Please write 1 paragraph for each question (total 3 paragraphs) and each paragraph shall be no less than 4 sentences and no more than 10 sentences. Answer ALL PARTS of each question to earn full point.

1 How does the ANA’s Code of Ethics address a nurse’s responsibility to health care quality?

a. Describe why the nursing shortage is a major national issue in the United States. How could a nursing shortage in other countries around the world affect the nursing shortage in the United States?

b. Did California take the right approach in passing the law that mandated minimum nurse staffing ratios? Explain your answer.

Today, most Japanese automobile companies have manufacturing plants in the United States. Honda, for example, exports from Japan only 21 percent of the cars it sells in the United States. Fuji Heavy Industries whose main car brand is Suburu, is an exception in still producing most of its cars in Japan. An article in the Wall Street Journal observed that for Fuji Heavy Industries, “the plunging ye has turned a problem – a shortage of production in the US – into an unexpected boon.”

1. What does the article mean by a “plunging yen”?

2. Why would a plunging yen be a boon for Fuji Heavy Industries?

3. Briefly explain whether a plunging yen would help or hurt Honda.

① Would our goal of maximizing the value of the stock be different if we were thinking about financial management in a foreign country?

　　Why or why not?

② Suppose you own stock in a company. The current price per share is $25. Another company has just announced that it wants to buy your company and pay $35 per share to acquire all the outstanding stock. Your company’s management immediately begins fighting off this hostile bid.

　　Is management acting in the shareholders’ best interests? Why or why not?

③ Corporate ownership varies around the world. Historically individuals have owned the majority of shares in public corporations in the United States. In Germany and Japan, however, banks, other large financial institutions, and other companies own most of the stock in public corporations.

　　　Do you think agency problems are likely to be more or less severe in Germany and Japan than in the United States? Why?

　Over the last few decades, large financial institutions such as mutual funds and pension funds have been becoming the dominant owners of stock in the United States, and these institutions are becoming more active in corporate affairs.

　What are the implications of this trend for agency problems and corporate control?

④ Critics have changed that compensation to top managers in the United States is simply too high and should be cut back. For example, focusing on large corporations, Robert Kotick, CEO of Activision Blizzard, earned about $64.9 million in 2013.

　Are such amounts excessive?

In answering, it might be helpful to recognize that superstar athletes such as LeBron James, top entertainers such as Tom Hanks and Oprah Winfrey, and many others at the top of their respective fields earn at least as much, if not a great deal more.

Suppose that the demand function is D(p) = 600 - 3p and the supply function is S(p) = 300 + 3p.

1. Derive the equilibrium price and quantity.

2. What is the change in consumer's surplus after an increase in the price of 50 dollars?

3. Now suppose South Korea is exporting phone to United States and the demand function for Korean phones in the United States is the same as above (in thousands of phones), where p is the price of Korean phones in hundreds of dollars. If the supply curve is horizontally fixed at 60 dollars, find the equilibrium number of Korean phones sold in the United States and what is the price of Korean phones in total?

4. Now, suppose that the United States imposes an import tax on Korean phones which is 20 dollars for every Korean phone, due to huge pressure from American phone manufacturers. Find the amount of Phones will be sold in the US now. At what price they will be sold? Draw supply and demand curves for both before and after tax scenarios

5. How much revenue will the U.S government collect by this tariff?

6. Suppose that instead of US tax on the Korean phones, the Korean government decides to impose an export restriction on their phone exports. They agree to sell only 360 Korean phones in US. If the Koreans know the American demand curve, they will sell their phones at what price in US?

7. If the Korean government is selling export licenses for each Korean phone to each Korean manufacturer and there are 360 export licenses, how much will a Korean firm be willing to pay the Korean government for an export license?

8. Why might the Korean government choose the choice in part “7” to the US taxation scenario?

Pick any two questions (each question should be half a page)

1. The acceleration of economic growth in the last two decades has made economic decision-making more complex as multinational concerns must be taken into account. Explain.

2. The Information Revolution, an economic restructuring comparable to the Agricultural Revolution and the Industrial Revolution, has brought about new questions of social interest. Elaborate.

3. Climatologists agree that global warming is at least in part the result of economic activity. The warming may lead to large economic costs. How can individuals and nations satisfy their self-interested desire for goods and services while also protecting the social-interest of the environment?

4. Think about the trends in what and how goods and services are produced in the U.S. and global economies. Do you think that at some future time, there will be no jobs in the United States and all the jobs will be in developing economies?

5. Compare the scale of agricultural production in the advanced and developing economies.

6. China is currently the world’s second largest economy. It is predicted to surpass the U.S. to become the biggest economy in the not-too-distant future. How does this development influence the strategic balance and the position of the United States? 7. Analyze the U.S. real estate market.

8. During 2007, as oil and gas prices continued to increase, a growing number of Americans called for the United States to become less reliant on Middle-Eastern oil. Would it make sense for the United States to try to become totally self-reliant in the production of oil? Why or why not?

9. Because wage rates are so low in Africa, why don't Microsoft, Cisco and other major corporations close down their American operations and move to Africa?

AMP Corporation (calendar-year-end) has 2020 taxable income of $1,900,000 for purposes of computing the §179 expense. During 2020, AMP acquired the following assets: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.)

a. What is the maximum amount of §179 expense AMP may deduct for 2020?

b. What is the maximum total depreciation, including §179 expense, that AMP may deduct in 2020 on the assets it placed in service in 2020, assuming no bonus depreciation? (Round your intermediate calculations and final answer to the nearest whole dollar amount.)

Assume that TDW Corporation (calendar-year-end) has 2020 taxable income of $656,000 for purposes of computing the §179 expense. The company acquired the following assets during 2020: (Use MACRS Table 1, Table 2, Table 3, Table 4 and Table 5.)

a. What is the maximum amount of §179 expense TDW may deduct for 2020?

b. What is the maximum total depreciation, including §179 expense, that TDW may deduct in 2020 on the assets it placed in service in 2020, assuming no bonus depreciation? (Round your intermediate calculations and final answer to the nearest whole dollar amount.)

The 10th Amendment addresses the division of powers between the U.S. and the states. What issue(s) from the past or present can you think of that may cause states to clash with the U.S. Constitution?

A federal system has a number of advantages. A key one, as Supreme Court Justice Louis Brandeis noted in 1932, is that states can be “laboratories” of democracy. In particular, he argued, “It is one of the happy incidents of the federal system that a single courageous state may, if its citizens choose, serve as a laboratory; and try novel social and economic experiments without risk to the rest of the country.”⁴⁷ Another advantage, as the Supreme Court argued in Bond v. United States (2011), is that “By denying any one government complete jurisdiction over all the concerns of public life, federalism protects the liberty of the individual from arbitrary power.”⁴⁸ Other advantages, as one law professor has pointed out, are that federalism can accommodate a diversity of preferences in a heterogeneous society, that the most appropriate level of government can be utilized for a particular purpose, and that the states can compete and their citizens can move to places that have an attractive particular mix of public policies.⁴⁹

Constitutional Distribution of Powers

The U.S. Constitution distributes power between the national and state governments. It grants and denies powers. In some cases, powers are granted exclusively to the national government and in other cases exclusively to the states. There are also instances where powers are granted to both the national and the state governments. The same can be said for denied powers. Some are denied to the national government, others are denied to the states, and some are denied to both.

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Division of Powers between National and State Governments

Figures 2.3 and 2.4 present a clear summary of the division of powers between the national and state governments. Although the division of powers may seem straightforward, these figures belie the true complexity of our federal system of government. It is complicated, and the meaning of each power has been subject to interpretation by the federal courts. If we examine four areas of the Constitution and the courts’ interpretations, we gain a much better understanding of American federalism. These four areas are the Necessary and Proper Clause versus the Tenth Amendment; the Interstate Commerce Clause; Equal Protection and Due Process Clause of the Fourteenth Amendment; and the power to tax and spend to promote the general welfare.

The “Necessary and Proper” Clause and the Tenth Amendment

Article 1, Section 8, paragraph 18 of the United States Constitution states that Congress shall have the power “To make all Laws which shall be necessary and proper for carrying into Execution the foregoing Powers, and all other Powers vested by this Constitution in the Government of the United States, or in any Department or Officer thereof.” This seems to grant considerable power to the national government. However, the Tenth Amendment states: “The powers not page 60 delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people.” This seems to grant most powers not expressly granted to the federal government to the states, or that they would remain with the people. The meanings of these two sections of the Constitution were the cause of conflict early in the history of the Republic.

Tenth Amendment

Amendment of the U.S. Constitution that delegates or reserves some powers to the state governments or to the people