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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One difference between moral hazard and adverse selection is
a. Moral hazard has to do with unobservable characteristics of individuals b. Adverse selection has to do with unobservable actions of individuals c. Adverse selection occurs when individuals least appropriate for positions are most likely to apply for them d. Adverse selection is when you choose the wrong answer on a test
The total labor force equals: a. the number of officially employed persons
b. the number of officially unemployed persons. c. the number of officially employed plus unemployed persons. d. the number of persons aged sixteen and over in the population.
Which of the following, may result in an increase in the relative price of primary products in the world market?
A. Productivity growth in the primary sectors is slower than that in the manufacturing sectors. B. The marginal cost of producing the primary goods declines over time. C. The stock of inventories of primary products unexpectedly increases. D. The demand for primary products declines over time.
Refer to the information provided in Figure 5.4 below to answer the question(s) that follow.
Figure 5.4Refer to Figure 5.4. The demand for milkshakes is unit elastic at Point C. If the milkshake price rises from P2 to P1, total revenue will
A. increase. B. decrease. C. either increase or decrease. D. remain constant.