PageRank is calculated on the number of incoming links to your site. A site that has high PageRank can raise other web pages PageRank much more than a site with low PageRank.
PageRank is often referred to as PR in SEO (Search Engine Optimization).
I know that the PageRank calculator offered by BlogFlux is a great example of "Link Bait". People will add the calculator to their site which links back to the BlogFlux website and raises the BlogFlux PR.
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