United Kingdom and the Eurozone

United Kingdom and the Eurozone DEFINITION OF CURRENCY UNION In the world today, systems in which countries come together in agreement of sharing single money. The system is called currency or monetary union, its importance and number of participants is growing. In May 2005, 52 out of 184 IMF members participated in currency unions (Rose, 2006). A currency union can be defined as a system where two or more groups usually countries share a common or single currency in order to keep the value of their currency at a certain level (Investopedia, 2015). It can also be defined as an agreement among member’s countries or other jurisdictions to share a common currency, and a single foreign and monetary exchange policy (Rosa, 2004). Currency unions occur when a poor country unilaterally adopts the money of a larger â€Å"anchor† country. For Example, a number of countries currently use the American dollar such as Panama, Ecuador, and a number of smaller countries and dependencies in the Caribbean and Pacific (Rose, 2006). In Africa, Swaziland, Lesotho and Namibia all use the South African Rand thereby forming a currency union (Multilateral monetary area). In these cases, the exchange and interest rates of dependent countries are influenced and determined by the anchor country, generally in the interest of the anchor. There are a number of multilateral currency unions between countries of similar size and wealth such as the East Caribbean dollar: Anguilla, Antigua and Barbuda, Montserrat, Grenada, Saint Kitts and Nevis, Saint vincent and the Grenadines and Saint Lucia. The Central Bank of the West African of the CFA franc: Benin, Burkina Faso, Guinea-Bissau, Mali, Niger, Senegal and Togo and also the Bank of the Central African States. Other currency unions in the world are the monetary authority Singapore, eastern Caribbean currency union, multilateral monetary area etc. The largest currency union is the Economic and Monetary Union of the European Union which began on the 1st January 1999, although the euro was only physically introduced three years later. Twelve countries instituted the euro as a legal tender, delegating and determining monetary policy for EMU to through the international European central bank. One of the reasons of forming a currency union is mainly to synchronize and manage each member countrys monetary policy which could be done through lowering of transaction costs of cross-border trade (Silva and Tenreyro, 2010) The union is expected to grow more with Cyprus, Malta, Slovakia and Slovenia recently joining the area and other states such as Monaco, San Marino and Vatican City unilaterally adopting the euro as their sole currency however, Sweden, Iceland, Denmark and the United Kingdom have rejected membership but maintained debates on the advisability of adopting the euro particularly after the onset of the global financial crisis (Carney, 2014). Currency unions have no definite size therefore there is no appropriate domain for a currency. The use of a single or common currency is advantageous to regions as well as can also cause problems in the dual presence of asymmetric shocks and nominal rigidities (in prices and wages) (Mundell, 1961). The effect of the size on currency union tend to create more open and fewer nominal rigidities for smaller countries making them better candidates for currency unions (Mckinnon, 1963). The effects of the economys degree of diversification could result in fewer asymmetric shocks and accordingly fewer benefits from national monetary policy. The insights of the theory of optimum currency areas provided by Mundell (1961) concluded that common currency areas are defined by internal mobility and external immobility of factors of production. According to this theory, the optimum size of currency area depends on the tradeoff between the macroeconomic efficiency gains and micro-economic costs. The forming currency unions have its costs as well as benefits. THE COSTS Generally, the main cost of joining a currency union is the loss of an independent monetary policy with the inability to react to shocks through exchange rate adjustments. Monetary independence can be beneficial when shocks are regionally specific, alternative mechanisms are weak and when exchange rate changes function as means of lightening idiosyncratic shocks Countries that could potentially let their exchange rates adjust to justify the impact of shocks often display fear of floating and thus do not exploit the automatic stabilization properties of exchange rates (Calvo and Reinhart, 2002). Countries reluctance to implement monetary policy to tackle shocks could be linked to its actual effectiveness; less effectiveness of monetary policies to facilitate the adjustment or possibly wider consideration such as fear that it may trigger beggar thy-neighbor responses by trading partners inducing structural volatility in the financial markets. Besides the absence of price adjustment mechanisms, output stabilization and currency revaluation in the currency union faces another challenge. A system of income transfers is necessary for softening negative asymmetric shocks in countries that have joined a currency union however; the prospect of income transfers between countries generates the type of moral hazard commonly seen in insurance models (Grabner, 2003). Another cost of currency unions relate to overcoming structural differences among the countries. The transition towards a monetary union is likely to expose structural weaknesses (Jacquet 1998 and Grabner 2003). By entering a monetary union, countries lose the ability to correct their monetary troubles in short term. The necessary structural reform preceding the acceptances of a single currency focus on issues like taxation, supervision of capital markets and also mutual recognition and harmonization of labor markets (Jacquet 1998). There is also an issue of fiscal financing. Public budget can be financed from government bonds and tax revenues. A country in a currency union is likely to face constraints on financing options resulting in a suboptimal situation. At the same time, government bonds are linked to inflation and a currency union implicitly assumes convergent optimal inflation rates (Grabner 2003). In reality the optimal levels of inflation may differ among the countries in the currency union. Furthermore, the cost or problem of currency union inability of participant countries to independently choose an inflation rate. It seems relatively less important now than in the past as improvements in available technology to central banks enable sustainable inflation that result in low actual inflation rates in most countries however if a country plagued by low productivity enters a currency union of higher productive countries, it could experience higher inflationary rates (Coleman 1999). THE BENEFITS One of the main benefits of currency unions envisaged by Mundell (1961) is the elimination of currency conversion costs and greater predictability of prices which would increase trade. The savings are more significant for small, open and less developed countries whose currencies are not used for international payments (Grabner 2003). Coleman (1999) mentions the savings from the reduction of transaction costs and reduction of price uncertainty together account for 0.4 percent of GDP in the Eurozone. Increased price transparency and reduced price uncertainty are often quoted as interrelated benefits of currency unions. The reduction of price uncertainty is linked to the use of unit of account which is simultaneouslu used by broader economic area (Zika, 2006). The even disappearance of exchange rates removes a vital barrier to trade integration; this furthermore leads to better information, increased competition and price transparency (Jacquet 1998 and Grabner, 2003). Further benefit of monetary union is the removal of competitive devaluations by member countries which also known as â€Å"beggar-thy-neighbor† policy (Kronberger, 2004). Within currency unions, both importers and exporters have a strong interest in avoiding disproportionate swings in exchange rates. The transfer of resources between regions by the centralized monetary authority through its money issuing function. These transfers can be used to diversify the risk of expected economic shocks however; public finance plays a significant role (Voss, 1998). Currency union has the potential to reduce the number of investment failures. Price uncertainty negatively impacts the welfare or risk adverse individuals in standard economic theory. The greater exchange rate volatility tends to impair the quality of decisions about investment projects abroad; therefore greater exchange rate volatility implies more frequent investment failures and larger costs (Grabner, 2003). Higher risk caused by the increase in price and exchange rate uncertainty increases the real interest rate. Higher real interest rates then highlight the problems of moral hazard and adverse selection. This therefore helps lower systematic risk (Grabner, 2003). Finally, the vast economic area of currency unions increases the effect of networking. The adoption of a single currency in a bigger economic area creates greater benefits for all users. Looking at the economic structure of the United Kingdom and Eurozone, both have projects which are suitable to the individual development and growth of both economies. The United Kingdom becoming a member of the eurozone will be more of disadvantage than benefit to the United Kingdom due to several reasons. The core argument for entering the EMU is the elimination of exchange risk against the euro which would promote much more trade with and within Europe by merging the rather risky and limited sterling capital market into a bigger and less risky euro capital market. The joining of the Eurozone is not to world currency but a regional one. Outside of Europe, most of the world either uses the dollar or is tied to it in some way therefore trade and investment would be half with the euro area and half with the dollar area. But over the years, euro/dollar exchange rate has been highly variable which when compared to British pound/dollar exchange rate it doesn’t seem convincing. If the UK remains outside, the pound can go between the two currencies as the euro swings occur against dollar thereby sitting on the middle of a seesaw. Looking at this, there is no necessary gain in the exchange risk reduction in UK joining the Eurozone and that it is even possible that the overall risk would rise. The benefit of price transparency and comparison between UK and Eurozone is also of little importance in the sense that United Kingdom has no land borders with the Eurozone unlike Belgium and Netherlands. Given this fact, the comparing of prices between both zones is irrelevant. In terms of bailout and the emerging state pension crisis, growth and development is slower than expected while unemployment is turning out to be higher. The politics of pension cut benefits is speculative given that the aging population will increasingly be dominated by older voters. The effect of raising taxes further would lower growth and increase unemployment. It is a matter of concern to the UK that cost of meeting explosive financial liabilities might somehow impact British taxpayers. In conclusion, the reduction of transactions cost of currency exchange would be roughly offset by the one-off cost of currency conversion. There would be some gain from eliminating exchange risk against euro but this would be offset largely by the volatility against the dollar with around half our trade broadly defined with countries either on or closely linked to the dollar. Generally, the exchange risk does not appear to have an important effect on trade or foreign investment, and in the UK case, on the cos of capital. Honestly, I would like to advice that the UK waits and properly assess and plan out different projects. Due to the structure of the Eurozone, I am strongly against the UK joining the Eurozone which is the best interest of British citizens REFERENCES A Coleman. (1999).Economic integration and monetary union.Available: http://www.treasury.govt.nz/workingpapers/1999/twp99-6.pdf . Last accessed 04-01-2015. Andrew K. Rose. (2006).Currency Unions.Available: http://faculty.haas.berkeley.edu/arose/Palgrave.pdf. Last accessed 05-01-2015. Available: http://object.cato.org/sites/cato.org/files/serials/files/cato-journal/2004/5/cj24n1-2-10.pdf. Last accessed 04-01-2015. G.M.Voss. (1998). Monetary integration, uncertainty and the role of money finance.Oxford: Blackwell Publishing. 65 (2), 231-245. G Fink And D Salvatore. (1999).Benefits and Costs of European Economic and Monetary Union.Available: file:///C:/Users/G1308037/Downloads/6.2_Fink.pdf. Last accessed 05-01-2015. G Thompson and D Harari. (2013).The economic impact of EU membership on the UK.Available: https://www.google.co.uk/url?sa=trct=jq=esrc=ssource=webcd=10cad=rjauact=8ved=0CGEQFjAJurl=http://www.parliament.uk/briefing-papers/sn06730.pdfei=iBCsVJ_QAefe7AbMvYDgDgusg=AFQjCNG. Last accessed 05-01-2015. Guillermo A. Calvo And Carmen M. Reinhart. (2002).Fear Of Floating. Available: http://web.cenet.org.cn/upfile/87741.pdf. Last accessed 02-01-2015. Investopedia. (2015).Currency Union.Available: http://www.investopedia.com/terms/c/currency-union.asp. Last accessed 05-01-2015. Jan Zika. (2006).Cost and Benefits Of A Monetary Union.Available: http://janzika.com/en/wp-content/uploads/2006/03/Monetary_union.pdf. Last accessed 02-01-2015. Jacquet P. (1998).A worthwhile gamble. International Affairs.Available: No. 1, January, Vol. 74, pp.55–71.. Last accessed 04-01-2015. Mark Carney. (2014).The Economics Of Currency Unions.Available: http://www.bankofengland.co.uk/publications/Documents/speeches/2014/speech706.pdf. Last accessed 06-01-2015. Patrick Minford. (2002).Should Britain Join The Euro?.Available: http://www.iea.org.uk/sites/default/files/publications/files/upldbook147pdf.pdf. Last accessed 07-01-2015. Patrick Minford. (2004).Britain, The Euro, And The Five Tests. R. Kronberger. (2004).A cost-benefit analysis of a monetary union for MERCOSUR with particular emphasis on the optimum currency area theory.Available: http://econwpa.wustl.edu:80/eps/mac/papers/0407/0407010.pdf . Last accessed 04-01-2015. R Layard, W Buiter, C Huhne, W Hutton, P Kenen and ATurner. (2002).Why Britain Should Join The Euro.Available: http://willembuiter.com/RL334D.pdf. Last accessed 05-01-2015. Robert A Mundell. (1961).A Theory of Optimum Currency Areas. Available: http://digamo.free.fr/mundell61.pdf. Last accessed 05-01-2015. Ronald I. Mckinnon. (1963).Optimum Currency Areas.Available: http://www.jstor.org/discover/10.2307/1811021?sid=21105014573601uid=4uid=3738032uid=2. Last accessed 02-01-2015. S Rosa. (2004).Definition Of Currency Union.Available: https://www.imf.org/external/np/sta/bop/pdf/cuteg1.pdf. Last accessed 04-01-2015. S.Silva and S. Tenreyro. (2010).Currency Unions in Prospect and Retrospect.Available: http://personal.lse.ac.uk/tenreyro/cupaper.pdf. Last accessed 01-01-2015. S.Tenreyro. (2001).On The Causes and Consequences of Currency Un.Available: http://faculty.haas.berkeley.edu/arose/tenreyro.pdf. Last accessed 05-01-2015. Willem H. Buiter. (2008).Why the United Kingdom Should Join the Eurozone.Available: http://willembuiter.com/ifeuro.pdf. Last accessed 05-01-2015.

Developing And Conducting A Successful Capital Campaign Essay -- Fund-

Developing And Conducting A Successful Capital Campaign A capital campaign is an effort to raise funds for the capital needs of an organization or institution. This includes acquisition of property or equipment, construction, renovation, endowments, special projects and programs. Capital campaigns are an occasional necessity, from time to time, in the life of an institution especially when it is part of an institution’s master or long-range plan. The efforts of a capital campaign are of major proportions usually taking place over several years. The reason I have undertaken the research of developing and conducting a successful capital campaign is because I have been in environments where capital campaigns were being conducted. As an undergraduate at Cal State Dominguez Hills, I recall the ground breaking of the Loker Student Union, which was in the last phase of its campaign. I also remember when the campus took on the task to raise fund for the Challenger Center; it was considered in the pre-public phase of the campaign. As a professional, I have been fortunate to be part of two capital campaigns, UCLA’s and the Greater Los Angeles Zoo Association’s. In 1993 at UCLA, I was an assistant to the Director of Development of the Neurosciences in the School of Medicine. Along with the other campus schools, I was involved in the planning and preparation that occurred before the capital campaign called the pre-public phase. It was a very educational experience that I enjoyed. In 1997/98, as a Manager of the Capital Ca mpaign at the Greater Los Angeles Zoo Association, I was involved in efforts during the capital campaign called the public phase. While my experience at the Zoo was also education, I realized that components of the ca... ...le to exceed its goal. BIBLIOGRAPHY Capital Ideas, by M. Jane Williams, Fund-Raising Institute, 2nd Edition, San Francisco, 1979 Conducting a Successful Capital Campaign, by Kent E. Dow, Jersey Bass Publisher, San Francisco, 1991 Capital Giving: Transition from 80’s to 90’s, by J.P. Butler III, CASE, Bethesda, MD, 1986 Prerequisites for Probable Campaign Success, by John Grezenbach, "Corporate Report," Chicago, IL, 1986 Key Elements to a Successful Capital Campaign, by Anita Morin, Capital District Business Review, 1996 Capital Quest, Inc., Traditional Phases of Capital Campaign Michael Marek, Organizing a Capital Campaign Rocky Mountain Institute Newsletter Georgia Tech Capital Campaign Update University of Miami School of Medicine Capital Campaign Update University of Findlay Capital Campaign Office Group 121 Consulting Firm

Experiment 1: Calorimetry

Experiment 1: Calorimetry Nadya Patrica E. Sauza, Jelica D. Estacio Institute of Chemistry, University of the Philippines, Diliman, Quezon City 1101 Philippines Results and Discussion Eight Styrofoam ball calorimeters were calibrated. Five milliliters of 1M hydrochloric acid (HCl) was reacted with 10 ml of 1M sodium hydroxide (NaOH) in each calorimeter. The temperature before and after the reaction were recorded; the change in temperature (? T) was calculated by subtracting the initial temperature from the final temperature. The reaction was performed twice for every calorimeter. The heat capacity (Ccal) of each calorimeter was calculated using the formula, C_cal=(- H? _rxn^o n_LR)/? T[1] where ? Horxn is the total heat absorbed or evolved for every mole of reaction and nLR is the number of moles of the limiting reactant. The ? Horxn used was -55. 8kJ per mole of water while the nLR was 0. 005 mole. Table 1. Average Ccal from recorded ? T values. Trial? T, (oC)Ccal, (J)Ave Ccal, (J) 112. 2126. 82202. 91 21. 0279. 00 213. 093. 00108. 50 22. 3124. 00 310. 5558. 00558. 00 20. 5558. 00 412. 0139. 50244. 13 20. 8348. 75 513. 093. 0081. 38 24. 069. 75 612. 0139. 50209. 25 21. 0279. 00 712. 111. 60111. 60 22. 5111. 60 813. 093. 00116. 25 22. 0139. 50 Different heat capacities were calculated for each calorimeter (Table 1). After calibration, a reaction was performed in a calorimeter by each pair. A total of eight reactions were observed by the whole class. The temperature before and after the reaction were recorded. Then the change in temperature was calculated. Eac h reaction was performed twice to produce two trials. The experimental ? Horxn for each reaction was solved using the formula, H? _rxn^o=(-C_cal ? T)/n_LR [2] where Ccal is the heat capacity previously calculated for each calorimeter. The percent error for each reaction was computed by comparing the computed experimental ? Horxn to the theoretical ? Horxn using the formula, % error=|(computed-theoretical)/theoretical|? 100% [3] Table 2. Comparison of calculated ? Horxn and theoretical ? Horxn. RxnLRTrial? T, (oC)? Horxn, (kJ/mol)Ave ? Horxn, (kJ/mol)Theo ? Horxn, (kJ/mol)% Error 1HCl13. 5-142. 04-131. 89-132. 510. 47 23. 0-121. 75 2HOAc11. 3-26. 34-41. 61-56. 0924. 65 22. 7-56. 89 3HOAc11. 8-189. 61-203. 16-52. 47287. 18 22. 0-216. 70 4HNO311. 5-73. 24-70. 80-55. 8426. 78 21. 4-68. 36 5Mg13. 0-118. 67-138. 45-466. 8570. 34 24. 0-158. 23 6Mg15. 5-559. 4-635. 72-953. 1133. 30 27. 0-712. 01 7Zn13. 0-43. 80-43. 80-218. 6679. 97 23. 0-43. 80 8CaCl210. 00. 00-5. 8113. 07144. 47 20. 5-11. 63 There were differences in experimental and theoretical values of ? Horxn as shown by the percent error for each reaction (table 2). The discrepancies were caused by many factors. One factor was the loss of heat. The heat may have bee n released when the thermometer was pushed or pulled during the reaction. The heat may also have been lost because the calorimeter is not totally isolated. Another factor was the dilution of the solution. The pipette or test tube may still have been wet when used. However, the concentration used in solving for values was the concentration of the undiluted solution. Another factor that may have contributed to the difference in the experimental and theoretical values was human error. It was manifested when reading the thermometer or measuring chemicals with different instruments. The factors aforementioned are the limitations of this experiment. References Petrucci, R. H. ; Herring, F. G. ; Madura, J. D. ; Bissonnette, C. General Chemistry, 10th ed. ; Pearson Education: Canada, 2011; Chapter 7. Appendices Appendix A Comparison of Observed and Theoretical Heats of Reactions RxnLRTrial? TnLRqrxn? HorxnAve ? HorxnTheo ? Horxn% Error 1HCl13. 500. 00500-710. 19-142. 04-131. 89-132. 510. 47 23. 000. 00500-608. 73-121. 75 2HOAc11. 250. 00515-135. 63-26. 34-41. 61-56. 0924. 65 22. 700. 00515-292. 95-56. 89 3HOAc11. 750. 00515-976. 50-189. 61-203. 16-52. 47287. 18 22. 000. 00515-1116. 00-216. 70 4HNO311. 500. 00500-366. 19-73. 24-70. 80-55. 8426. 78 21. 400. 00500-341. 78-68. 36 5Mg13. 000. 00206-244. 13-118. 67-138. 45-466. 8570. 34 24. 000. 00206-325. 50-158. 23 6Mg15. 500. 00206-1150. 88-559. 44-635. 72-953. 1133. 30 27. 000. 00206-1464. 75-712. 01 7Zn13. 000. 00764-334. 80-43. 80-43. 80-218. 6679. 97 23. 000. 00764-334. 80-43. 0 8Na2CO3/ CaCl210. 000. 005000. 000. 00-5. 8113. 07144. 47 20. 500. 00500-58. 13-11. 63 Appendix B Sample Calculations Calibration of Calorimeter 10ml 1M NaOH + 5ml 1M HCl n. i. e. : OH-(aq) + H+(aq) ? H2O(l)? Horxn= -55. 8kJ LR: HCLnLR= 0. 005mol Grp 1 Trial 1 ?T= 2. 2oC Sol’n: C_cal=(- H? _rxn^o n_LR)/? T C_cal=(-(-55. 8kJ)(0. 005mol))/(? 2. 2? ^ o C)? 1000J/1kJ ?(C_cal=126. 82 J) Determination of Heats of Reaction Neutralization Reaction Rxn 4 Trial 1: 10ml 1M NaOH + 5ml 1M HNO3 n. i. e. : OH-(aq) + H+(aq) ? H2O(l) LR: HNO3nLR= 0. 005mol ?T= 1. 5oCCcal= 244. 125 J Sol’n H? _rxn^o=(-C_cal ? T)/n_LR H? _rxn^o=(-(244. 25J)(? 1. 5? ^o C))/0. 005mol? 1kJ/1000J ? ( H? _rxn^o=-73. 24kJ) Reaction between an Active Metal and an Acid Rxn 5 Trial 1: 15ml 1M HCl+ 0. 05g Mg n. i. e. : 2H+(aq) + Mg(s) ? Mg+2(aq) + H2(g) LR: MgnLR= 0. 00206mol ?T= 3oCCcal= 81. 375 J Sol’n H? _rxn^o=(-C_cal ? T)/n_LR H? _rxn^o=(-(81. 375J)(3^o C))/0. 00206mol? 1kJ/1000J ?( H? _rxn^o=-118. 67kJ) Displacement of One Metal by Another Rxn 7 Trial 1: 15ml 1M CuSO4 + 0. 5g Zn n. i. e. : Cu+2(aq) + Zn(s) ? Zn+2(aq) + Cu(s) LR: ZnnLR= 0. 00764mol ?T= 3oCCcal= 111. 6 J Sol’n H? _rxn^o=(-C_cal ? T)/n_LR H? _rxn^o=(-(111. 6J)(3^o C))/0. 00764mol? 1kJ/1000J ?( H? rxn^o=-43. 80kJ) Precipitation Reaction Rxn 8 Trial 1: 10ml 0. 5M Na2CO3 + 5ml 1M CaCl2 n. i. e. : CO3-2(aq) + Ca+2(aq) ? CaCO3(s) LR: Na2CO3/ CaCl2nLR= 0. 005mol ?T= 0. 5oCCcal= 116. 25 J Sol’n H? _rxn^o=(-C_cal ? T)/n_LR H? _rxn^o=(-(116. 25J)(? 0. 5? ^o C))/0. 005mol? 1kJ/1000J ? ( H? _rxn^o=-11. 63kJ) Appendix C Answers to the Questions in the Lab Manual There are many possibilities that explain the discrepancy of the experimental and theoretical values of ? Horxn. First, heat might have been lost to the surroundings. This is possible whenever the thermometer is pulled out or pushed in the calorimeter during the reaction. Also, the calorimeter might not have been thoroughly isolated. Second, the solution might have been diluted in the test tube or pipette. They might have been wet when used with the solution. Lastly, the discrepancies might have occurred due to human error. The students might have misread the thermometer when taking the temperature or the pipette when measuring the solutions. a. It is important to keep the total volume of the resulting solution to 15ml because any more or any less than that of the volume can contribute to the absorption or release of additional heat therefore affecting the ? Horxn. b. It is important to know the exact concentrations of the reactants to solve for their number of moles and to find out the limiting reactant. c. It is important to know the exact weight of the metal solids used to solve for their number of moles and to find out whether one of them is a limiting reactant. Also, the weight is needed to solve for the heat capacity of the solid when the specific heat is given. 200ml 0. 5M HA + NaOH ? -6. 0kJ LR: HAnLR= 0. 1mole H? _(rxn,mol)^o= (-6. 0 kJ)/(0. 1 mol) ?( H? _(rxn,mol)^o= -60 kJ) HA is a strong acid. OH-(aq) + H+(aq) ? H2O(l)? Horxn= -60 kJ/mole Calibration:15ml 2. M HCl + 5ml 2. 0M NaOH? T=5. 60oC LR: NaOHnLR= 0. 01mole Reaction:20ml 0. 450M CuSO4 + 0. 264g Zn? T=8. 83oC LR: ZnnLR= 0. 00404mole n. i. e. : OH-(aq) + H+(aq) ? H2O(l) n. i. e. : Cu+2(aq) + Zn(s) ? Zn+2(aq) + Cu(s) C_cal=(- H? _rxn^o n_LR)/? T C_cal=(-(-55. 8kJ)(0. 01mol))/(? 5. 60? ^o C)? 1000J/1kJ ?(C_cal=99. 6 J) H? _rxn^o=(-C_cal ? T)/n_LR H? _rxn^o=(-(99. 6J)(? 8. 83? ^o C))/0. 00404mol? 1kJ/1000J ? ( H? _rxn^o=-218. 0 kJ) OH-(aq) + H+(aq) ? H2O(l)? Horxn= -55. 8kJ ?Hof,H2O= -285 kJ ?Hof,OH-= ? ?Horxn= ? Hof,product – ? Hof,reactant -55. 8 kJ = ? Hof,OH- – (-285 kJ) ?( H? _(f,? OH? ^-)^o=-218. 0 kJ) Experiment 1: Calorimetry Experiment 1: Calorimetry Nadya Patrica E. Sauza, Jelica D. Estacio Institute of Chemistry, University of the Philippines, Diliman, Quezon City 1101 Philippines Results and Discussion Eight Styrofoam ball calorimeters were calibrated. Five milliliters of 1M hydrochloric acid (HCl) was reacted with 10 ml of 1M sodium hydroxide (NaOH) in each calorimeter. The temperature before and after the reaction were recorded; the change in temperature (? T) was calculated by subtracting the initial temperature from the final temperature. The reaction was performed twice for every calorimeter. The heat capacity (Ccal) of each calorimeter was calculated using the formula, C_cal=(- H? _rxn^o n_LR)/? T[1] where ? Horxn is the total heat absorbed or evolved for every mole of reaction and nLR is the number of moles of the limiting reactant. The ? Horxn used was -55. 8kJ per mole of water while the nLR was 0. 005 mole. Table 1. Average Ccal from recorded ? T values. Trial? T, (oC)Ccal, (J)Ave Ccal, (J) 112. 2126. 82202. 91 21. 0279. 00 213. 093. 00108. 50 22. 3124. 00 310. 5558. 00558. 00 20. 5558. 00 412. 0139. 50244. 13 20. 8348. 75 513. 093. 0081. 38 24. 069. 75 612. 0139. 50209. 25 21. 0279. 00 712. 111. 60111. 60 22. 5111. 60 813. 093. 00116. 25 22. 0139. 50 Different heat capacities were calculated for each calorimeter (Table 1). After calibration, a reaction was performed in a calorimeter by each pair. A total of eight reactions were observed by the whole class. The temperature before and after the reaction were recorded. Then the change in temperature was calculated. Eac h reaction was performed twice to produce two trials. The experimental ? Horxn for each reaction was solved using the formula, H? _rxn^o=(-C_cal ? T)/n_LR [2] where Ccal is the heat capacity previously calculated for each calorimeter. The percent error for each reaction was computed by comparing the computed experimental ? Horxn to the theoretical ? Horxn using the formula, % error=|(computed-theoretical)/theoretical|? 100% [3] Table 2. Comparison of calculated ? Horxn and theoretical ? Horxn. RxnLRTrial? T, (oC)? Horxn, (kJ/mol)Ave ? Horxn, (kJ/mol)Theo ? Horxn, (kJ/mol)% Error 1HCl13. 5-142. 04-131. 89-132. 510. 47 23. 0-121. 75 2HOAc11. 3-26. 34-41. 61-56. 0924. 65 22. 7-56. 89 3HOAc11. 8-189. 61-203. 16-52. 47287. 18 22. 0-216. 70 4HNO311. 5-73. 24-70. 80-55. 8426. 78 21. 4-68. 36 5Mg13. 0-118. 67-138. 45-466. 8570. 34 24. 0-158. 23 6Mg15. 5-559. 4-635. 72-953. 1133. 30 27. 0-712. 01 7Zn13. 0-43. 80-43. 80-218. 6679. 97 23. 0-43. 80 8CaCl210. 00. 00-5. 8113. 07144. 47 20. 5-11. 63 There were differences in experimental and theoretical values of ? Horxn as shown by the percent error for each reaction (table 2). The discrepancies were caused by many factors. One factor was the loss of heat. The heat may have bee n released when the thermometer was pushed or pulled during the reaction. The heat may also have been lost because the calorimeter is not totally isolated. Another factor was the dilution of the solution. The pipette or test tube may still have been wet when used. However, the concentration used in solving for values was the concentration of the undiluted solution. Another factor that may have contributed to the difference in the experimental and theoretical values was human error. It was manifested when reading the thermometer or measuring chemicals with different instruments. The factors aforementioned are the limitations of this experiment. References Petrucci, R. H. ; Herring, F. G. ; Madura, J. D. ; Bissonnette, C. General Chemistry, 10th ed. ; Pearson Education: Canada, 2011; Chapter 7. Appendices Appendix A Comparison of Observed and Theoretical Heats of Reactions RxnLRTrial? TnLRqrxn? HorxnAve ? HorxnTheo ? Horxn% Error 1HCl13. 500. 00500-710. 19-142. 04-131. 89-132. 510. 47 23. 000. 00500-608. 73-121. 75 2HOAc11. 250. 00515-135. 63-26. 34-41. 61-56. 0924. 65 22. 700. 00515-292. 95-56. 89 3HOAc11. 750. 00515-976. 50-189. 61-203. 16-52. 47287. 18 22. 000. 00515-1116. 00-216. 70 4HNO311. 500. 00500-366. 19-73. 24-70. 80-55. 8426. 78 21. 400. 00500-341. 78-68. 36 5Mg13. 000. 00206-244. 13-118. 67-138. 45-466. 8570. 34 24. 000. 00206-325. 50-158. 23 6Mg15. 500. 00206-1150. 88-559. 44-635. 72-953. 1133. 30 27. 000. 00206-1464. 75-712. 01 7Zn13. 000. 00764-334. 80-43. 80-43. 80-218. 6679. 97 23. 000. 00764-334. 80-43. 0 8Na2CO3/ CaCl210. 000. 005000. 000. 00-5. 8113. 07144. 47 20. 500. 00500-58. 13-11. 63 Appendix B Sample Calculations Calibration of Calorimeter 10ml 1M NaOH + 5ml 1M HCl n. i. e. : OH-(aq) + H+(aq) ? H2O(l)? Horxn= -55. 8kJ LR: HCLnLR= 0. 005mol Grp 1 Trial 1 ?T= 2. 2oC Sol’n: C_cal=(- H? _rxn^o n_LR)/? T C_cal=(-(-55. 8kJ)(0. 005mol))/(? 2. 2? ^ o C)? 1000J/1kJ ?(C_cal=126. 82 J) Determination of Heats of Reaction Neutralization Reaction Rxn 4 Trial 1: 10ml 1M NaOH + 5ml 1M HNO3 n. i. e. : OH-(aq) + H+(aq) ? H2O(l) LR: HNO3nLR= 0. 005mol ?T= 1. 5oCCcal= 244. 125 J Sol’n H? _rxn^o=(-C_cal ? T)/n_LR H? _rxn^o=(-(244. 25J)(? 1. 5? ^o C))/0. 005mol? 1kJ/1000J ? ( H? _rxn^o=-73. 24kJ) Reaction between an Active Metal and an Acid Rxn 5 Trial 1: 15ml 1M HCl+ 0. 05g Mg n. i. e. : 2H+(aq) + Mg(s) ? Mg+2(aq) + H2(g) LR: MgnLR= 0. 00206mol ?T= 3oCCcal= 81. 375 J Sol’n H? _rxn^o=(-C_cal ? T)/n_LR H? _rxn^o=(-(81. 375J)(3^o C))/0. 00206mol? 1kJ/1000J ?( H? _rxn^o=-118. 67kJ) Displacement of One Metal by Another Rxn 7 Trial 1: 15ml 1M CuSO4 + 0. 5g Zn n. i. e. : Cu+2(aq) + Zn(s) ? Zn+2(aq) + Cu(s) LR: ZnnLR= 0. 00764mol ?T= 3oCCcal= 111. 6 J Sol’n H? _rxn^o=(-C_cal ? T)/n_LR H? _rxn^o=(-(111. 6J)(3^o C))/0. 00764mol? 1kJ/1000J ?( H? rxn^o=-43. 80kJ) Precipitation Reaction Rxn 8 Trial 1: 10ml 0. 5M Na2CO3 + 5ml 1M CaCl2 n. i. e. : CO3-2(aq) + Ca+2(aq) ? CaCO3(s) LR: Na2CO3/ CaCl2nLR= 0. 005mol ?T= 0. 5oCCcal= 116. 25 J Sol’n H? _rxn^o=(-C_cal ? T)/n_LR H? _rxn^o=(-(116. 25J)(? 0. 5? ^o C))/0. 005mol? 1kJ/1000J ? ( H? _rxn^o=-11. 63kJ) Appendix C Answers to the Questions in the Lab Manual There are many possibilities that explain the discrepancy of the experimental and theoretical values of ? Horxn. First, heat might have been lost to the surroundings. This is possible whenever the thermometer is pulled out or pushed in the calorimeter during the reaction. Also, the calorimeter might not have been thoroughly isolated. Second, the solution might have been diluted in the test tube or pipette. They might have been wet when used with the solution. Lastly, the discrepancies might have occurred due to human error. The students might have misread the thermometer when taking the temperature or the pipette when measuring the solutions. a. It is important to keep the total volume of the resulting solution to 15ml because any more or any less than that of the volume can contribute to the absorption or release of additional heat therefore affecting the ? Horxn. b. It is important to know the exact concentrations of the reactants to solve for their number of moles and to find out the limiting reactant. c. It is important to know the exact weight of the metal solids used to solve for their number of moles and to find out whether one of them is a limiting reactant. Also, the weight is needed to solve for the heat capacity of the solid when the specific heat is given. 200ml 0. 5M HA + NaOH ? -6. 0kJ LR: HAnLR= 0. 1mole H? _(rxn,mol)^o= (-6. 0 kJ)/(0. 1 mol) ?( H? _(rxn,mol)^o= -60 kJ) HA is a strong acid. OH-(aq) + H+(aq) ? H2O(l)? Horxn= -60 kJ/mole Calibration:15ml 2. M HCl + 5ml 2. 0M NaOH? T=5. 60oC LR: NaOHnLR= 0. 01mole Reaction:20ml 0. 450M CuSO4 + 0. 264g Zn? T=8. 83oC LR: ZnnLR= 0. 00404mole n. i. e. : OH-(aq) + H+(aq) ? H2O(l) n. i. e. : Cu+2(aq) + Zn(s) ? Zn+2(aq) + Cu(s) C_cal=(- H? _rxn^o n_LR)/? T C_cal=(-(-55. 8kJ)(0. 01mol))/(? 5. 60? ^o C)? 1000J/1kJ ?(C_cal=99. 6 J) H? _rxn^o=(-C_cal ? T)/n_LR H? _rxn^o=(-(99. 6J)(? 8. 83? ^o C))/0. 00404mol? 1kJ/1000J ? ( H? _rxn^o=-218. 0 kJ) OH-(aq) + H+(aq) ? H2O(l)? Horxn= -55. 8kJ ?Hof,H2O= -285 kJ ?Hof,OH-= ? ?Horxn= ? Hof,product – ? Hof,reactant -55. 8 kJ = ? Hof,OH- – (-285 kJ) ?( H? _(f,? OH? ^-)^o=-218. 0 kJ)

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Ford and Toyota Case Study Essay - 3959 Words

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Legalized Gambling Essay Example For Students

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It evolved from simple bets to games of chance, later evolving to cards and etc. Some colonists such as the Quakers and Puritans lost little time in enacting America’s first law against gambling in 1638(Shamos 103). Gambling continued in the form of lotteries, which supported most schools and public works. During the late 18th century card games were enjoyed as a fashionable after dinner alternative to music in America’s homes. Supposedly during the late 1700’s every commoner gambled. George Washington at Valley Forge, where men were desperate for food and morale was low among the troops, gambling was a daily activity (Shamos 103). â€Å" A typical colonist in attitude was the untypical man George Washington who was content to gamble at cards all day† (qtd. in Solotaroff n.p.). As America grew gambling (casino) grew as well. One invention had the greatest impact on America than anything else, the slot machine. Invented by Charles Fay in 1895, in San Francisco, California. It made men greedy and the desire to gamble struck. In 1931 Nevada was asking itself â€Å"What do we got to lose†. The state passed laws that year legalizing gambling. The first major casinos were opened in Reno. The next 10 years until the 40’s was when Las Vegas really grew. â€Å"Clubs arose, neon lights soared the skies and entertainment engulfed the streets† (Cardoza 7-11). Las Vegas was like no other; it replaced currency with chips, around the clock gambling and nearly a total absence of clocks. After nearly 50 years in success Las Vegas finally took on a competitor. In 1978 the state of New Jersey legalized gambling (Cardoza 15-17). Does gambling help our economy? When gambling was approved in New Orleans it created 15,000 new jobs and brought in 25 million in city taxes. In addition, it also brought in 67 million in state taxes each year. When South Dakota needed $400,000 to replace water lines and another $50,000 to shape up a failing wall on the reservoir they turned towards gambling. â€Å"Nevada offers both tourism and gaming. If the customers want it, Nevada can and should deliver† (Dambrink 7-9). Casinos do in fact improve the economy of states. In Mississippi, gaming represented 25% to 33% of the new jobs created and employed approximately 10,000 people in 1993. The number more than doubled in 1994 to 28,000 (Solotaroff n.p.). On the Gulf Coast the economy can be summed up in one word, gambling. A report from the Harrison County Development Commission for fiscal year 1993 noted gambling has improved â€Å"economic stimulus unequaled in modern times† (Dambrink 16-18). Most if not all states already allow horse racing, bingo halls, jai alai, and state sponsored lotteries. The new craze is riverboat cruising. The rush to embrace casino gambling on riverboats began in Iowa in 1991. Illinois and Mississippi soon followed in 1992. By the end of 1993, 20 states had passed laws in favor of gambling. The legislative passed a law stating that a certain percentage of patron’s losses must go to the state. Thus increasing the state income greatly. â€Å"Many localities see gaming as an opportunity to invigorate deteriorated commercial areas†(Thompson 31-39). The Joliet Empress reported a casino win or adjusted gross receipts of 14.05 million for May 1993 alone. The city of Joliet received 702,500 for that month. Joliet now has 4 operating casinos. .u4b3a669c2752349aaf2097c525338f4e , .u4b3a669c2752349aaf2097c525338f4e .postImageUrl , .u4b3a669c2752349aaf2097c525338f4e .centered-text-area { min-height: 80px; position: relative; } .u4b3a669c2752349aaf2097c525338f4e , .u4b3a669c2752349aaf2097c525338f4e:hover , .u4b3a669c2752349aaf2097c525338f4e:visited , .u4b3a669c2752349aaf2097c525338f4e:active { border:0!important; } .u4b3a669c2752349aaf2097c525338f4e .clearfix:after { content: ""; display: table; clear: both; } .u4b3a669c2752349aaf2097c525338f4e { 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; } .u4b3a669c2752349aaf2097c525338f4e:active , .u4b3a669c2752349aaf2097c525338f4e:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u4b3a669c2752349aaf2097c525338f4e .centered-text-area { width: 100%; position: relative ; } .u4b3a669c2752349aaf2097c525338f4e .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u4b3a669c2752349aaf2097c525338f4e .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u4b3a669c2752349aaf2097c525338f4e .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; } .u4b3a669c2752349aaf2097c525338f4e:hover .ctaButton { background-color: #34495E!important; } .u4b3a669c2752349aaf2097c525338f4e .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u4b3a669c2752349aaf2097c525338f4e .u4b3a669c2752349aaf2097c525338f4e-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u4b3a669c2752349aaf2097c525338f4e:after { content: ""; display: block; clear: both; } READ: Torah Scripture Essay Paper Though the issue of legalized gambling will never be fully agreed upon, we can clearly see that casinos definitely benefit the economy. One major argument against gambling is that crime in the area will escalate. It does unfortunately, but with the money the casinos give to the state, this problem can and should be solved (Thompson 45). As Ivan Solotaroff said, â€Å"In the context of a strong gambling environment, casino gaming can be a patent development tool†(n.p.). One major public discussion against gambling can be seen through the religious aspect. In fact, the Catholic Church argues that gambling does not violate catholic teaching. Catholic teaching maintains that it is morally accepted when all of the following conditions are met: 1.The money or possessions wagered are not needed to support one’s family; 2.A person participates freely; 3.The revenues derived from gambling are not used to support any illegal or immoral enterprise. These conditions are stated by the Catholic Church (Saad n.p.). Lastly, the majority of the public does not consider gambling to be morally wrong. In the U.S. 2 of 3 Americans approve of legalized gambling (Saad n.p.). What Catholics are trying to say is that gambling is just another form of entertainment. It is difficult to predict the future of a major industry with such a short history, but with time there will be some form of gambling in all states if not casino gambling. Gambling will continue to aid the public education system and other economic programs. It will also continue to create jobs as casinos widen and spread. Furthermore, if casino marketers continue to succeed, the local tourism, visitor, and recreation industries will heighten and state income will escalate even further (Ugret 73-75). States will always continue to prosper from gambling, whether in the form of bingo, horse and dog racing, jai alai, or just casinos. If gamblers want to risk it all on one shot, it is their money, their profession, and their choice. Bibliography:Works CitedCardoza, Avery. Casino Blackjack. New York: Cardoza Publishing, 1981. 7-31. Dambrink, Jane. The Last Resort: Success and Failure in Campaigns for Casinos. Reno: University of Nevada Press, 1990. 7-18. Saad, Lydia. â€Å"Gambling Attitudes: Americans on Sports Betting†. Gallup Poll Monthly December, 1992. n.p. Solotaroff, Ivan. â€Å"The Book on Gambling†. Esquire. September, 1994. n.p. Thompson, William. Legalized Gambling: A Reference Handbook. Santa Barbara, Ca: ABC-CLIO, 1994. 31-45.Ugret, Carl B. House Rules. Boston: Penguin House Company, 1996. 73-75.