The "lemons problem" exists because of
A. transactions costs.
B. economies of scale.
C. rational expectations.
D. asymmetric information.
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Debt contracts
A. are agreements by the borrowers to pay the lenders fixed dollar amounts at periodic intervals.
B. have a higher cost of state verification than equity contracts.
C. are used less frequently to raise capital than are equity contracts.
D. never result in a loss for the lender.
WhichofthefollowingstatementsconcerningexternalsourcesoffinancingfornonfinancialbusinessesintheUnitedStatesaretrue?
A. Bondsareafarmoreimportantsourceoffinancethanarestocks.
B. Stocksandbonds,combined,supplymorethanone-halfoftheexternalfunds.
C. Financialintermediariessuchasbanksarearelativelyunimportantsourceofexternalfunds.
D. Only(a)and(b)oftheabove.
WhichofthefollowingstatementsconcerningexternalsourcesoffinancingfornonfinancialbusinessesintheUnitedStatesaretrue?
A. Financialintermediariessuchasbanksarethemostimportantsourceofexternalfunds.
Bondsareafarmoreimportantsourceoffinancethanarestocks.
C. Stocksandbonds,combined,supplylessthanone-fifthoftheexternalfunds.
D. Only(a)and(b)oftheabove.
Aborrowerwhotakesoutaloanusuallyhasbetterinformationaboutthepotentialreturnsandriskoftheinvestmentprojectsheplanstoundertakethandoesthelender.Thisinequalityofinformationiscalled
A. moralhazard.
B. asymmetricinformation.
C. noncollateralizedrisk.
D. adverseselection.
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