经济学原理对应练习 22.docVIP

Chapter 22 Frontiers of Microeconomics Multiple Choice 1. In economics, a difference in access to relevant knowledge is called a(n) a. behavioral gap. b. frontier gap. c. information asymmetry. d. access imperfection. ANS: C PTS: 1 DIF: 1 REF: 22-1 TOP: Asymmetric information MSC: Definitional 2. When asymmetric information affects a relationship between two parties, it is always the case that a. neither party is well informed. b. one party is better informed than the other party. c. both parties are equally well informed. d. the government is better informed than either of the two parties. ANS: B PTS: 1 DIF: 1 REF: 22-1 TOP: Asymmetric information MSC: Interpretive 3. A worker knows more than his employer about how much effort he puts into his job. This is an example of a. a hidden action. b. a hidden characteristic. c. adverse selection. d. the Condorcet Paradox. ANS: A PTS: 1 DIF: 1 REF: 22-1 TOP: Asymmetric information MSC: Interpretive 4. Which of the following relationships involves asymmetric information? a. An employee knows more than his employer knows about his work effort. b. A borrower knows more than the lender about his ability to repay the loan. c. The seller of a 30-year-old house knows more than the buyer about the condition of the house. d. All of the above are correct. ANS: D PTS: 1 DIF: 1 REF: 22-1 TOP: Asymmetric information MSC: Analytical 5. Which of the following relationships involves asymmetric information? a. Patients can look up information regarding certain prescription drugs giving them the same information as their doctors. b. Consumer Reports allows customers of DVD players to know as much about the quality of various players as the store salesperson. c. Car Fax allows car buyers to obtain used-vehicle histories providing them with the same information as the dealership salesperson. d. The batter in a baseball game must guess whether the pitcher is going to throw a fastball, curveball, or change-up. ANS: D PTS: 1 DIF: 1 REF: 22-1