What is "brain drain"?
A) increased recruiting efforts that attempt to raise the average level of education in developed nations
B) the loss of highly educated people from a low-income country as they move to higher-income opportunities in foreign countries
C) foreign direct investment that flows from a developed country to a developing country
D) the tendency for highly educated workers in high-income countries to move to low-income countries to volunteer their services
B
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Suppose that some teachers have decided that economic and financial uncertainty have made the prospect of retiring more risky, and therefore carry a higher cost than not retiring
By using all available information as they act to achieve their goals, these teachers are exemplifying the economic idea that A) people are rational. B) people respond to economic incentives. C) optimal decisions are made at the margin. D) equity is more important than efficiency.
Which of the following statements indicates the idea of trade-offs?
A) "I chose the road less traveled." B) "The devil made me do it." C) "You've got me under your spell." D) "Always give it the best that you can."