In the early 2000s, Chinese officials indicted members of a forgery syndicate that sold several hundred diplomas to high school graduates who needed the diplomas to take employment tests. This situation, where having the certificate of knowledge is more important than the knowledge itself, is known as:
A. the brain drain.
B. human capital.
C. certification.
D. credentialism.
Answer: D
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Dent 'n' Scratch Used Cars and Trucks employs 3 salesmen. Data for their sales last month are shown in this table: Cars Sold Trucks SoldLarry105Joe99Ralph312Based on last month's data, Ralph's opportunity cost of selling a truck is selling:
A. 4 cars. B. 1/4 of a car. C. 3 cars. D. 1/3 of a car.
Opportunity costs exist for
A. households but not businesses or governments. B. businesses but not households or governments. C. businesses and households but not governments. D. households, businesses, and governments.
As real U.S. GDP increases, U.S. income increases and so
A) U.S. imports increase. B) U.S. exports decrease. C) U.S. imports decrease. D) investment increases. E) U.S. exports increase.
Everything else held constant, a decrease in wealth
A) increases the demand for stocks. B) increases the demand for bonds. C) reduces the demand for silver. D) increases the demand for gold.