question archive provide solutions111 War and Economic Recovery Imperial forces have decided to attack Alderaan (I hope you are also a fan of Star Wars)
provide solutions111 War and Economic Recovery Imperial forces have decided to attack Alderaan (I hope you are also a fan of Star Wars)
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War and Economic Recovery
Imperial forces have decided to attack Alderaan (I hope you are also a fan of
Star Wars). The attack destroyed most of the capital own by the Rebel Alliance, the
Secretary of the Cabinet, Senator Bail Organa, have requested your advice in order to
restore the Galactic Republic.
1. Use the Solow-Swan Model to explain the Cabinet the effects of the destruction
of capital on output, consumption, real wages, and real rental rates.
2. Using the Solow-Swan Diagram explain to the Cabinet why the Rebel Alliance
is expected to growth faster after the destruction capital.
3. Give one economic explanation for why growth could be even faster after the
destruction of capital than the basic model predicts. Use
question is okay answer
John and Kay are ages 56 and 54 respectively. They currently have $1,000,000 in total saved in their RRSPs and they are currently adding a combined amount of $1500 per month to them. They make their contributions at the beginning of each month, and they plan to continue to do this until John reaches the age of 65 which is when they both will retire. Assume they are earning a 6% rate of return on their investments and that they compound 4 times a year when they receive dividends on their investments. Note: disregard taxes and inflation.
a. How much money will they have in their combined RRSPs at retirement?
b. If John and Kay begin taking retirement income from their investments when John retires, how much pre-tax income will they receive a month, assuming Kay lives until age 90 and assuming they spend it all by the time she passes? Assume they take their income at the beginning of the month, they receive a 5% rate of return, compounded quarterly, and once again, disregard taxes and inflation.
Ralph and Mary-Beth are first time home buyers in 2020. On October 1st , 2020, hey both withdraw $25,000 from their respective RRSP's to make a down payment on their home.
a. When must they begin repaying amount borrowed from their RRSP?
b. How much will the first repayment be in total for both Ralph and Mary-Beth
c. Assuming that Ralph and Marry are truly first-time home buyers, under what circumstances would withdrawal under the home buyer's plan be disallowed?
Richie turns 61 this year and will be entitled to CPP retirement pension of $1,100 per month. He decides to wait until the age 68 to begin collecting his CPP.
a. How much will his monthly pension benefit be?
b. What factors should Richie consider when deciding when the appropriate time is to take CPP.
a. Compare and Contrast a Defined Benefit Pension Plan vs. a Defined Contribution Pension plan.
b. Which one is better? Why?
1) Eddie, a firefighter joined his employer's defined benefit pension plan at age 23. If the plan's qualifying factor is 75, what is the earliest age at which Eddie can retire with an unreduced pension?
a. 49
b. 53
c. 60
d. 50
2) George will turn 71 this year on the same date that his spouse Gina turns 65. If George continues to have the required earned income, after what date may George no longer make contributions into a spousal RRSP?
a. February 28 the year following the year Gina turns 71.
b. December 31, this year.
c. Gina's 71st birthday.
d. December 31, the year Gina turns 71
3) David and his wife Beatrice have a disabled adult son, Cole, age 21. Last year, David retired after a 30-year career with RPG Inc. David was a member of the firm's defined contribution pension plan (DCPP), and upon retirement, purchased a joint life annuity for $485,000. The annuity was structured with this wife, Beatrice, named as co-annuitant. The annuity has no guarantee period and provides a retirement benefit of $3,000 per month with a 100% survivor option. Last week, David died in a car accident. What of the following statements correctly describes the outcome in this situation?
a. Beatrice's annuity payments will cease if she gets re-married.
b. David's DCPP balance can be rolled into Beatrice's RRSP on a tax-deferred basis.
c. The remaining balance of the $485,000 can be rolled into an RDSP for Cole on a tax-deferred basis.
d. Beatrice will continue to receive $3,000 per month for the rest of her life.
4) Hank's unused RRSP deduction limit at the end of last year was $6,000, while his new contribution room for this year was $8,975. In December this year, Hank made a $22,000 RRSP contribution. Assuming Hank's income was $30,000 this year, what financial penalty will Hank incur for excess contributions?
a. $150.75
b. $25.13
c. $50.25
d. $70.25
5) Linda has just died. She was a member of a pooled registered pension plan (PRPP), and had named her brother, Ken, as beneficiary on the plan. At the time of death, Linda's PRPP had a balance of $330,000. Linda's will indicate that she wanted any taxes owing on the PRPP to be paid from the assets in the plan itself. Your client, Ken, age 60, is now wondering about any potential tax consequences and what he must do to receive the assets from Linda's plan. Which statement properly describes this situation?
a. The estate cannot use the assets in a registered pension plan to cover the tax liability on the de-registration of the fund's assets.
b. $330,000 from the PRPP is included in Linda's final tax return and Ken can receive net proceeds as cash.
c. The $330,000 can be rolled over on a tax-deferred basis into Ken's RRSP.
d. Ken must transfer the $330,000 into a locked-in plan such as a LIRA, LIF, or LRIF.
6) Which of the following is true about inflation?
a. Future inflation rates are difficult to predict or even estimate.
b. It will always go down in the future.
c. Inflation is not a big concern in retirement planning.
d. Real amounts are amounts that include inflation.
7) Which of the following is true for GIS.
a. It is not reported on your tax return and is not taxable income.
b. It is not reported on your tax return and is taxable income.
c. It is reported on your tax return and is not taxable income.
d. It is reported on your tax return and is taxable income.
8) Sandra is planning on retiring at the end of this year. When she does, she will have 15 years of participation in her employer's defined benefit pension plan. The pension plan will provide a benefit based on 1.5% of her best earnings over 3 consecutive years. Sandra's earnings during the past 6 years are the highest throughout her career.
Calculate Sandra's annual pension, considering the following earnings history:
5 years ago: $48,000
4 years ago: $51,000
3 years ago: $52,000
2 years ago: $50,000
Previous year: $51,000
This year: $53,000
a. $11,437.50
b. $11,362.50
c. $11,475.00
d. $11,550.00
9) Andrew was recently diagnosed with prostate cancer. Andrew is almost 65, and as a result of this health scare has decided to retire. Andrew's employer has given him a number of options on how he may elect to receive his pension income. Andrew has no children, but he is married and wants to ensure that he provides for his wife during her lifetime. Based on Andrew's objective, what is the best option for him?
a. Life income with a guarantee period.
b. Joint and survivor pension
c. Life income pension.
d. Joint and survivor pension with a guarantee period.
10) Sanjay is a member of his company's defined benefit pension plans. When considering contributions to DB plans, identify the statements that are true:
1.The employer's contribution amount is calculated as a percentage of the plan member's earnings.
2.The employee is ultimately responsible for the plan's solvency.
3.Employer contributions into the plan are a tax-deductible business expense if the contribution calculation adheres to CRA's prescribed guidelines.
4.The annual benefit entitlement is restricted by the maximum pension rule.
a. 3 and 4
b. 1 and 2
c. 1 and 3
d. 2 and 4
11) From the following summary of payments that Carly received this year, calculate her current year's earned income:
$29,000 Employment income
$10,000 Spousal income
$6,000 in retiring allowance
$4,500 in taxable capital gains
$2,000 interest income on non-registered savings
a. $47,000
b. $29,500
c. $41,000
d. $39,000
12) Annie's salary is $50,000. Using a contribution rate of 5.10%with a YMPE of $57,400 her CPP contribution is?
a. 2,550.00
b. 2,748.90
c. 2371.50
d. 2728.50
13) In his RRSP, Donald purchased on oil futures contract for $25,000. Later that year, after holding he contract for 4 months, Donald sold it for $27,000. He received no income from the futures contract during the holding period. Which of the following would result?
1. Donald must include $25,000 in his income.
2. Donald must include $27,000 in his income.
3. Donald is subject to a $1,000 penalty.
4. Donald is subject to a $1,080 penalty.
a. 2 and 4
b. 1 and 4
c. 2 and 3
d. 1 and 3
14) Marty and Steve have been me-sex partners for 30 years. Marty can receive CPP retirement benefits of $3,000 a year after working for 45 years while Steve can receive $10,000 a year after working for 50 years. After pension sharing, how much will Marty receive e first year?
a. $0
b. $5,000
c. $9,000
d. $7,000
15) Betty was able to join her company's defined contribution pension plan this past month because she became eligible to do so. Identify which of the following statements are true with respect to employer's contribution into the pension plan on betty's behalf:
1. The employer's contributions will be considered a taxable benefit to Betty.
2. The employer's contributions will not be considered a taxable benefit to betty.
3. The employer's contributions are a tax-deductible expense to business.
4. The employer's contributions are not a tax-deductible expense to business.
a. 2 and 3
b. 1 and 3
c. 2 and 4
d. 1 and 4
16) Geoff wants to use RRSP to contribute to his TFSA. In his RRSP, he has a Canadian Equity Fund that he purchased last year for $8,000, and now has a current fair market value (FMV) of $10,000. Geoff would like to transfer his TFSA. Geoff is in a 35% marginal tax rate (MTR) and has an RRSP contribution limit of $10,000. Which statement correctly describes this situation?
a. Geoff's RRSP contribution limit will be increased by $15,000.
b. Geoff can complete the transfer as a tax-deferred rollover.
c. Geoff must pay a withholding tax of $2,000
d. Geoff will get a net deduction of $3,500 n the transaction.
17) Jacob is a member of a defined benefit pension plan. He has pensionable earnings of $75,000 and earns an annual pension accrual of 1.5% of pensionable earnings. Using this information, calculate Jacob's Pension Adjustment (PA).
a. $13,500
b. $9,525
c. $10,125
d. $1,125
18) Alex as RRSP income of $67,000, CPP of $11,500 and $6,400 of OAS a year. He also receives interest income of $8,700 each year. If the OAS threshold is $68,000. His OAS after the claw back is:
a. $3,520
b. $2,965
c. $3,925
d. $2,560
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My interest has always been drawn to Sub-Saharan Africa. This place has unrivaled cultural, linguistic, and biogeographic richness. I decided as a child that I would serve on a mission in Mozambique.
Despite the fact that I did not serve in that former Portuguese colony (I was sent to Nashville, Tennessee), Sub-Saharan Africa continues to hold a fascination for me, and I aspire to visit there eventually.
I didn't have a hard time deciding on a geographic location to explore when we were given the assignment. This is a collection of notes from my semester-long study of Sub-Saharan Africa.
Step-by-step explanation
My interest has always been drawn to Sub-Saharan Africa. This place has unrivaled cultural, linguistic, and biogeographic richness. I decided as a child that I would serve on a mission in Mozambique.
Despite the fact that I did not serve in that former Portuguese colony (I was sent to Nashville, Tennessee), Sub-Saharan Africa continues to hold a fascination for me, and I aspire to visit there eventually.
I didn't have a hard time deciding on a geographic location to explore when we were given the assignment. This is a collection of notes from my semester-long study of Sub-Saharan Africa.
My major news sources were The New York Times and The Guardian, but I also read pieces in Christian Science Monitor and Deseret News. I also read a book and a few journal papers.
All of these sources are mentioned in the text. In general, the region's fate might be summed up in the words of renowned Kenyan writer Binyavanga Wainaina: "Rapid transformation...in Africa [is] occurring. It's been activated.
It is unstoppable. It's going to be a tumultuous ride.
There will be dark and light spots, but it'll be a fast train."
1 I. Characteristics that are unique and interesting one of the most distinctive features of Sub-Saharan Africa is its outstanding cultural and ethnic diversity. Exotic fruits and animals, unique family rituals, and disappearing tribal languages provide material for clichéd worldwide news stories. 2 Nonetheless, Western media has played a significant role in exposing the developed world to the problems and opportunities, as well as the pleasures and tragedies, of a region with a population of roughly one billion people.
The most essential lesson I took away from this trip was that Africa is not as homogeneous as we sometimes assume. African countries are frequently mentioned with India, China, and Brazil by Americans and Europeans. 3 Chadian poverty differs from that of Botswana; Gabonese music differs from that of Malawi, and Mauritania's agriculture differs from that of Zambia. We should avoid referring to the region simply as "Africa," and those who do so should be avoided. 4 The region's comparatively low rates of urbanization are another intriguing aspect. In comparison to less than 20% of Americans, the bulk of Sub-Saharan Africans still live in rural settings. And the line between country and urban life is well defined. When that barrier is overcome, as it did recently when Ebola, a virus widespread in wooded rural Guinea, entered Conakry, the country's congested metropolis, it may spark strife and panic. 5 Humans and their surroundings (part II). The physical environment of Sub-Saharan Africa has had a wide range of effects on humanity. Agriculture, mining, and other economic activities have all learned to adapt as a result of human adaptation. Leaders and individuals are increasingly realizing the necessity of resource conservation. Masai farmers in Tanzania create "living walls" by affixing chainlink fencing to a row of African myrrh trees and allowing the trees to grow over the barrier. This strategy has helped to protect cattle from lion attacks while also drastically lowering the number of lions killed in retaliation. 6 Gorillas, like lions, are on the endangered species list. The Wildlife Conservation Society presented a $10.5 million strategy to safeguard gorilla habitat along the Nigeria-Cameroon border from poachers and conserve gorilla habitat. 7 The dearth of navigable rivers in Sub-Saharan Africa is one of the region's distinct challenges. The structure of the Plateau causes a succession of cataracts on major rivers such as the Nile and the Congo. This implies that riparian access to the sea is limited in the interior.
The climate in Africa also encourages the spread of illnesses, the most dangerous of which, malaria, kills over a million people each year. Drought is a persistent concern in the desert and steppe areas found north and south of the tropics, and millions of Africans still lack access to safe drinking water.
III. Developmental Patterns The seeming sluggish progress of Sub-Saharan Africa must be evaluated through colonial spectacles. The majority of African countries did not get independence until the 1960s and 1970s. Ethnic groupings, mineral deposits, lush valleys, and ancient tribal areas have been broken by artificial lines created by eager French, English, German, Italian, Spanish, Portuguese, and Dutch imperialists. Not just between countries, but also between tribes inside countries, there is a lot of violent rivalry for resources. 8 Some pessimists argue that Africa is a waste of time and money, hopelessly mired in ethnic wars and unending corruption. Others, such as renowned novelist Harm de Blij, are more optimistic and point to the benefits of foreign help. 9 For years to come, most agree that foreign aid will be an essential accelerator for growth in Sub-Saharan Africa. Despite the fact that much of this help originates from former European colonial powers, local attitudes toward Europe are nonetheless unfavorable. Robert Mugabe, Zimbabwe's controversial president, had decided to skip a recent African Union and European Union summit. South African President Jacob Zuma, who was also absent from the conference, said African leaders are tired of being "looked at like subjects." However, if Africa is to follow Europe's lead in terms of growth and democracy, it will need to modify its tone. "
African governments should not expect rhetoric about imperialism to continue to hold water as a strategy of influencing Europe," said Alex Vines, an Africa expert at Chatham House, a London-based policy institution. 10 Even as Africa battles to overcome the consequences of its recent colonial history, progress propels numerous countries into the upper echelon of global economic dominance. Africa's largest economy tag has just been overtaken by Nigeria from South Africa. 11 Rwandan officials also announced an ambitious urban planning concept for Kigali, the country's capital. 12 IV. Significant difficulties Though infrastructure, healthcare, life expectancy, and economic opportunity have all improved in the area, Sub-Saharan Africa still faces considerable difficulties. Ethnic strife is widespread in the region, but particularly so in South Sudan and the Central African Republic. 13 After earning college degrees in the United States, Sudan's legendary "Lost Boys" returned home to a new country, hoping to discover peace and expanding wealth. Instead, they re-entered a new regional conflict. One of the men told a New York Times reporter, "Many, many people are trapped, spread all over the place." "This is quite upsetting since we attempted to return to this nation and assist it. It's a very tragic circumstance." 14 If urgent help is not delivered within 60 days, the United Nations has warned that South Sudan may suffer the worst hunger in Africa since the 1980s. 15 Catherine Samba-Panza, the Central African Republic's first female president, was previously seen as a defender of human rights and a common citizen with no links to corrupt government officials. 16 As mayor of Bangui, the capital, she was extremely popular. Samba-Panza now appears to be doing the same thing, putting family members to her cabinet and doling out favors to her friends, despite the fact that her country's Muslims and Christians are at odds. 17 Inequitable treatment of male homosexuals is another issue. Human rights activists accuse Nigeria and Uganda of treating homosexuals and lesbians inhumanely. In Nigeria, homosexuality can result in a 14-year jail sentence, with the possibility of a life sentence in Uganda. 18 International involvement in politics, war, and relief aid exacerbate the problem. President Barack Obama of the United States has chastised Ugandan President Yoweri Museveni for his anti-male homosexuals policies, vowing to "evaluate the American relationship with Uganda." 19 There has been no such "review," and the US continues to assist Uganda in its pursuit of rebel leader Joseph Kony. The rape of women, children, and sometimes men is a severe problem in Sub-Saharan Africa. Rape is used by the army and rebel groups in Congo as a demoralizing weapon. During the previous year, about 500,000 Congolese women were raped. 20 In Kenya, police assist perpetrators by taking bribes, "losing" submitted police files, and blaming people who report the rape of neglect. Attackers avoid punishment, free to indulge their carnal urges by dominating other victims, while victims as young as four are unable to achieve justice. 21 A 10-year-old girl who was raped in Senegal will not be permitted to abort the twins she created.
