12. How many ways Secondary markets can be organized? Define them. 13. Decide which definition the following sentences regarding transaction costs?( risk sharing, moral hazard, adverse selection) a) Financial intermediaries sell assets with risk characteristics that people are comfortable with, and the intermediaries then use the funds they acquire by selling these assets to purchase other assets that may have far more risk. (.... b) In this situation, financial markets occur when the potential borrowers who are the most likely to produce an undesirable outcomethe bad credit risks -are the ones who most actively seek out a loan and are thus most likely to be selected. ...........) c) In financial markets is the risk that the borrower might engage in activities that are undesirable from the lender's point of view, because they make it less likely that the loan will be paid back.(.. 14. Write down financial intermediaries by type. Give two sample for each of them. 12. How many ways Secondary markets can be organized? Define them. 13. Decide which definition the following sentences regarding transaction costs?( risk sharing, moral hazard, adverse selection) a) Financial intermediaries sell assets with risk characteristics that people are comfortable with, and the intermediaries then use the funds they acquire by selling these assets to purchase other assets that may have far more risk. (.... b) In this situation, financial markets occur when the potential borrowers who are the most likely to produce an undesirable outcomethe bad credit risks -are the ones who most actively seek out a loan and are thus most likely to be selected. ...........) c) In financial markets is the risk that the borrower might engage in activities that are undesirable from the lender's point of view, because they make it less likely that the loan will be paid back.(.. 14. Write down financial intermediaries by type. Give two sample for each of them