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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If a single firm can meet the entire market demand at a lower average total cost than a larger number of smaller firms, the single firm is
A) price discriminating. B) a natural monopoly. C) a legal monopoly. D) efficient when profit maximizing. E) an ownership-of-the-market monopoly.
A tax is proportional if, as a person's income rises, the:
a. tax rate is constant. b. tax rate falls. c. tax rate rises. d. amount of the tax is constant. e. amount of the tax falls.
The main function of the entrepreneur is to:
A. make routine pricing decisions. B. innovate. C. purchase capital. D. create market demand.
Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________, 
A. Rising; B; C B. Falling; A; C C. Falling; A; B D. Rising; A; C