Asymmetric,or Private,information

question 150

Multiple Choice

Asymmetric,or private,information:

• A)is an important explanation of the variation (or asymmetric performance)of individuals on standardized tests.
• B)refers to personal information (e.g. ,regarding gender or ethnicity)that a person is not obligated to reveal on a job application.
• C)is relevant for an economic transaction and is known only by some of the people involved in the transaction.
• D)is protected by patents or copyrights.

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Definitions:

Volunteer Fire Departments

Firefighting organizations primarily made up of volunteers who provide emergency firefighting and rescue services to their communities.

Provision

The act of supplying or making available goods or services in the market.

Public Goods

Goods that are non-excludable and non-rivalrous, meaning they are available for everyone to consume without reducing the amount available for others.

Marginal Social Benefit

The additional benefit to society from the consumption of an additional unit of a good or service.