Question 1

What was Akerlof’s analogy that he used to describe good and bad products?

Accepted Answer

Peaches and lemons

Answer

Cars

Answer

Grapes

Answer

Mr. Anderson

Question 2

What did Spence try to figure out?

Accepted Answer

How the informed side could relay their credibility.

Answer

Nothing

Answer

How credible someone can be

Question 3

What did Stiglitz try to figure out?

Accepted Answer

How the uninformed side could uncover the information they needed

Answer

Nothing

Question 4

What is a moral hazard

Accepted Answer

the concept is simple if you compensate people when bad things happen to them they may get careless

Answer

A sign on the road

Answer

A hazard that is moral

Answer

The concept of a person being to much of a liability

Question 5

What is keyhole economics

Accepted Answer

Economist often advocate a strategy when trying to fix a policy problem target the problem as closely as possible rather than attempting something a little more drastic.

Answer

Keyhole surgery techniques allow surgeons to operate without making large incisions minimizing the risk of complications and side effects.

Answer

A way of fixing a problem by destroying something else

Answer

A keyhole in economics

Question 6

What is the problem with NHS

Accepted Answer

It gets overcrowded with patients

Answer

The

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