"What is the Korean wave?"
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A few definitions of "한류" / "Korean Wave" for anyone curious (copied from several sources):
"Beijing journalists first coined the term Hallyu, or Korean Wave, in the late 1990s as they discussed the sharp rise in global popularity and interest in Korean culture and pop-culture."
"The Korean Wave (Hallyu) refers to the global popularity of South Korea's cultural economy exporting pop culture, entertainment, music, TV dramas, and movies."
"The Korean Wave (Korean: 한류; Hanja: 韓流; literally meaning "wave/flow of Korea") is the increase in global popularity of South Korean culture since the 1990s. First driven by the spread of K-dramas and K-pop across East, South, and Southeast Asia during its initial stages, the Korean Wave evolved from a regional development into a global phenomenon, carried by the Internet and social media and the proliferation of K-pop music videos on YouTube."
Is translating it "wave" operating under the mistaken assumption that 韓流=>한류 is an abbreviation of 韓國流行=>한국유행 which would make more sense in another language than Korean as it's spoken in the South?
Is 뭐 있습니까 wrong?
Yes. 있다 means to 'to have/to exist'. 뭐가 있다 would mean 'what do you have/what's there?'.
For questions such as the given one, you have to use 이다. So, you can say 뭐야? / 뭐예요?