party. On the basis of these reasons, Deane J. arrived at the conclusion that if this information would have been provided to the elderly couple, they would not have stood as guarantors for the company of their son. Hence, he stated that it was clear that in this case, Mr. and Mrs. Amadio could not comprehend the nature and effect of this transaction and at the same time, the bank was aware of this fact. Due to these reasons, Deane J. arrived at the conclusion that the transaction was unjust and unfair. 11: a dissenting judgment was given by Dawson J. He pointed out the circumstances when it can be considered that the bank will be liable towards the guarantor, if the guarantor has been induced to provide guarantee on the basis of a misrepresentation. In such cases, the test that can be used is to see if the guarantors should have made inquiries from the bank related with the state of account of the other party for which they were going to stand as guarantors. Therefore, he stated that there was no duty one part of the bank to provide information to the potential surety regarding the state of account of its customer. Case Law Commercial Bank of Australia Ltd v Amadio [1983] HCA 14

Viverra Motors Company Operations Management

Table of Contents Executive Summary Introduction Purchasing and inventory management differences Possible solutions to the problems Restructuring suggestions Conclusion References Executive Summary Operation management is a branch of management which deals with purchasing and inventory management. It also touches on design and overseeing various business operations. It is concerned with the steps that are necessary to supply chain management.Advertising We will write a custom report sample on Viverra Motors Company Operations Management specifically for you for only $16.05 $11/page Learn More Viverra Motors is a company that had committed some essential business operation errors. In order to circumvent these challenges the company’s purchasing and inventory systems should be adjusted. These adjustments will have far reaching effects on the future development of the company. The recommendations that will be provided in this paper include improv ing transportation and logistics, purchasing and inventory management. However, first of all, the company should reduce new acquisitions. In order to do this, the company should identify areas of competency and pay more attention to these areas. The company can also outsource the services that other companies can offer without compromising on quality. Introduction Operation management is a branch of business that deals with the movement of products through the production chain. It also deals with the processes involved in the acquisition of raw materials, as well as the processes that are involved into production of the end products. Major levels of operation management are strategic, tactical, and operational. Strategic level deals with all activities and decisions that go into production chains. It involves decisions concerning size and location of plants. Purchasing and inventory management differences Each dealership is supplied by a different supplier and deals with different s uppliers in the process of car production. Each dealership should therefore be strengthened to make decisions might have a positive effect on the process of car production.Advertising Looking for report on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Each supplier has its own strengths and weaknesses and the company’s dealerships should deal with the suppliers on an individual basis. As a consequence, each dealership of a company should design a unique supply chain management system to fit its current position (Cooper Ellram, 1993). The core areas of operation management are: Supply Chains—this involves the management of all aspects of management that are involved into providing goods to customers. The emphasis is laid on the processes of acquisition of raw materials to the end of a products’ life. All the stages that go into the product life cycle (introduction stage, growth, maturity, saturatio n and decline stages), including disposal, are considered. Operation Management/Marketing Interface—this is concerned with finding out what the customers like and see as important. This is necessary to produce what the customers want. Operation Management/Finance Interface — this is an area that comprises of the cash value of the company. It roughly estimates the financial worth of the firm. Service Operations — this consolidates the characteristics of services that go into production. Operations Strategy — this lays down the strategies the company will follow in production. It should agree with the overall strategies of the company. Process Design and Improvements — this manages all the innovations within the company. All the innovations are protected by this section of operation management. It also seeks financial assistance for the innovations. All these activities can be broadly classified as follows: Strategic level includes such aspects Th e number, location, and size of warehousing and other facilities needed by the company. Development of partnerships as the desirable arrangements with suppliers, distributors, and customers. Creating effective communication channels. Controlled product life cycle management. Where and when to buy products. Agreeing all the strategies of the company. Tactical level suggests such actions Finding contracts for the company. Decisions involving scheduling and planning of production. Customer satisfaction decisions Transport and logistics decisions Knowing the competitors Operational level suggests Planning production and distribution Scheduling- for all manufacturing plants of the company. Estimating future demand. Managing inventory- receiving and storage of stock Accounting for system failures and leakages Weaknesses of current purchasing and inventory management Reliance on forecasts: The current purchasing (procurement) system of the company is over reliant on forecasts whic h are based on the past trends. While this is a good practice, it is worth noting that the quality of the results obtained is highly dependent on the quality of data used to generate them. Employee competence often influences the quality of forecasts. In order to solve this problem, mechanisms to train employees should be put in place. Excessive focus on reducing costs: Viverra motors is interested in supporting its â€Å"one price – lowest price† concept. Focusing solely on this concept is a potential area of weakness. This may encourage the purchasing managers to choose price over quality. Low priced service parts may not meet the customers’ expectations. If this happens, the customer might end up in spending more in the long run. This has the potential to damage the reputation the company has worked hard to gain. This concept is a good concept, but if not executed correctly, it can permanently damage the reputation of the company.Advertising We will writ e a custom report sample on Viverra Motors Company Operations Management specifically for you for only $16.05 $11/page Learn More Unplanned acquisition: The new acquisition appears to have been hurried and not well planned. It is the fourth dealership in a metropolis of over one million people. The nature of the new dealership makes it difficult for Viverra motors to maximize profits. The company relies on fast movement of goods and high volume of sales to make profit. The new â€Å"auto-supermarket† requires more space because it deals with more than one make of car. This can also bring undue competition to existing dealerships of Viverra motors. This competition can arise if the new dealership will focus on the production of stock cars and service parts which are already being sold by other dealerships. Economies of scale will be hard to realize in such a setting. Poor selection of suppliers: The system is currently relying on a great number of supp liers. This is a potential danger for the company. Each supplier has its own way of doing things and the company may suffer a setback when it has to deal with many suppliers. It may slow down the progress of the company. Increased cost of running business: cost of running business will keep going up as the company increases the number of dealerships and products in each dealership. More products require more space. The company is already experiencing financial constraints brought in by the new dealership. Poor location design: The metropolis has a population of one million people. There is an additional half a million people outside the metropolis (Masters, 1993). This gives the company an estimated target customer population of one and half million people. This total population is not commensurate with the number of dealerships in the metropolis. Acquiring new dealerships will saturate the market leading to decreased volume of sales.Advertising Looking for report on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Possible solutions to the problems In order to circumvent the problems mentioned above, the following recommendations should be considered. Outsourcing: the company should outsource some of the activities that do not constitute its core business. This will enable the company to focus on key competencies while letting others do some things on its behalf. The company should identify companies that can provide services of the required quality at a lower cost. Services such as warehousing can be outsourced. The company is experiencing shortage of space, and it means that partners should be sought to provide this crucial service. This will ensure that Viverra motors saves money that can be used to finance the core business. Provision of service parts can also be outsourced to a reputable partner. However, since the company has gained a good reputation in servicing and repairing vehicles, it should retain it. This aspect of the business is crucial to the company as it attracts new custome rs and helps retain existing customers. Outsourcing is critical to any company as it enables it to run the business effectively and efficiently. Co-owning: instead of acquiring new businesses, the company can opt to buying some stakes in companies it is interested in. Viverra motors should have acquired some shares in the new dealership as this would have enabled it to share logistics management and inventory management responsibility. Each partner would then bring in its key competencies and enable the dealership to move to great heights in terms of customer service and profit maximization (Lee, and Billington, 1993). Focus on quality: the company should focus more on customer satisfaction and quality of services offered (Ketchen, Hult, 2006). The quality of the products and services should meet or exceed customer expectations at all times. Focusing on cost of the end product only diverts attention from the customer. This may result in a situation of self preoccupation. Customers do not want to deal with companies that are preoccupied with self image. Just- in- time inventory management: the company has run out of space, thus it is in a great need of using innovative methods of inventory management. A lot of expenses will be reduced if the company does not hold stock for long (Cooper, Lambert, Pagh, 1997). Just-in-time is system of inventory management that ensures a company does not stay with any particular stock longer than it is necessary. This system enables a company to order stock just before it is needed. After stock is received, it spends a short time in the company’s warehouses thus reducing cost of warehousing and creating a room for new orders. This system requires very accurate forecasts and reliable suppliers. If the suppliers are not reliable, then the company will not incur the cost of missing the stock. This cost can be huge and make a great damage to a company (Cohen, and Lee, 1989). This system also ensures that the time a product s pends in the supply chain is shortened. Money saved can be used to run other aspects of the business. The system will also encourage the company to invest in what the customers want and, as a consequence, minimize the wastage. Supplier selection: Viverra motors can benefit from careful selection of suppliers. A thorough research and background check of the suppliers will enable the company to establish a partnership with reputable and reliable suppliers (Mentzer, 2001). Some suppliers may provide products cheaply but, at the same time, with inferior quality. Some may provide high quality goods but at a very high cost. Both situations are undesirable for Viverra motors. Viverra motors should aim at striking a balance between cost and quality of products. The suppliers who are reliable are selected. Transport and logistics: efficient transport and logistics systems should be put in place. This ensures that the amount of time spend on movement of products along the supply chain is sign ificantly reduced (Rainbird, 2004). This will reduce operating costs in the long run. This can either be done through outsourcing these activities or through improvement of existing systems. If necessary, the company can put in place radio frequency identification system (RFID). This system will enable purchasing managers to monitor the movement of stock in real time. However, this system may be expensive to install and run. It may require additional training for the users. Restructuring suggestions As Viverra motors prepares itself for the future, both current and expected customer expectations should be put in perspective. Future aspirations of the company should be in line with the expectations of its customers (Greenberg, 2002). Viverra motors should estimate the number of customers it intends to serve in the future. This can be calculated using past customer numbers. The managers can work out the rate of annual increment in customer numbers and use it to forecast the future num bers at any particular time in the future (Houlihan, 1985). In order to meet the current customer demands and move into the future with ease, the following structural changes may be implemented. Know Customer: Viverra motors needs to invest in research in order to understand its customers better. Each customer is unique but some share common traits. Investing in this research will enable the company to provide what the customers want at the right time. Customers will be divided into various customer segments or, in other words, market segments. Each segment gets unique products and attention depending on the need of customers. Market segmentation is a great marketing tool. Products are marketed differently to different groups. Continual Rapid Improvement: the company should continue improving its products and services to meet current customer demands. The company can invest in self improvement techniques. The improvement should be comparable with changes in customer demands. Unifie d Purpose: all the dealerships, though, representing different brands and segments of the market should have a unified goal. All the dealerships need to work together as a team to achieve a common goal. Unity purpose helps reduce potential conflicts in the company. Know the Competition: the company should invest in mechanisms to know its competitors. This is because modern completion fronts are in the supply chain management. Viverra motors should use this to structure its supply chain management to be in line with that of its partners. Focus: the focus of the company should be changed. The company should avoid focusing so much on acquisitions. It should instead shift the focus to customer satisfaction and profit maximization. Organize Resources: resources should be organized in such a way that the most urgent and most important obligations are met in the first place. Invest in Human Resources: the company should focus on hiring new staff in areas that are critical to the operation of the company (Ballou, 1992). Staff should be reduced or completely relieved of their duties in areas that the company can outsource the services. Maintain Equipment: the company should maintain existing equipment in order to ensure that their after sales service segment works well. The company can also invest in new equipment to boost its repair services. Cut Flow Time: the company should cut the time a product spends in the supply chain. This can be done through development of systems that can help minimize wastage and maximizes on the available time. Visibility Management: Viverra motors needs to invest in brand visibility. It should strive to be more visible in the market than its competitors. This may be translated to increased customer numbers hence increased revenue. Conclusion This paper is focused on the operation management that is implemented in the Viverra motors and the ways of its improvement. Having analyzed a number of researches on the given topic, as well as a Ca se Study, we have come to a conclusion that Viverra motors should position itself for the future. In order to do this correctly, several structural adjustments need to be implemented. The company needs to adjust its purchasing and inventory systems to match with those of its customers. Some of the changes that have been suggested earlier in this paper include slowing acquisition. The company should instead focus on co-owning. The company should also invest in logistics and transportation systems. References Ballou, RH 1992, Business Logistics Management, 3rd. Edition, Prentice Hall, Englewood Cliffs, NJ. Cohen, MA Lee, HL 1989, ‘Resource Deployment Analysis of Global Manufacturing and Distribution Networks’, Journal of Manufacturing and Operations Management, vol. 2, pp. 81-104. Cooper, MC Ellram, LM 1993, ‘Characteristics of Supply Chain Management and the Implications for Purchasing and Logistics Strategy’. 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Masters, JM 1993, ‘Determination of Near-Optimal Stock Levels for Multi-Echelon Distribution Inventories’, Journal of Business Logistics, vol. 14 no. 2, pp. 165-195. Mentzer, JT. et. al. 2001, ‘Defining Supply Chain Management’, Journal of Business Logistics, vol. 22, no. 2, pp. 1–25. Rainbird, M 2004, ‘A Framework for Operations Management: The Value Chain’, International Journal of Operations and Production Management, vol. 34, no. 3/4, pp. 337–345. This report on Viverra Motors Company Operations Management was written and submitted by user Simone Potts to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.