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1 Transfer Payment: Definition, Types of Transfers, and Examples
https://www.investopedia.com/terms/t/transferpayment.asp
A transfer payment is a payment of money, usually from the government, for which there are no goods or services exchanged.
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2 GDP and the Players Three: All Together Now: C + I + G
https://www.infoplease.com/business/economy/gdp-and-players-three-all-together-now-c-i-g
The formula for GDP is: GDP = C + I + G + (Ex - Im), where “C” equals spending by ... Subsidies are transfer payments to assist industries that benefit the ...
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3 Transfer Payments in Economics - PocketSense
https://pocketsense.com/transfer-payments-economics-8197144.html
› Managing Your Money
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4 Transfer Payments: Importance, Types, and Criticism - Penpoin
https://penpoin.com/transfer-payments/
What's it: Transfer payments are payments by the government to the private sector without having to pay for the goods and services provided.
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5 National Savings, Taxes and Transfer Payments - YouTube
https://www.youtube.com/watch?v=2uPYAsOx_ks
Matthew Rafferty
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6 Risk Transfer Formula for Individual and Small Group Markets ...
https://www.cms.gov/mmrr/downloads/mmrr2014_004_03_a04.pdf
In addition to the risk score included in the first premium estimate, four other cost factors are modeled in this transfer payment formula: 1) the plan's metal ...
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7 What are Transfer Payments? - Video & Lesson Transcript
https://study.com/academy/lesson/transfer-payment-definition-examples-quiz.html
Transfer payments comprise a large chunk of the overall government spending. According to the economic report study conducted in 1999, the ...
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8 Consumption Demand
https://saylordotorg.github.io/text_international-economics-theory-and-policy/s22-03-consumption-demand.html
Also, transfer payments refer to all payments made by the government that do not result in the provision of a good or service. All social insurance payments, ...
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9 Measuring the Economy - Harper College
http://www2.harpercollege.edu/mhealy/eco212i/lectures/ch7-18.htm
Government transfer payments include welfare and social security payments, transfers from the federal government to state government and from state to local ...
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10 Discuss the definitions and means of calculating national ...
https://www.frbsf.org/education/publications/doctor-econ/2000/march/national-personal-disposable-income-economic-indicators/
Personal income includes payments to individuals (income from wages and salaries, and other income), plus transfer payments from government, less employee ...
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11 WORKSHEET CALCULATION EXAMPLES - WA.gov
https://www.dshs.wa.gov/sites/default/files/ESA/dcs/documents/Worksheet%20Examples.pdf
impact Dad. Transfer payment is $993 ... Whole Family Formula “deviation,” transfer payment would be $993 ... 45% limitation would give transfer payment of.
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12 I. National Income Accounting
http://web.mnstate.edu/stutes/Econ304/RootNotes/Chpt2.htm
GDP = GNP – net factor payment from abroad (NFP) ... Transfers and interest payments on debt are not counted. ... It is no long used in this equation!
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13 Transfer Payments - an overview | ScienceDirect Topics
https://www.sciencedirect.com/topics/social-sciences/transfer-payments
Transfer payments, or subsidies, are analytically equivalent to negative taxes. Consequently, the theory of tax incidence is fully applicable to government ...
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14 Examples of Calculating GDP - EconPort
https://www.econport.org/content/handbook/NatIncAccount/CalculatingGDP/Examples.html
Transfer Payments, $54. Interest Income, $150. Depreciation, $36. Wages, $67. Gross Private Investment (I), $124. Business Profits, $200.
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15 The Balance of Payments | Explainer | Education | RBA
https://www.rba.gov.au/education/resources/explainers/the-balance-of-payments.html
These transactions include exports and imports of goods, services and financial assets, along with transfer payments (like foreign aid).
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16 Personal Income - Definition, Formula, How to Calculate?
https://www.wallstreetmojo.com/personal-income/
Personal Income Formula; Explanation. #1 – Salaries/Wages; #2 – Rent; #3 – Interest; #4 – Profit; #5 – Proprietor's Income; #6 – Transfer Payments ...
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17 Federal-Provincial Fiscal Arrangements Act ( RSC , 1985, c. F-8)
https://laws-lois.justice.gc.ca/eng/acts/f-8/page-7.html
PART IV.01Transfer Payments — Tax in Respect of Stock Option Benefit Deferral ... establishment outside the province, the amount determined by the formula.
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18 Macroeconomics Chapter 7 Definitions and Formulas - Quizlet
https://quizlet.com/190042655/macroeconomics-chapter-7-definitions-and-formulas-flash-cards/
Couting a good more one when computing GDP. Transfer Payment. A payment to a person that is not made in return for goods and services currently supplied.
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19 What Is Gross National Income? Definition and Formula for GNI
https://www.masterclass.com/articles/what-is-gross-national-income-definition-and-formula-for-gni
Government spending does not include any transfer payments (such as social security paid to citizens), since they are not actually ...
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20 The Uneasy Case for Equalization Payments | Fraser Institute
https://www.fraserinstitute.org/sites/default/files/uneasy-case-for-equalization-payments.pdf
ii) An equalization formula must average over the different sources of tax revenue, for otherwise a strict reading of Section. 36(2) gives rise to an ...
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21 Calculating GDP | Macroeconomics - Lumen Learning
https://courses.lumenlearning.com/wm-macroeconomics/chapter/calculating-gdp/
These payments are excluded from GDP because the government does not receive a new good or service in return or exchange. Instead they are transfers of income ...
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22 Federal government current transfer payments ... - FRED
https://fred.stlouisfed.org/series/B087RC1A027NBEA
Or calculate the spread between 2 interest rates, a and b, by using the formula a - b. ... Use the assigned data series variables (a, b, c, etc.) together with ...
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23 An Empirical Study of Formula Income Transfers and the Work ...
https://www.jstor.org/stable/145103
formula income transfer programs would extend payments to able-bodie workers, thus raising the possibility of induced changes in work effort o.
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24 Chapter 10 - FISCAL POLICY
https://www.bu.edu/eci/files/2019/06/MAC_3E_SSG_Ch10.pdf
and government transfer payments (such as unemployment compensation and food ... The equation for aggregate expenditure with government in an open economy ...
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25 Chapter 8 Measuring Economic Aggregates and the Circular ...
http://business.baylor.edu/tom_kelly/2307ch8.htm
Income Approach- A method of calculating GDP by adding up all payments to owners of resources used to ... Some of taxes returned as transfer payments.
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26 Prompt Payment: Interest Calculator
https://www.fiscal.treasury.gov/prompt-payment/interest.html
Using the formula, an invoice in the amount of $1,500 paid 10 days late and at an interest rate of 6.625% would be calculated as follows: ...
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27 gross domestic product (GDP), the consumer price
https://www.sjsu.edu/people/yeung-nan.shieh/courses/macro19/s1/A5.pdf
(ii) Y = C+S+NT, where S = saving, NT = taxes - transfer payments. XXXXXX. Measuring US GDP. 7. Expenditure Approach: GDP = C+I+G+ NX.
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28 a. Private saving b. Investment spending c. Transfer payments ...
https://www.numerade.com/questions/consider-the-following-data-for-a-closed-economy-y-12-trillion-c-8-trillion-g-2-trillion-s_text-publ/
Since savings is equal to investment, we just use our formula for investment, which is I equals Y minus C minus G. And again we just plug in each of those ...
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29 Saving and Capital Formation -- Problems
https://sites.pitt.edu/~mgahagan/Bern10.htm
Consumption = 4,000; Investment = 1,000; Govt spending = 1,000; Net exports = 0; Tax collections = 1,500; Transfer payments = 500. We can calculate that.
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30 Policy on Transfer Payments- Canada.ca
https://www.tbs-sct.canada.ca/pol/doc-eng.aspx?id=13525
A transfer payment, other than a grant or contribution, based on legislation or other arrangement, that may be determined by a formula. Examples ...
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31 GDP COMPUTATION
https://staffwww.fullcoll.edu/fchan/macro/2gdp_computation.htm
=$361. =$339 ; Personal income: ; PI= NI - S.S. - Corporate income taxes - Undistributed corporate profit + Transfer payment ; =$339 - 20 -19 - 21 + 12.
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32 Current Account Formula - Fundsnet Services
https://fundsnetservices.com/current-account-formula
The formula subtracts the net imports of services and goods from the net exports of services and goods and then adds this to the net transfer ...
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33 Econ2123 Self-practice 1 Ch1-5
https://dingdonghome.weebly.com/uploads/1/0/0/7/100777252/econ2123-practice1-solution.pdf
Suppose that the government increases transfer payments to private households ... Including the b1Y term in the investment equation increases the multiplier ...
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34 GDP Equation in Depth (C+I+G+X)
http://kolibri.teacherinabox.org.au/modules/en-boundless/www.boundless.com/economics/textbooks/boundless-economics-textbook/measuring-output-and-income-19/measuring-output-using-gdp-92/gdp-equation-in-depth-c-i-g-x-349-12446/index.html
Includes all government consumption, investment but excludes transfer payments made by a state. consumption. In the expenditure approach, the amount of ...
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35 Balance of Payments Manual - International Monetary Fund
https://www.imf.org/external/pubs/ft/bopman/bopman.pdf
Balance of Payments Accounting for Selected Exceptional Financing Transactions 102 ... payments is redefined to exclude capital transfers,.
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36 A glossary of terms used in payments and settlement systems
https://www.bis.org/cpmi/glossary_030301.pdf
payment instruments that allow customers to access their deposit accounts and to transfer the deposits therein. Examples include electronic funds transfers at ...
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37 Assignment One, Economics 222
http://qed.econ.queensu.ca/students/beynon/ex98f1.html
Calculate the magnitudes of GNP, GDP, net factor payments from abroad, net exports, and the current account ... Transfer Payments to Persons (D459029)
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38 Balance of Payments - StudySmarter
https://www.studysmarter.us/explanations/macroeconomics/national-income/balance-of-payments/
Government transfers to the United Nations (UN) or European Union (EU) would be recorded here. The current account balance is calculated using this formula:.
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39 A New Tool to Understand Equalization Payments in Canada
https://financesofthenation.ca/2021/02/23/new-equalization-tool/
Starting in 2009, the law limits the amount of total equalization payments. This cap grows from one year to keep pace with Canada's total ...
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40 Assessing the impact of public transfer payments on ... - NCBI
https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8863513/
Public transfer payments play a vital role in reducing the ... The basic formula for calculating vulnerability put forwarded by [31, ...
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41 Commercial risk adjustment and transfer payments - Milliman
https://www.milliman.com/-/media/milliman/importedfiles/uploadedfiles/insight/healthreform/pdfs/commercial-risk-adjustment-transfer-payments_02-13.ashx
and Human Services (HHS) establish a transfer payment methodology between plans ... The transfer formula is the difference between the plan premium with.
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42 Topic 12: the balance of payments
https://www.colorado.edu/faculty/kmaskus/node/95/attachment
income payments and receipts. It is the trade balance in merchandise and services plus “net factor payments” plus “net unilateral transfers”.
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43 Current Account Formula | Calculator (Examples with Excel ...
https://www.educba.com/current-account-formula/
NCT (Net Transfer Payments) = $200 – $50; NCT (Net Transfer Payments) = $150 Million. Current Account is calculated using the Formula given below.
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44 Circular Flow Infographic Activity (Answer Key)
https://www.atlantafed.org/-/media/documents/education/classroom-economist/infographics/circular-flow/circular-flow-activity-answer-key.pdf
c. the sector receiving the money payment: household OR firm ... Transfer Payments. Revenue ... calculation of the national income accounting formula?
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45 Federal Transfer Payments and how they affect healthcare ...
https://evidencenetwork.ca/federal-transfer-payments-and-how-they-affect-healthcare-funding-in-canada/
Equalization is an unconditional per capita grant to provincial governments with below average fiscal capacity as calculated via a formula. The purpose of ...
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46 Calculating GDP - Department of Economics
https://www.econ.iastate.edu/ask-an-economist/calculating-gdp
I am using the formula GDP = Consumption + Investment + Government spending + Imports - exports ... Transfer payments are not part of GDP.
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47 Medicare Prospective Payment System
https://www.ahd.com/AcutePaymtSysfctsht_JAN09.pdf
Rates are reduced for certain transfer cases, and outlier payments may be added for cases that are ... 3 shows the formula for calculating Medicare's IPPS.
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48 Transfer payment structure and local government ... - EconStor
https://www.econstor.eu/bitstream/10419/194303/1/1024676684.pdf
constitution of local government revenue, central fiscal transfer payment is the ... In the formula, the central financial subsidy concludes tax refund, ...
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49 Macro Notes 1: Aggregate Demand
https://faculty.washington.edu/danby/notes/notes910.html
Thus the equilibrium equation is only true for those situations when everybody ... Transfer payments are all the transfers of income like social security, ...
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50 What is GDP (Gross Domestic Product) - Worldometer
https://www.worldometers.info/gdp/what-is-gdp/
Definition, types, formulas. ... black market; illegal activities; transfer payments; sales of used goods; intermediate goods and services that are used to ...
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51 Gross Domestic Product by State Estimation Methodology
https://www.bea.gov/sites/default/files/methodologies/0417_GDP_by_State_Methodology.pdf
CCA and business transfer payments (BTP) for depository and nondepository institutions . ... formulas used to distribute federal grants among the.
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52 Transfer payment structure and local government fiscal ...
https://chinafinanceandeconomicreview.springeropen.com/articles/10.1186/s40589-017-0058-y
The paper studies how transfer payment structure effect fiscal efficiency ... In the formula, the data of local government revenue is from ...
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53 Transfer payments are income to get personal disposable ...
https://byjus.com/question-answer/transfer-payments-are-income-to-get-personal-disposable-income-subtracted-from-excluded-from-added-to/
The correct option is C Added to Transfer payments are added to income to get personal disposable income. ...
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54 Empirical Characteristics of Affordable Care Act Risk Transfer ...
https://arxiv.org/pdf/2208.02372
Services data that includes insurer risk transfer payments, costs, and premiums ... selection as measured by the ACA risk transfer formula.
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55 state council of educational research &training - SCERT
http://scertdelhi.nic.in/wps/wcm/connect/f5a67080496e18a18e0fdfc076c614fc/NDI.pdf?MOD=AJPERES&lmod=-277090329
Formula for Personal Income: PI = National income + Transfer Payments - Corporate retained earnings, income taxes, social security taxes. Disposable income.
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56 21.2 Measuring Total Income – Principles of Economics
https://open.lib.umn.edu/principleseconomics/chapter/21-2-measuring-total-income/
We add items such as transfer payments that are income to households but are not part of GNP and GNI. The adjustments shown are the most important adjustments ...
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57 The Potential Impact of Changes to the Risk Adjustment ...
https://www.oliverwyman.com/our-expertise/perspectives/health/2018/aug/the-potential-impact-of-changes-to-the-risk-adjustment-program.html
... in the risk adjustment transfer formula for the 2014 to 2018 benefit years. ... The below chart, Table 2, compares the 2016 risk transfer payments and ...
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58 Canada's Equalization Program: Political Debates and ...
https://irpp.org/wp-content/uploads/2020/01/Canada%E2%80%99s-Equalization-Program-Political-Debates-and-Opportunities-for-Reform.pdf
In 2018, the federal government renewed, without change, the formula determining equalization payments to eligible provinces for 2019-24.
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59 Unpacking Canada's Equalization Payments for 2018-19
https://www.policyschool.ca/unpacking-canadas-equalization-payments-2018-19/
Whichever results in the highest equalization payment is what a province is entitled to. Second, since the formula doesn't count all ...
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60 Why are transfer payments not included as a government ...
https://www.quora.com/Why-are-transfer-payments-not-included-as-a-government-expenditure-when-calculating-the-GDP
transfer payment like pansions and other social security benefit are not included in govt expenditure. these are not economic transactions. These payments are ...
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61 A Few Facts on ... Equalization - LawNow Magazine
https://www.lawnow.org/a-few-facts-on-equalization/
The terms “equalization” and “transfer payments” have been floating ... Misconception: “The equalization formula benefits provinces that are ...
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62 The impact of transfer payments on urban-rural income gap
https://d-nb.info/1122084781/34
Equation 11 indicates that the reaction of urban residents' income level on transfer payment also depends on the interaction between urban and rural areas.
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63 Transfer Worksheets - School Finance - NJ.gov
https://www.nj.gov/education/finance/fp/af/transfer/
State Aid, Funding Formula & Payments ... Directions for Completing the Monthly Transfer Report (PDF) ... Preschool Education Aid - Transfer Documents.
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64 Gross Domestic Product (GDP) - thisMatter.com
https://thismatter.com/economics/gross-domestic-product.htm
GDP excludes nonproduction transactions: public transfer payments, ... The first 5 terms of the equation yield GDI, which is the total income of Americans, ...
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65 Gross National Product - Learn How to Calculate GNP of a ...
https://corporatefinanceinstitute.com/resources/economics/gross-national-product-gnp/
The official formula for calculating GNP is as follows: ... A balance of payments deficit means that the country imports more goods and ...
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66 GDP Expenditure and Income Approaches | CFA Level 1
https://analystprep.com/cfa-level-1-exam/economics/gross-domestic-product-using-expenditure-and-income-approaches/
It's possible to express the income approach formula to GDP as follows: ... Moreover, transfer payments made by the government should also be excluded from ...
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67 GDP Calculator
https://www.calculator.net/gdp-calculator.html
... and any investment expenditures, but not including transfer payments like ... As shown in the above formula, it is included in GDP along with indirect ...
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68 Marginal Propensities and Multipliers Explained!
https://www.reviewecon.com/propensities-and-multipliers
To calculate the maximum change in GDP, use the spending multiplier. The formula for the spending multiplier is 1/MPS or 1/(1-MPC). In the example above, the ...
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69 Equalization 101: Defining one of Canada's continual sources ...
https://calgarychamber.com/equalization101
This means that payments made for the 2019-20 fiscal year is the sum of 50 per cent of its payments for 2017-2018, 25 per cent of its payment ...
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70 Social transfers - OECD
https://www.oecd.org/social/labour/17987035.pdf
income transfers (e.g. OECD, 1976; OECD, 1985; and Saunders and Klau, 1985). ... transfer payments to households and about one-sixth of total government ...
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71 Existing Financial Arrangements for Aboriginal Governments ...
http://caid.ca/RRCAP2.3.A.pdf
Flexible transfer payments (FTP) are special transfer payments that were ... A similar model is found in the Yukon Territorial Government Formula Financing.
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72 Medicaid: Intergovernmental Transfers Have Facilitated State ...
https://www.govinfo.gov/content/pkg/GAOREPORTS-GAO-04-574T/html/GAOREPORTS-GAO-04-574T.htm
... of the federal government and the states, with the federal share of each state's Medicaid payments determined by a formula specified by law.
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73 Canada's Equalization Formula: Peering Inside the Black Box ...
https://journalhosting.ucalgary.ca/index.php/sppp/article/view/42479
Ontario only started receiving equalization payments, for the first time in its history, in 2009. As soon as Ontario slipped into that ...
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74 Canada's Equalization Formula - Library of Parliament
https://lop.parl.ca/sites/PublicWebsite/default/en_CA/ResearchPublications/200820E
A province's Equalization payment in any given year is based on a weighted three year moving average, lagged by two years. For example, the actual payment for a ...
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75 4 Components of GDP explained, Equation of GDP - ilearnthis
https://ilearnthis.com/a/components-of-gdp/
Because GDP is intended to measure income from (and expenditure on) the production of goods and services, transfer payments are not counted as part of ...
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76 GDP - Cliffs Notes
https://www.cliffsnotes.com/study-guides/economics/gdp-inflation-and-unemployment/gdp
Recipients of transfer payments do not provide any current goods or services in exchanges for these payments. Hence, government expenditures on transfer ...
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77 Irish approach vs. Grecian Formula - POLITICO
https://www.politico.com/story/2010/06/irish-approach-vs-grecian-formula-038278
... subsidies and transfer payments. Ireland's public service salaries, for example, were reduced last year by 5 percent to 15 percent.
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78 Equalization Payments - Centre for Constitutional Studies
https://www.constitutionalstudies.ca/2019/07/equalization-program/
First made in 1957, equalization payments are monetary transfers from the federal government to provincial governments.
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79 S=(Y-T-C)+(T-G)=I, in a situation of Equilibrium, in the market ...
https://economics.stackexchange.com/questions/52657/questions-about-the-equation-s-y-t-ct-g-i-in-a-situation-of-equilibrium
When the government has a balanced budget, G=T. So there are no transfer payments, and revenues = spending, for the government. What about ...
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80 The Canadian Equalization Program - SCB
https://www.scb.se/contentassets/ca21efb41fee47d293bbee5bf7be7fb3/the-canadian-equalization-program.pdf
Canada Health and Social Transfer (CHST) and Territorial Formula ... The federal government makes Equalization payments directly to provincial govern-.
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81 The Impact of Per-Capita Transfer Payment on the ...
https://www.scirp.org/journal/paperinformation.aspx?paperid=84351
The transfer payment should exert the economic and social stability effect. ... Counting the statistical data into the (Formula 2.1), the fiscal expenditure ...
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82 Equalization: Towards a Formula that Promotes Further ...
https://www.iedm.org/sites/default/files/pub_files/note0712_en.pdf
receive equalization payments today, where- as they once did. The equalization program is a transfer fi- nanced by the federal government and paid.
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83 5 things to know about Jason Kenney's fight over equalization
https://www.cbc.ca/news/politics/jason-kenney-equalization-payments-1.5334164
But the money for the equalization payments comes from federal general ... This issue is something the equalization formula grappled with ...
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84 Details on Transfer Payment Programs
https://www.sac-isc.gc.ca/eng/1642089540833/1642089614522
Purpose and objectives of transfer payment program: The grant is a ... ongoing refinements to the interim regional funding formulas and the ...
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85 Quebec's $300 billion in equalization payments touches nerve ...
https://www.oilsandsmagazine.com/news/2016/9/6/quebec-300-billion-equalization-payments-touches-nerve-in-pipeline-wars
The formula takes into account taxes collected by the province and 50% of natural resource revenues, as measured per capita. Provinces above the ...
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86 Part 32 - Contract Financing | Acquisition.GOV
https://www.acquisition.gov/far/part-32
32.304-3 Asset formula. ... (i) Electronic funds transfer payments. ... The asset formula may include all items under defense contracts for ...
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87 Funding Formula and Changes in Transfers (BP381e)
https://publications.gc.ca/Collection-R/LoPBdP/BP/bp381-e.htm
This funding formula provides for a marked reduction of federal transfers to ... set out the methods of payment of the CHST and its distribution among the ...
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88 Current Account Balance of Payments - Economics Help
https://www.economicshelp.org/blog/glossary/current-account-bop/
Investment incomes, e.g. dividends, interest and migrants remittances from abroad; Net transfers – e.g. International aid. Deficit and surplus. A deficit on the ...
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89 Pensions Manual - Chapter 13 - Transfer Payments - Revenue
https://www.revenue.ie/en/tax-professionals/tdm/pensions/chapter-13.pdf
A transfer payment may be made by an exempt approved scheme (as defined in section 774 ... in lump sum form are limited to the formula 3A/80 x F, where.
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90 Volume 3 Calculating Awards & Packaging
https://fsapartners.ed.gov/sites/default/files/2021-02/2019-2020%20Volume%203%20%E2%80%93%20Calculating%20Awards%20and%20Packaging%20Master%20File.pdf
Calculating the student's Pell Grant using a Pell formula appropriate ... The coursework in the payment period the student is transferring.
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91 The Federal Equalization Program as a Controversial and ...
https://www.trevortombe.com/publication/eqsuccess/
Excluding the three territories, which fall under Territorial Formula Financing, the equalization program allocates payments to the ...
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92 Equalization Aid | Wisconsin Department of Public Instruction
https://dpi.wi.gov/sfs/aid/general/equalization/overview
The Equalization Aid formula distributes financial assistance to school districts ... and are applied to the September payment in the following fiscal year.
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93 Measures of national income and output
https://www.newworldencyclopedia.org/entry/Measures_of_national_income_and_output
Net National Income (NNI) is NNP minus indirect taxes; Personal Income (PI) is NNI minus retained earnings, corporate taxes, transfer payments, and interest on ...
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94 The equalization history that Jason Kenney likes to forget
http://www.formac.ca/starrspoint/2018/12/18/the-equalization-history-that-jason-kenney-likes-to-forget/
Quebec's equalization payment went up 50 per cent from $4.8 billion ... part of the government that crafted the equalization formula that he ...
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95 Unit 4: Fiscal Policy Tools
https://www.cbsd.org/site/handlers/filedownload.ashx?moduleinstanceid=31249&dataid=26464&FileName=Unit%204%20Chapter%2011%20Fiscal%20Policy.pptx
Income Transfers : payments to individuals for which no G or S are exchanged ... The general formula for computing the desired stimulus is a simple ...
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96 A Primer on Alberta's Equalization Referendum
https://www.businesscouncilab.com/work/a-primer-on-albertas-equalization-referendum/
The formula itself can be changed over time but payments in any given year are determined by a mathematical formula and are not an arbitrary ...
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