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Principles of Microeconomics 3e

Self-Check Questions

Principles of Microeconomics 3eSelf-Check Questions
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1.

For each of the following purchases, say whether you would expect the degree of imperfect information to be relatively high or relatively low:

  1. Buying apples at a roadside stand
  2. Buying dinner at the neighborhood restaurant around the corner
  3. Buying a used laptop computer at a garage sale
  4. Ordering flowers over the internet for your friend in a different city
2.

Why is there asymmetric information in the labor market? What signals can an employer look for that might indicate the traits they are seeking in a new employee?

3.

Why is it difficult to measure health outcomes?

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