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Principles of Information and Behavioral Economics Quiz

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Principles of Information and Behavioral Economics Quiz

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Questions and Answers

Which one of these best describes the concept of moral hazard?

The tendency of a person to engage in dishonest behavior when they are not being monitored (correct)
The tendency of a person to engage in honest behavior when they are not being monitored
The tendency of a person to engage in dishonest behavior when they are being monitored
The tendency of a person to engage in honest behavior when they are being monitored

Which one of these is an example of how employers can respond to moral hazard?

Lower wages
Reduced workload
Better monitoring (correct)
Immediate payment

Which one of these best describes the concept of adverse selection?

A situation where both the principal and the agent have equal knowledge
A situation where neither the principal nor the agent have any knowledge
A situation where an agent knows more about their situation than the principal
A situation where a principal knows more about their situation than the agent (correct)

Which one of these best describes the concept of signaling?

An action taken by an informed party to reveal private information to an uninformed party (A) Signup and view all the answers

Which one of these best describes the concept of screening?

An action taken by an uninformed party to induce an informed party to reveal information (C) Signup and view all the answers

Which one of these best describes the concept of asymmetric information?

Where two parties have access to different information (C) Signup and view all the answers

Which one of these best describes the concept of satisficers?

Those who make decisions based on securing a satisfactory rather than optimal outcome (A) Signup and view all the answers

Which one of these best describes the concept of behavioral economics?

The study of how human beings make errors in decision-making and are influenced by framing and value of outcomes (B) Signup and view all the answers

Which one of these best describes the concept of principal in information and behavioral economics?

A person for whom another person, called the agent, is performing some act (C) Signup and view all the answers

Which one of these best describes the concept of agent in information and behavioral economics?

A person who is performing an act for another person, called the principal (D) Signup and view all the answers