Word: gre
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Dates: during 1990-1999
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...name of the tax-exempt beast is ETS, short for Educational Testing Service. ETS is responsible, if that is the word, for administering large gobs of the evil alphabet soup that you must take to get on with your educational career: PSAT, SAT, AP, GMAT, NTE, GRE. Most universities, or at least the ones you'd want to attend, make these tests a prerequisite to applying: no ETS, no education...
Everything that Marty Feldstein told you was wrong with monopolies is wrong with ETS. It's inefficient. It doesn't give a damn about the consumer. It makes mistakes, egregiously and regularly. It's ridiculously priced (Fifty bucks for a GRE, 10 more for the ETS-published books you need to study properly). It's faceless. It's Orwellian...
...brother mailed his GRE application late because a) he's an idiot and b) there was a mail strike in Canada. ETS refused to register him, or even to send extra standby books to his test site. So he's basically not going to grad school next year...
...took, and did exceedingly well on, a barrage of standardized tests, from the SAT to six Achievement Tests, to the LSAT and the GRE. All the schools to which he applied, including Duke University, the University of Chicago, three University of California schools and Harvard, accepted him. Only Yale rejected...
...doubt that the new tests are a lot better than the one we grew up fearing. But thank God I'll never have to find out. I just pray that graham crackers are the next cultural icon to fall, so that they they leave the LSAT's and the GRE's alone for the next three or four years...