When economists refer to the "brain drain" in developing countries what do they mean?
What will be an ideal response?
It is the tendency for talented people from developing countries to become educated in a developed country and remain there after graduation.
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Suppose the inflation rate target is "0" and the long run federal funds target is also "0." If the federal funds rate set using the Taylor rule is 2% and output is above trend output by 1%, the inflation rate is ________
A) 3% B) 2.5% C) 1% D) -0.5%
Suppose that the city builds a new park that is advertised as being "open to the public," and within two months the grass in the park is ruined by overuse. This would be an example of
a. a nonrenewable resource b. a private good c. the common pool problem d. a positive externality e. a renewable and excludable resource
Suppose the official unemployment rate is 10 percent. We can conclude without question that
Which of the following is true of foreign direct investment (FDI) in China?
A. FDI inflows in China declined substantially during 2005-2007. B. Much of China's FDI has come from the developing countries located close to it. C. Three-fifths of the FDI into China is in the service sector. D. Foreign-affiliated firms account for more than 50 percent of production value added in China.