3) For each of the following scenarios, let me know a) whether the information asymmetry occurs before or after a transaction or event, and b) give me the correct term for the scenario(s) (moral hazard, adverse selection, risk aversion, screening, signaling, Principal-Agent problem, Lemons problem, or any combination of these). Tell me why you think so.

• Individuals with homeowner's insurance tend to be more forgetful about locking their possessions safely before heading out.
• You offer an extended warranty for your product that is purchased by a few customers. If the product typically fails 2% of the time, the claim rate will exceed 2% of warranty purchasers.
• A firm deciding to hire a secretary bases its decision on how well the candidate is trained on certain software
• The "lemons" problem in hiring college professors
• Healthcare-insured employees forgoing their diet and exercise routines
• Leaving a handsome tip for the waiter in full view of your dinner date.
• Prospective secretaries must take a typing test before being hired
• A firm hiring only MBAs regardless of the self-professed skill set is an example of
• The reason most people buy insurance
• An action by an "informed party" meant to reveal her true risks or type
• You only go swimming when the lifeguard is on duty
• People drive less carefully in icy conditions with anti-lock brakes than without
• Smokers get the worse life insurance rates as non-smokers
• Dr. Babin wears a tie to his meeting with the Dean.
• A manufacturer requires suppliers to be ISO 9000 certified
• An individual decision maker values a lottery at less than its expected value