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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In New York City, you need a license to drive a taxicab. Each license is valid for three years, and then it expires. The holder of a license can expect to earn $10,000 in profit each year. If the interest rate is 5 percent (0.05) per year, what is the value of a newly issued taxicab license? (Assume that each year's profit is received at the end of the year.)
a. $1,990.74 b. $10,000.00 c. $14,074.07 d. $27,232.48 e. $30,000.00
Refer to the accompanying figure. At a price of $2, the total expenditure on lattes each hour equals:
A. $60. B. $40. C. $80. D. $30.
What function is money serving when you deposit it in a savings account?
A. a store of value B. a unit of account C. a medium of exchange D. a checkable deposit
Because the PPF is a straight line in the Ricardian model, Foreign's import demand curve is:
a. upward sloping in parts. b. flat in parts. c. downward sloping in parts. d. flat everywhere.