3. (15 points) TEACHERS AND TEACHING IN DEVELOPING COUNTRIES (2 points) What is adverse selection, as related to the teaching profession in developing countries? (2 points) What is moral hazard, again as related to the teaching profession in developing countries? (4 points) Briefly summarize Muralidharan et al. (Fiscal Cost of Teacher Absenteeism in India) arguments with respect to improving schooling outcomes in developing countries? Do you think this will address adverse selection, or moral hazard, or both? (3 points) What were the main arguments in the Bold et al. paper (Teacher Absenteeism in sub-Saharan Africa)? (4 points) Do you think that the Muralidharan proposal will address any or all of the problems Bold et al. highlight? How would you address the remaining problems (with respect to teaching) in their (Bold et al.) paper