Econ chapter 5
Quiz by Deleon Angel
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6 questions
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- Q1What was Akerlof’s analogy that he used to describe good and bad products?CarsPeaches and lemonsGrapesMr. Anderson20s
- Q2What did Spence try to figure out?NothingHow the informed side could relay their credibility.How credible someone can be20s
- Q3What did Stiglitz try to figure out?How the uninformed side could uncover the information they neededNothing20s
- Q4What is a moral hazardthe concept is simple if you compensate people when bad things happen to them they may get carelessA sign on the roadA hazard that is moralThe concept of a person being to much of a liability20s
- Q5What is keyhole economicsEconomist 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.Keyhole surgery techniques allow surgeons to operate without making large incisions minimizing the risk of complications and side effects.A way of fixing a problem by destroying something elseA keyhole in economics20s
- Q6What is the problem with NHSIt gets overcrowded with patientsThe20s