Sec 22.1 MC Asymmetric Information

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1、1. Ineconomics,adifferenceinaccesstorelevantknowledgeiscalleda(n) a. relevancyfrontier. b. knowledgegap. c. informationasymmetry. d. informationequilibrium.ANSWER:  cDIFFICULTY:  EasyREFERENCES:  AsymmetricInformationLEARNING OBJECTIVES:  ECON.MANK.002-Analyzehowasymmetricinformationdistort

2、sincentives.KEYWORDS:  BLOOM'S:KnowledgeCUSTOM ID:  001.22.1-MC-MANK082. Informationalasymmetryisadifferencein a. efficiency. b. equality. c. relevantknowledge. d. signaling.ANSWER:  cDIFFICULTY:  EasyREFERENCES:  AsymmetricInformationLEARNING OBJECTIVES:  ECON.MANK.002-Analyzehowasymmetric

3、informationdistortsincentives.KEYWORDS:  BLOOM'S:KnowledgeCUSTOM ID:  002.22.1-MC-MANK083. Informationasymmetryrefersto a. thetendencyofapersonwhoisimperfectlymonitoredtoengageindishonestorotherwiseundesirablebehavior. b. thetendencyforthemixofunobservedattributestobecomeundesirablefromthes

4、tandpointofanuninformedparty. c. anactiontakenbyaninformedpartytorevealprivateinformationtoanuninformedparty. d. adifferenceinaccesstorelevantknowledge.ANSWER:  dDIFFICULTY:  EasyREFERENCES:  AsymmetricInformationLEARNING OBJECTIVES:  ECON.MANK.002-Analyzehowasymmetricinformationdistortsinc

5、entives.KEYWORDS:  BLOOM'S:KnowledgeCUSTOM ID:  003.22.1-MC-MANK084. Whenasymmetricinformationaffectsarelationshipbetweentwoparties,itisalwaysthecasethat a. neitherpartyiswellinformed. b. onepartyisbetterinformedthantheotherparty. c. bothpartiesareequallywellinformed. d. thegovernmentisbett

6、erinformedthaneitherofthetwoparties.ANSWER:  bDIFFICULTY:  EasyREFERENCES:  AsymmetricInformationCopyrightCengageLearning.PoweredbyCognero.Page 37LEARNING OBJECTIVES:  ECON.MANK.002-Analyzehowasymmetricinformationdistortsincentives.TOPICS:  EconomicthinkingKEYWORDS:  BLOOM'S:ComprehensionCU

7、STOM ID:  004.22.1-MC-MANK085. Whichofthefollowingrelationshipsinvolvesasymmetricinformation? a. Apotentialemployeeknowsmoreabouthisskillsandmotivationsthanpotentialemployers. b. Thesellerofausedcarknowsofmechanicalproblemsthataren’teasyfortheaveragebuye