1. The problem created by asymmetric information before the transaction occurs is called ________, while the problem created after the transaction occurs is called ________. (A) costly state verification； free-riding (B) adverse selection； moral hazard (C) free-riding； costly state verification (D) moral hazard； adverse selection

9. Which of the following statements is FALSE? (A) When a bond trades at a price equal to its face value, it is said to trade at par. (B) When a bond is trading at a discount, the price drop when a coupon is paid will be larger than the price increase between coupons, so the bond's discount will tend to decline as time passes. (C) As interest rates and bond yields rise, bond prices will fall. (D) Ultimately, the prices of all bonds approach the bond's face value when the bonds mature and their last coupon is paid.

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