Bond and Market Capitalization Rate

330-s2013-prac9 1. An American put option gives its holder the right to _________. A. buy the underlying asset at the exercise price on or before the expiration date B. buy the underlying asset at the exercise price only at the expiration date C. sell the underlying asset at the exercise price on or before the expiration date D. sell the underlying asset at the exercise price only at the expiration date 2. An American call option gives the buyer the right to _________. A. buy the underlying asset at the exercise price on or before the expiration date B. buy the underlying asset at the exercise price only at the expiration date C. ell the underlying asset at the exercise price on or before the expiration date D. sell the underlying asset at the exercise price only at the expiration date 3. A European call option gives the buyer the right to _________. A. buy the underlying asset at the exercise price on or before the expiration date B. buy the underlying asset at the exercise price on ly at the expiration date C. sell the underlying asset at the exercise price on or before the expiration date D. sell the underlying asset at the exercise price only at the expiration date 4. You purchase one IBM July 120 call contract for a premium of $5.You hold the option until the expiration date when IBM stock sells for $123 per share. You will realize a ______ on the investment. A. $200 profit B. $200 loss C. $300 profit D. $300 loss 5. At contract maturity the value of a call option is ___________ where X equals the option's strike price and ST is the stock price at contract expiration. A. Max(0, ST – X) B. Min(0, ST – X) C. Max(0, X – ST) D. Min(0, X – ST) 1 1. C 2. A 3. B 4. B 5. A Long Call Profit = Max[0,($123 – $120)(100)] – $500 = -$200 1. A firm that has an ROE of 12% is considering cutting its dividend payout.The stockholders of the firm desire a dividend yield of 4% and a capital gain yield of 9%. Given this information which of the following statement(s) is/are correct? I. All else equal the firm's growth rate will accelerate after the payout change II. All else equal the firm's stock price will go up after the payout change III. All else equal the firm's P/E ratio will increase after the payout change A. I onlyB. I and II onlyC. II and III onlyD. I, II and III 2. A firm cuts its dividend payout ratio. As a result you know that the firm's _______. A. return on assets will increaseB. arnings retention ratio will increase C. earnings growth rate will fallD. stock price will fall 3. An underpriced stock provides an expected return which is ____________ the required return based on the capital asset pricing model (CAPM). A. less thanB. equal toC. greater thanD. greater than or equal to 4. Stockholders of Dog's R Us Pet Supply expect a 12% rate of return on their stock. Management has consistently been generating a ROE of 15% over the last 5 years but now believes that ROE will be 12% for the next five year s. Given this the firm's optimal dividend payout ratio is now ______.A. 0%B. 100%C. between 0% and 50%D. between 50% and 100% 5. The constant growth dividend discount model (DDM) can be used only when the ___________. A. growth rate is less than or equal to the required returnB. growth rate is greater than or equal to the required return C. growth rate is less than the required returnD. growth rate is greater than the required return 6. Suppose that in 2009 the expected dividends of the stocks in a broad market index equaled $240 million when the discount rate was 8% and the expected growth rate of the dividends equaled 6%.Using the constant growth formula for valuation, if interest rates increase to 9% the value of the market will change by _____. A. -10%B. -20%C. -25%D. -33% 7. You are considering acquiring a common share of Sahali Shopping Center Corporation that you would like to hold for one year. You expect to receive both $1. 25 in dividends and $35 from the sale of the share at the end of the year. The maximum price you would pay for a share today is __________ if you wanted to earn a 12% return. A. $31. 25B. $32. 37C. $38. 47D. $41. 32 8. Eagle Brand Arrowheads has expected earnings of $1. 5 per share and a market capitalization rate of 12%. Earnings are expected to grow at 5% per year indefinitely. The firm has a 40% plowback ratio. By how much does the firm's ROE exceed the market capitalization rate? A. 0. 5%B. 1. 0%C. 1. 5%D. 2. 0% 9. A preferred share of Coquihalla Corporation will pay a dividend of $8. 00 in the upcoming year, and every year thereafter, i. e. , dividends are not expected to grow. You require a return of 7% on this stock. Using the constant growth DDM to calculate the intrinsic value, a preferred share of Coquihalla Corporation is worth _________. A. $13. 50B. $45. 50C. $91. 0D. $114. 29 10. Brevik Builders has an expected ROE of 25%. Its dividend growth rate will be __________ if it follows a policy of paying 30% of earning in t he form of dividends. A. 5. 0%B. 15. 0%C. 17. 5%D. 45. 0% 11. Cache Creek Manufacturing Company is expected to pay a dividend of $3. 36 in the upcoming year. Dividends are expected to grow at 8% per year. The riskfree rate of return is 4% and the expected return on the market portfolio is 14%. Investors use the CAPM to compute the market capitalization rate, and the constant growth DDM to determine the value of the stock. The stock's current price is $84. 0. Using the constant growth DDM, the market capitalization rate is _________. A. 9%B. 12%C. 14%D. 18% 12. Ace Ventura, Inc. has expected earnings of $5 per share for next year. The firm's ROE is 15% and its earnings retention ratio is 40%. If the firm's market capitalization rate is 10%, what is the present value of its growth opportunities? A. $25B. $50C. $75D. $100 13. Flanders, Inc. has expected earnings of $4 per share for next year. The firm's ROE is 8% and its earnings retention ratio is 40%. If the firm's market capitalizat ion rate is 15%, what is the present value of its growth opportunities?A. -$6. 33B. $0C. $20. 34D. $26. 67 14. Cache Creek Manufacturing Company is expected to pay a dividend of $4. 20 in the upcoming year. Dividends are expected to grow at the rate of 8% per year. The riskfree rate of return is 4% and the expected return on the market portfolio is 14%. Investors use the CAPM to compute the market capitalization rate on the stock, and the constant growth DDM to determine the intrinsic value of the stock. The stock is trading in the market today at $84. 00. Using the constant growth DDM and the CAPM, the beta of the stock is _________. A. 1. 4B. 0. 9C. 0. 8D. 0. 5 15.Westsyde Tool Company is expected to pay a dividend of $2. 00 in the upcoming year. The risk-free rate of return is 6% and the expected return on the market portfolio is 12%. Analysts expect the price of Westsyde Tool Company shares to be $29 a year from now. The beta of Westsyde Tool Company's stock is 1. 20. Using a on eperiod valuation model, the intrinsic value of Westsyde Tool Company stock today is _________. A. $24. 29B. $27. 39C. $31. 13D. $34. 52 16. Todd Mountain development Corporation is expected to pay a dividend of $2. 50 in the upcoming year. Dividends are expected to grow at the rate of 8% per year.The risk-free rate of return is 5% and the expected return on the market portfolio is 12%. The stock of Todd Mountain Development Corporation has a beta of 0. 75. Using the CAPM, the return you should require on the stock is _________. A. 7. 25%B. 10. 25%C. 14. 75%D. 21. 00% 17. Interior Airline is expected to pay a dividend of $3 in the upcoming year. Dividends are expected to grow at the rate of 10% per year. The risk-free rate of return is 4% and the expected return on the market portfolio is 13%. The stock of Interior Airline has a beta of 4. 00. Using the constant growth DDM, the intrinsic value of the stock is _________.A. $10. 00B. $22. 73C. $27. 78D. $41. 67 18. Everything equal, w hich variable is negatively related to intrinsic value of a company? A. D1B. D0C. gD. k 19. A common stock pays an annual dividend per share of $1. 80. The risk-free rate is 5 percent and the risk premium for this stock is 4 percent. If the annual dividend is expected to remain at $1. 80 per share, what is the value of the stock? A. $17. 78B. $20. 00C. $40. 00D. None of the above 20. A stock is priced at $45 per share. The stock has earnings per share of $3. 00 and a market capitalization rate of 14%. What is the stock's PVGO?A. $23. 57B. $15. 00C. $19. 78D. $21. 34 21. If a firm has a free cash flow equal to $50 million and that cash flow is expected to grow at 3% forever, what is the total firm value given a WACC of 9. 5%? A. $679 millionB. $715 millionC. $769 millionD. $803 million 22. Next year's earnings are estimated to be $5. 00. The company plans to reinvest 20% of its earnings at 15%. If the cost of equity is 9%, what is the present value of growth opportunities? A. $9. 09B . $10. 10C. $11. 11D. $12. 21 1. A2. B3. C4. B5. C6. D7. B8. A9. D10. C11. B12. A13. A14. B15. B16. B17. A18. D19. B20. A21. C22.C 1. 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 2.Everything else equal the __________ the maturity of a bond and the __________ the coupon the greater the sensitivity of the bond's price to interest rate changes. A. longer; higher B. longer; lower C. shorter; higher D. shorter; lower 3. A __________ bond is a bond where the issuer has an option to retire the bond before maturity at a specific price after a specific date. A. callable B. coupon C. puttable D. treasury 4. In an era of particularly low interest rates, which of the following bonds is most likely to be called? A. Zero coupon bonds B. Coupon bonds selling at a discount C. Coupon bonds selling at a premium D.Floating rate bonds 5. A coupon bond which pays interest of 4% annually, has a par value of $1,000, matures in 5 years, and is selling today at $785. The actual yield to maturity on this bond is _________. A. 7. 2% B. 8. 8% C. 9. 1% D. 9. 6% 6. A coupon bond which pays interest of $60 annually, has a par value of $1,000, matures in 5 years, and is selling today at a $75. 25 discount from par value. The current yield on this bond is _________. A. 6. 00% B. 6. 49% C. 6. 73% D. 7. 00% 7. A coupon bond which pays interest semi-annually has a par value of $1,000, matures in 8 years, and has a yield to maturity of 6%.If the coupon rate is 7 %, the intrinsic value of the bond today will be __________ (to the nearest dollar). A. $1,000 B. $1,063 C. $1,081 D. $1,100 8. A treasury bond due in one year has a yield of 6. 3% while a treasury bond due in 5 years has a yield of 8. 8%. A bond due in 5 years issued by High Country Marketing Corporation has a yield of 9. 6% while a bond due in one year issued by High Country Marketing Corporation has a yield of 6. 8%. The default risk premiums on the one-year and 5-year bonds issued by High Country Marketing Corp. are respectively __________ and _________. A. 0. 4%, 0. 3% B. 0. 4%, 0. % C. 0. 5%, 0. 5% D. 0. 5%, 0. 8% 9. A zero-coupon bond has a yield to maturity of 5% and a par value of $1,000. If the bond matures in 16 years, it should sell for a price of __________ today. A. $458. 00 B. $641. 00 C. $789. 00 D. $1,100. 00 10. You can be sure that a bond will sell at a premium to par when _________. A. its coupon rate is greater than its yield to maturity B. its coupon rate is le ss than its yield to maturity C. its coupon rate equal to its yield to maturity D. its coupon rate is less than its conversion value 11. Consider a 7-year bond with a 9% coupon and a yield to maturity of 12%.If interest rates remain constant, one year from now the price of this bond will be _________. A. higher B. lower C. the same D. indeterminate 12. The yield to maturity on a bond is ________. I. above the coupon rate when the bond sells at a discount, and below the coupon rate when the bond sells at a premium II. the discount rate that will set the present value of the payments equal to the bond price III. equal to the true compound return on investment only if all interest payments received are reinvested at the yield to maturity A. I only B. II only C. I and II only D. I, II and III 13.Assuming semiannual compounding, a 20-year zero coupon bond with a par value of $1,000 and a required return of 12% would be priced at _________. A. $97 B. $104 C. $364 D. $732 14. The yield to maturity of an 10-year zero coupon bond, with a par value of $1,000 and a market price of $625, is _____. A. 4. 8% B. 6. 1% C. 7. 7% D. 10. 4% 15. If the quote for a Treasury bond is listed in the newspaper as 98:09 bid, 98:13 ask, the actual price for you to purchase this bond given a $10,000 par value is _____________. A. $9,828. 12 B. $9,809. 38 C. $9,840. 62 D. $9,813. 42 16. The price on a treasury bond is 104:21 with a yield to maturity of 3. 5%. The price on a comparable maturity corporate bond is 103:11 with a yield to maturity of 4. 59%. What is the approximate percentage value of the credit risk of the corporate bond? A. 1. 14% B. 3. 45% C. 4. 59% D. 8. 04% 17. You buy an 8 year $1000 par value bond today that has a 6% yield and a 6% annual payment coupon. In one year promised yields have risen to 7%. Your one year holding period return was ___. A. 0. 61% B. -5. 39% C. 1. 28% D. -3. 25% 18. If the coupon rate on a bond is 4. 50% and the bond is selling at a premium, which of the following is the most likely yield to maturity on the bond?A. 4. 30% B. 4. 50% C. 5. 20% D. 5. 50% 19. All other things equal, which of the following has the longest duration? A. A 30 year bond with a 10% coupon B. A 20 year bond with a 9% coupon C. A 20 year bond with a 7% coupon D. A 10 year zero coupon bond 20. All other things equal, which of the following has the shortest duration? A. A 30 year bond with a 10% coupon B. A 20 year bond with a 9% coupon C. A 20 year bond with a 7% coupon D. A 10 year zero coupon bond 21. (Challenge question) A pension fund must pay out $1 million next year, $2 million the following year and then $3 million the year after that.If the discount rate is 8% what is the duration of this set of payments? A. 2. 00 years B. 2. 15 years C. 2. 29 years D. 2. 53 years 22. 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 yea r zero coupon bond yielding 10% D. A 20 year zero coupon bond yielding 11% 23. Because of convexity, when interest rates change the actual bond price will ____________ the bond price predicted by duration. A. always be higher than B. sometimes be higher than C. always be lower than D. ometimes be lower than 24. Duration is a concept that is useful in assessing a bond's _________. A. credit risk B. liquidity risk C. price volatility D. convexity risk 25. A pension fund has an average duration of its liabilities equal to 15 years. The fund is looking at 5 year maturity zero coupon bonds and 4% yield perpetuities to immunize its interest rate risk. How much of its portfolio should it allocate to the zero coupon bonds to immunize if there are no other assets funding the plan? A. 52% B. 48% C. 33% D. 25% 26. You own a bond that has a duration of 6 years. Interest rates are urrently 7% but you believe the Fed is about to increase interest rates by 25 basis points. Your predicted price cha nge on this bond is ________. A. +1. 40% B. -1. 40% C. -2. 51% D. +2. 51% 27. A bank has an average duration of its liabilities equal to 2 years. The bank's average duration of its assets is 3. 5 years. The bank's market value of equity is at risk if _______________________. A. interest rates fall B. credit spreads fall C. interest rates rise D. the price of all fixed income securities rises 28. Banks and other financial institutions can best manage interest rate risk by _____________. A. aximizing the duration of assets and minimizing the duration of liabilities B. minimizing the duration of assets and maximizing the duration of liabilities C. matching the durations of their assets and liabilities D. matching the maturities of their assets and liabilities 29. The duration of a portfolio of bonds can be calculated as _______________. A. the coupon weighted average of the durations of the individual bonds in the portfolio B. the yield weighted average of the durations of the individu al bonds in the portfolio C. the value weighed average of the durations of the individual bonds in the portfolio D. verages of the durations of the longest and shortest duration bonds in the portfolio 30. Rank the interest sensitivity of the following from most sensitive to an interest rate change to the least sensitive. I. 8% coupon, noncallable 20 year maturity, par bond II. 9% coupon, currently callable 20 year maturity, premium bond III. Zero coupon, 30 year maturity bond A. I, II, III B. II, III, I C. III, I, II D. III, II, I 31. A bank has $50 million in assets, $47 million in liabilities and $3 million in shareholders' equity. If the duration of its liabilities are 1. and the bank wants to immunize its net worth against interest rate risk and thus set the duration of equity equal to zero, it should select assets with an average duration of _________. A. 1. 22 B. 1. 50 C. 1. 60 D. 2. 00 A bond pays annual interest. Its coupon rate is 9%. Its value at maturity is $1,000. It mat ures in four years. Its yield to maturity is currently 6%. 32. The duration of this bond is _______ years. A. 2. 44 B. 3. 23 C. 3. 56 D. 4. 10 33. The modified duration of this bond is ______ years. A. 4. 00 B. 3. 56 C. 3. 36 D. 3. 05 34. A bond with a 9-year duration is worth $1,080. 0 and its yield to maturity is 8%. If the yield to maturity falls to 7. 84%, you would predict that the new value of the bond will be _________. A. $1,035 B. $1,036 C. $1,094 D. $1,124 35. When interest rates increase, the duration of a 20-year bond selling at a premium _________. A. increases B. decreases C. remains the same D. increases at first, then declines 36. Duration facilitates the comparison of bonds with differing ___________ A. default risk B. conversion ratios C. maturities D. yields to maturity 37. The historical yield spread between the AA bond and the AAA bond has been 25 basis points.Currently the spread is only 9 basis points. If you believe the spread will soon return to its historic al levels you should ________________________. A. buy the AA and short the AAA B. buy both the AA and the AAA C. buy the AAA and short the AA D. short both the AA and the AAA 38. The duration of a bond normally increases with an increase in _________. I. term-to-maturity II. yield-to-maturity. III. coupon rate A. I only B. I and II only C. II and III only D. I, II and III 39. Compute the modified duration of a 9% coupon, 3-year corporate bond with a yield to maturity of 12%. A. 2. 45 B. 2. 75 C. 2. 88 D. 3. 00 40.An 8%, 30-year bond has a yield-to-maturity of 10% and a modified duration of 8. 0 years. If the market yield drops by 15 basis points, there will be a __________ in the bond's price. A. 1. 15% decrease B. 1. 20% increase C. 1. 53% increase D. 2. 43% decrease 41. To create a portfolio with a duration of 4 years using a 5 year zero-coupon bond and a 3 year 8% annual coupon bond with a yield to maturity of 10%, one would have to invest ________ of the portfolio value in the z ero-coupon bond. A. 50% B. 55% C. 60% D. 75% 42. Which of the following set of conditions will result in a bond with the greatest price volatility?A. A high coupon and a short maturity. B. A high coupon and a long maturity. C. A low coupon and a short maturity. D. A low coupon and a long maturity. 43. An investor who expects declining interest rates would maximize their capital gain by purchasing a bond that has a ___ coupon and a ___ term to maturity. A. low; long B. high; short C. high; long D. zero; long 44. A zero coupon bond is selling at a deep discount price of $430. 00. It matures in 13 years. If the yield to maturity of the bond is 6. 7%, what is the duration of the bond? A. 6. 7 years B. 8. 0 years C. 10 years D. 13 years 45.Convexity implies that duration predictions _______. I. underestimate the % increase in bond price when the yield falls II. underestimate the % decrease in bond price when the yield rises III. overestimates the % increase in bond price when the yield f alls IV. overestimates the % decrease in bond price when the yield rises A. I and III only B. II and IV only C. I and IV only D. II and III only 1. D2. B3. A4. C5. D6. B7. B8. D9. A10. A11. A12. D13. A14. A15. C16. A17. A18. A19. A20. D21. C22. C23. A24. C25. A27. C28. C29. C30. C31. A32. C33. C34. C35. B36. C37. C38. A39. A40. B41. B42. D43. D44. D45. C

Mythology the Past and Present Essay

Nike is the winged goddess of victory according to Greek mythology. She sat at the side of Zeus, the ruler of the Olympic pantheon, in Olympus. A mystical presence, symbolizing victorious encounters, Nike presided over history’s earliest battlefields. A Greek would say, â€Å"When we go to battle and win, we say it is Nike. † Synonymous with honored conquest, Nike is the twentieth century footwear that lifts the world’s greatest athletes to new levels of mastery and achievement. The Nike ‘swoosh’ embodies the spirit of the winged goddess who inspired the most courageous and chivalrous warriors at the dawn of civilization. In Greek mythology, Nike was a goddess who personified victory, also known as the Winged Goddess of Victory. The Roman equivalent was Victoria. Depending upon the time of various myths, she was described as the daughter of Pallas (Titan) and Styx (Water), and the sister of Kratos (Strength), Bia (Force), and Zelus (Zeal). Nike and her siblings were close companions of Zeus, the dominant deity of the Greek pantheon. According to classical (later) myth, Styx brought them to Zeus when the god was assembling allies for the Titan War against the older deities. Nike assumed the role of the divine charioteer, a role in which she often is portrayed in Classical Greek art. Nike flew around battlefields rewarding the victors with glory and fame. Nike is seen with wings in most statues and paintings. Most other winged deities in the Greek pantheon had shed their wings by Classical times. Nike is the goddess of strength, speed, and victory. Nike was a very close acquaintance of Athena, and is thought to have stood in Athena’s outstretched hand in the statue of Athena located in the Parthenon. Nike is one of the most commonly portrayed figures on Greek coins. Nike has a legacy that lives on today, not through the field of battle but through clothing, shoes, and apparel. Nike paints the perfect portrait of what the goddess set out to do, and that was to turn out victorious in the end no matter how grueling the battle may be. When people hear the word Mercury they might think of a nice care or even the planet. Hear I will explain the origin of this Greek god. Mercury was a messenger, and a god of trade, the son of Maia Maiestas and Jupiter in Roman mythology. His name is related to the Latin word merx (â€Å"merchandise†; compare merchant, commerce, etc. ), mercari (to trade), and merces (wages). In his earliest forms, he appears to have been related to the Etruscan deity Turms, but most of his characteristics and mythology were borrowed from the analogous Greek deity, Hermes. Latin writers rewrote Hermes’ myths and substituted his name with that of Mercury. However there are at least two myths that involve Mercury that are Roman in origin. In Virgil’s Aeneid, Mercury reminds Aeneas of his mission to found the city of Rome. In Ovid’s Fasti, Mercury is assigned to escort the nymph Larunda to the underworld. Mercury, however, fell in love with Larunda and made love to her on the way; this act has also been interpreted as a rape. Lara thereby became mother to two children, referred to as the Lares, invisible household gods. Mercury has influenced the name of many things in a variety of scientific fields, such as the planet Mercury, and the element mercury, which it was formally associated. The word mercurial is commonly used to refer to something or someone erratic, volatile or unstable, derived from Mercury’s swift flights from place to place. Zeus is probably one of the most well know mythological god out there. People may not know but he inspired a very interesting logo that we all know today as Gatorade. It works out good because Gatorade is often used in competition, and Zeus was a competitive and powerful god. In Greek mythology Zeus is the â€Å"Father of Gods and men†, according to Hesiod’s Theogony, who ruled the Olympians of Mount Olympus as a father ruled the family; he was the god of sky and thunder in Greek mythology. As Walter Burkert points out in his book, Greek Religion, â€Å"Even the gods who are not his natural children address him as Father, and all the gods rise in his presence. † For the Greeks, he was the King of the Gods, who oversaw the universe. As Pausanias observed, â€Å"That Zeus is king in heaven is a saying common to all men†. In Hesiod’s Theogony, Zeus assigns the various gods their roles. In the Homeric Hymns he is referred to as the chieftain of the gods. His symbols are the thunderbolt, eagle, bull, and oak. In addition to his Indo-European inheritance, the classical â€Å"cloud-gatherer† also derives certain iconographic traits from the cultures of the Ancient Near East, such as the scepter. Zeus is frequently depicted by Greek artists in one of two poses: standing, striding forward, with a thunderbolt leveled in his raised right hand, or seated in majesty. His Roman counterpart was Jupiter and his Etruscan counterpart Tinia. Zeus was the child of Cronus and Rhea, and the youngest of his siblings. In most traditions he was married to Hera, although, at the oracle of Dodona, his consort was Dione: according to the Iliad, he is the father of Aphrodite by Dione. He is known for his erotic escapades. These resulted in many godly and heroic offspring, including Athena, Apollo and Artemis, Hermes, Persephone (by Demeter), Dionysus, Perseus, Heracles, Helen, Minos, and the Muses (by Mnemosyne); by Hera, he is usually said to have fathered Ares, Hebe and Hephaestus.

Review of Herbert Schlossbergs Book, Idols for...

Writing in the late 1980s, Herbert Schlossberg provides a thorough analysis of current trends in American culture in his book Idols for Destruction: The Conflict of Christian Faith and American Culture. Many scholars have examined Western civilization and concluded that we are in its declining years. Some use analogies of space: rise, zenith, and fall; others use analogies of biology: birth, maturity, and death. Schlossberg refuses to see all cultures as following these patterns, but rather attempts to use the concept of judgment, based on the biblical example of the prophets: â€Å"With their silver and gold they made idols for their own destruction† (Hos. 8:4). If the idols are destroyed, and we return to worship the true God, we can expect†¦show more content†¦In dealing with idols of humanity and money, Schlossberg emphasizes the overarching role of envy in Western societies. Envy is often the cause of what he calls resentiment (a term originating with Nietzsche) – a festering mental condition that wishes injury to someone whose possessions or qualities are envied. Where a Christian ethic once encouraged an equality of opportunity, which necessarily produces unequal results, resentiment desires an equality of results. So the gap between the rich and the poor is seen as an evil in itself, and poverty is redefined from the lack of food or other necessities to the lack of an affluent lifestyle. When combined with materialism, which implies that wealth can be the only measure for quality of life, resentiment leads to all sorts of redistributive policies: welfare, government-induced inflation, credit assistance, corporate bailouts, trade regulations, etc. However, these policies are deceptive, since they never actually help the poor, but instead make them dependent, while at the same time enriching the people in charge of the redistribution. They have become a legal form of stealing and one in which the majority of people in Western socie ty gladly participate. Idols of nature include the material and the immaterial. Materialism claims that matter is all

`` Weapons, Technology Determination And Ancient Warfare ``

Technological Determination and Hoplites Logically, it makes sense that the army with the most advanced technology would win battles against a less equipped one. However, in his paper titled â€Å"Weapons, Technology Determination and Ancient Warfare,† Fernando Echeverria Rey brings to light the paradox of this idea in ancient warfare, as well as undermine the modern idea of ‘technological determinism’ by claiming that it does not have an ancient equivalent. His argument approaches the study of ancient warfare from different perspectives as he â€Å"[offers] alternative ways to explain technological and tactical change in warfare† (Echeverria 2010: 24). Echeverria Rey makes strong points for his arguments and supports his ideas clearly. While†¦show more content†¦While the ‘political’ level and ‘structural’ level entail that â€Å"ancient communities were determined by military factors† (Echeverria 2010:22) and that these military factors â€Å"produce and explain broader socio-political change† (Echeverria 2010:22) respectively. By focusing in on the ‘battlefield’ level in his paper, Echeverria Rey stresses the distinction between these three levels and maintains clarity in his argument. He supports his argument by also putting â€Å"to the test the assumptions, that first some kinds of weapons and tactics are objectively ‘superior’ to others and that secondly, societies are always trying to create or import such superior weapons and tactics† (Echeverria 2010:24.) While hoplites may not be the epidemy of ancient warfare technological innovation, they are an important part of the history of ancient warfare and exemplify Echeverria Rey’s argument. A hoplite is â€Å"commonly interpreted as the quintessential Greek heavy armed infantry man (Echeverria 2012:292). Originally, the hoplite soldiers were â€Å"generally expected to provide his own arms and armor† (Bertosa 2003:361). Because of the monetary demand of being a hoplite soldier, a hoplite had to provide their own equipment such as a spears or shields, the majority of early hoplites were wealthy farm owners whose main goal was to protect their own land from enemies. The role of a hoplite was critical in ancient civilizationShow MoreRelatedThe Invention Of The World War II1367 Words   |  6 Pagescause and a means of solving political conflict (Military Technology). The technology used in a war determines the strategies, methods, and almost every other aspect of the war (Military Technology). There have been many pivotal points in warfare driven by advancements in technology. 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Sonny s Blues By James Baldwin - 1028 Words

In every individual, a host of socio-historical forces converge and influence the subject’s ideas. Consciously and unconsciously, the individual reflects the confluence of his or her history and culture. In â€Å"Sonny’s Blues†, a short story by James Baldwin, the dominant culture constricts the black individual. Subject to the explicit and latent biases of a racist society, the black population of â€Å"Sonny’s Blues† attempt to endure oppression and suffering and survive in an unforgiving land. However, they can thrive here with the hope and salvation provided by the communal center of African American culture: religion. Written after the abolition of slavery, but before the Civil Rights Movement, â€Å"Sonny’s Blues† transpires in an uncertain era,†¦show more content†¦Aware of the societal policies and practices discriminating against them, the African Americans in â€Å"Sonny’s Blues† perceive this societal oppression as a â€Å"darkness† surrounding them. The darkness in â€Å"Sonny’s Blues† is the metaphorical embodiment of their suffering and the eventual culmination of that suffering: death. The narrator remembers the darkness in his youth, when he saw â€Å"the darkness coming, and the darkness in the faces† (11), which frightened him. The narrator was afraid of his destiny, afraid of the brutal reality awaiting him, afraid of the finality of death. He hoped that â€Å"the hand which stroke[d] his forehead [would] never stop — [would] never die†¦ that there [would] never come a time when the old folks [wouldn’t] be around†¦Ã¢â‚¬  (11). This darkness, the darkness of racism and the darkness of death, affects all the black populace of â€Å"Sonny’s Blues.† In response to this darkness, each black character copes in his or her unique way. The narrator leaves the crime-ridden projects of his youth to a better home, wh ere he attempts, under societal oppression, a stable life. Sonny attempts to escape the darkness by playing music and eventually, doing heroin. The narrator, in enduring his pains, finds relative stability in family and work; believing

Racism in New Zealand Example For Students

Racism in New Zealand â€Å"In Aotearoa New Zealand the legacy of ongoing colonization by European (especially British) settlers has produced a society characterized by the presence of major ethnic and cultural disparities† (Kearns, Moewaka-Barnes, McCreanor, 2009). New Zealand has a population of around four million people. Within that amount of people ranges a vast variety of races consisting predominately of European/Pakeha, Maori, Asian and Pacific people. The Maori, who make up 15% of the population, are indigenous to New Zealand and after the European colonisation in the nineteenth century, have experienced the effects of racism and institutional racism as a result of this colonisation. This essay explores the ideas of racism and racial discrimination and the difference between the two concepts. It discusses the history of New Zealand and where racist issues may have derived from throughout society and how these issues through the idea of institutional racism still exist in contemporary soci ety, by discussing the representation of Maoris’ in the criminal justice system. Ethnicity relates to a group who shares particular history, a set of cultural practices and institutions and is conscious of a shared identity as a result. (G, R, P) Race is the grouping of which results from the practice of classifying others by physical characteristics and the belief that this classification represents some form of innate difference in terms of ability or disposition (G, R, P). Race in contemporary society is largely a production of European colonisation, the enlightenment and the age of empire. Racism is this belief that some racial, ethnic, religious or cultural groups are above others. This notion combined with power leads to actions favouring the supposedly superior groups, thus resulting in acts of racism (Bhopal, 2006). There are different forms of racism present throughout society. Institutional racism relates to the idea of a difference in access to the goods, services and opportunities of a society, which results in a society that privileges racial major ities. Cultural racism sees a difference in beliefs and assumptions about the tradtions, abilities, motives and desires of the racial minorites. Internalised racism is when members of stigmatised racial groups see and acceptance of the negative mess ages about their own abilities and intrinsic worth. Taking the concept one step further, sees the styles of racism present in society. Overt racism sees a person who is intentional and self-consciously biased towards their treatment of racial minorities resulting in a â€Å"visible form of racism. Implicit racism sees a person who is unintentional and unsciously biased of their treatment of racial miniorites, resulting in a ‘hidden, invisible form of racism.’ There is a difference between racism and racial discrimination. Racial discrimination relates to this idea of prejudice and the difference in how people are treated based on their race. In comparison to this racism relates more to how a minority group are treated differently due to their race, which maintains a ‘pre-existing’ system of oppression. In the status of the system, racial discrimination can be practiced both upwards and downwards. However, racism in the status of the system can only be practised downwards. This is because, unlike discrimination, racism is an expression of a much larger system of power relations. In the early 20th Century, New Zealand was a country that consisted of Maori culture. The word ‘Maori’ was not an ethnicity category as of yet. During the early days of colonization, the Maori saw a rise in capitalist ventures between the-the Europeans, supplying agricultural goods. This resulted in the formation of the Treaty of Waitangi, which established the recognised Maori ownership of their lands and other properties under a British Governor of New Zealand. There was a major difference in the Maori translation compared to the English translation of the treaty. The treaty was meant to offer a form of protection towards Maori interests. But the difference in translations lead saw the rise in many racial issues between Maori citizens and the English. Assimilation is the process which sees a prson or a group’s languge and/or culture come to resemble those of another group. In the early 1900s to 1969s Pakeha instituions and some Maori groups pursed policies of as similation through the detribalisation of Maori identity. In 1912 the Native land amendment act was introduced. It was set out to enable Maori to apply to the native land court in order to be declared â€Å"European-in-law† based on the social factors such as knowledge of Englsih, european education, sufficient income from a professino, trade and land holdings. â€Å"This act was repealed in 1931. The government also encouraged Maori to assimilate to European culture. They used propaganda through their sponsorship towards Maori language newspapers. â€Å"Surrender to Pakeha the regulation of all things, for with him is wisdom and power and wealth and nobility, and he will preserve the government of your island†¦cast aside the Maori life, and adopt the usages of the Pakeha† (Te Karere Maori or the Maori Messenger 2:3, 2 May 1862, p. 30) is an example of the forms of propaganda used in order to try to persuade this move towards European culture. Assimilation was no t just enforced through government activity but also occurred through everyday activity through the increase in Maori and European interaction. In schools and at work Maori were being dissuaded from speaking Te Reo. As a result of this by the 1970s very few New Zealanders could speak Te Reo. The colonialisation of New Zealand in the nineteenth century occurred during a period when slavery was coming under attack but when views about ‘race’ were still very powerful (G, R, P). The European’s were very superior. They insisted that their way of life be adopted. They denied the Maori to be able to develop their cultural traditions and languages. For example the Native Schools act in 1867 saw English made compulsory.  ¬Ã‚ ¬ This is still present in contemporary societies. .u02e25a4f14ed758ba7d9b44f47d35fc4 , .u02e25a4f14ed758ba7d9b44f47d35fc4 .postImageUrl , .u02e25a4f14ed758ba7d9b44f47d35fc4 .centered-text-area { min-height: 80px; position: relative; } .u02e25a4f14ed758ba7d9b44f47d35fc4 , .u02e25a4f14ed758ba7d9b44f47d35fc4:hover , .u02e25a4f14ed758ba7d9b44f47d35fc4:visited , .u02e25a4f14ed758ba7d9b44f47d35fc4:active { border:0!important; } .u02e25a4f14ed758ba7d9b44f47d35fc4 .clearfix:after { content: ""; display: table; clear: both; } .u02e25a4f14ed758ba7d9b44f47d35fc4 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u02e25a4f14ed758ba7d9b44f47d35fc4:active , .u02e25a4f14ed758ba7d9b44f47d35fc4:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u02e25a4f14ed758ba7d9b44f47d35fc4 .centered-text-area { width: 100%; position: relative ; } .u02e25a4f14ed758ba7d9b44f47d35fc4 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u02e25a4f14ed758ba7d9b44f47d35fc4 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u02e25a4f14ed758ba7d9b44f47d35fc4 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u02e25a4f14ed758ba7d9b44f47d35fc4:hover .ctaButton { background-color: #34495E!important; } .u02e25a4f14ed758ba7d9b44f47d35fc4 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u02e25a4f14ed758ba7d9b44f47d35fc4 .u02e25a4f14ed758ba7d9b44f47d35fc4-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u02e25a4f14ed758ba7d9b44f47d35fc4:after { content: ""; display: block; clear: both; } READ: Racism in O’Connor EssayInstitutional racism does still exist within contemporary New Zealand society. This can be seen through the way the Maoris perception of the police. In the 1998 report on Maoris’ perception of the police, focus groups were conducted mainly within Maori communities to determine why Maori’s have negative views towards the police. In summary, the response consisted of a unanimous perception of the police institution being a racist institution that had strong anti-Maori attitudes (Te Whaiti Roguski, 1998). The participants responded to situations were often the Maori citizens would be questioned on the pretext of criminal suspicion even though they had not committed a crime. They also responded to racist verbal abuse by the police. This is an example of institutional racism, as it sees Maori citizens being placed as the minority against European citizens based on their race. â€Å"For MÄ ori, this breach is also a contravention of indigenous rights. Our results provide an additional reason to urgently address racist attitudes and discriminatory practices and their economic consequences in New Zealand society.† (Harris, Tobias, Jeffreys, Waldegrave, Karlsen, Nazroo, 2006) There is an assumption being placed on them that they are linked to criminal activity resulting in police to automatically believe they are the issue above everyone else, regardless of whether or not they are actually connected with the incident. This issue is still present today. In 2013, the United Nations Committee on the Elimination of Racial Discrimination reported on their concern at the high rates of incarceration the over-re presentation of members of Maori communities, at every stage of the criminal justice system. A proportion of the Maori crime rate is due to an inequality and biased enforcement of the law at multiple stages of the criminal justice system. The small acts of bias including over-policing of Maori communities, harassment, and differential punishment of similar behavior are what influence the overall picture of the overrepresentation of Maori. Maori are over-represented at each stage of the criminal justice system (Hanan) This overrepresentation is justified through the statistics, dating back to 2005 that saw 47% of Maori and Pacific people had been a victim of a crime. Maori women were most likely to be victimized and also had a victimization rate double the average for women overall and 29% of violent crimes against Maori were reported to the Police. â€Å"For many marginalised individuals and groups these effects are internalised and incorporated into personal discourse, attitude, belief or ideology in damaging and self- fulfi lling psychological negativity† (Barnes, Tampa, Borell, McCreanor) The issue of racism continues to grow throughout the world. In New Zealand, it is evident that it does exist as an issue. While New Zealand has come a long way since the earlier European colonization, Institutional racism is still present throughout contemporary society. This is seen through the representation of Maoris’ in comparison to European representation throughout the criminal justice system.

Nuclear Power Essays (1719 words) - Hazardous Waste, Radioactivity

Nuclear Power Radioactive wastes, must for the protection of mankind be stored or disposed in such a manner that isolation from the biosphere is assured until they have decayed to innocuous levels. If this is not done, the world could face severe physical problems to living species living on this planet. Some atoms can disintegrate spontaneously. As they do, they emit ionizing radiation. Atoms having this property are called radioactive. By far the greatest number of uses for radioactivity in Canada relate not to the fission, but to the decay of radioactive materials - radioisotopes. These are unstable atoms that emit energy for a period of time that varies with the isotope. During this active period, while the atoms are 'decaying' to a stable state their energies can be used according to the kind of energy they emit. Since the mid 1900's radioactive wastes have been stored in different manners, but since several years new ways of disposing and storing these wastes have been developed so they may no longer be harmful. A very advantageous way of storing radioactive wastes is by a process called 'vitrification'. Vitrification is a semi-continuous process that enables the following operations to be carried out with the same equipment: evaporation of the waste solution mixed with the ------------------------------------------------------------ 1) borosilicate: any of several salts derived from both boric acid and silicic acid and found in certain minerals such as tourmaline. additives necesary for the production of borosilicate glass, calcination and elaboration of the glass. These operations are carried out in a metallic pot that is heated in an induction furnace. The vitrification of one load of wastes comprises of the following stages. The first step is 'Feeding'. In this step the vitrification receives a constant flow of mixture of wastes and of additives until it is 80% full of calcine. The feeding rate and heating power are adjusted so that an aqueous phase of several litres is permanently maintained at the surface of the pot. The second step is the 'Calcination and glass evaporation'. In this step when the pot is practically full of calcine, the temperature is progressively increased up to 1100 to 1500 C and then is maintained for several hours so to allow the glass to elaborate. The third step is 'Glass casting'. The glass is cast in a special container. The heating of the output of the vitrification pot causes the glass plug to melt, thus allowing the glass to flow into containers which are then transferred into the storage. Although part of the waste is transformed into a solid product there is still treatment of gaseous and liquid wastes. The gases that escape from the pot during feeding and calcination are collected and sent to ruthenium filters, condensers and scrubbing columns. The ruthenium consists of ------------------------------------------------------------ 2) condensacate: product of condensation. glass pellets coated with ferrous oxide and maintained at a temperature of 500 C. In the treatment of liquid wastes, the condensates collected contain about 15% ruthenium. This is then concentrated in an evaporator where nitric acid is destroyed by formaldehyde so as to maintain low acidity. The concentration is then neutralized and enters the vitrification pot. Once the vitrification process is finished, the containers are stored in a storage pit. This pit has been designed so that the number of containers that may be stored is equivalent to nine years of production. Powerful ventilators provide air circulation to cool down glass. The glass produced has the advantage of being stored as solid rather than liquid. The advantages of the solids are that they have almost complete insolubility, chemical inertias, absence of volatile products and good radiation resistance. The ruthenium that escapes is absorbed by a filter. The amount of ruthenium likely to be released into the environment is minimal. Another method that is being used today to get rid of radioactive waste is the 'placement and self processing radioactive wastes in deep underground cavities'. This is the disposing of toxic wastes by incorporating them into molten silicate rock, with low permeability. By this method, liquid wastes are injected into a deep underground cavity with mineral treatment and allowed to self-boil. The resulting steam is processed at ground level and recycled in a closed system. When waste addition is terminated, the chimney is allowed to boil dry. The heat generated by the radioactive wastes then melts the surrounding rock, thus dissolving the wastes. When waste and water addition stop, the cavity temperature would rise to the melting point of the rock. As the molten rock mass increases in size, so does the surface area. This