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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Firms entering a perfectly competitive industry will cause the price of the product to
a. fall. b. rise. c. remain constant. d. become more responsive to consumer demand.
The table below shows the units of land and labor required to produce a unit of bread and cheese respectively in Country X. If Country X is a relatively land-abundant country, the opening up of free trade would cause the price of bread relative to cheese to 1 Unit of Bread1 Unit of CheeseLabor Input5 units20 unitsLand Input4 units10 units
A. initially rise but fall afterward. B. fall. C. stay the same. D. rise.
Which of the following is a long-run adjustment?
A. A firm lays off two workers. B. Two firms exit the asbestos removal industry. C. A manufacturer increases its purchase of raw materials. D. A farmer buys twice the usual amount of herbicide.
The health care market in the United States is characterized by
A. third-party payment of health care costs. B. asymmetric information between providers and consumers. C. considerable government involvement. D. all of these