This quiz works best with JavaScript enabled. Home > Economics > Microeconomics > Game Theory > Game Theory – Quiz 10 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Game Theory Quiz 10 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What is the volunteer's dilemma? A) A situation where someone has to undertake a chore or job for the common good. B) A situation where someone has to volunteer for a charity event. C) A situation where someone has to choose between volunteering and not volunteering. D) A situation where someone has to decide whether to volunteer or ask someone else to do it. Show Answer Correct Answer: A) A situation where someone has to undertake a chore or job for the common good. 2. How has mean income changed in the US from 1970 to 2000? A) It went up. B) It went down. Show Answer Correct Answer: A) It went up. 3. Game conditions include Non Zero and constant sum ball games..... A) The total amount of profit and loss is not 0. B) The total amount of profit and loss is Maximin. C) The total amount of profit and loss is Minimax. D) The total amount of profit and loss is 0. Show Answer Correct Answer: A) The total amount of profit and loss is not 0. 4. Game Theory traces its origins to A) 1940's. B) Ancient warfare. C) Invention of Pong. D) World War I. Show Answer Correct Answer: B) Ancient warfare. 5. Representation of an object is called..... A) Model. B) Simulation. C) Plan. D) Description. Show Answer Correct Answer: A) Model. 6. Players have incentive to choose an action that makes them both worse off than if neither had chosen it. This describes: A) A dominant strategy. B) The prisoner's dilemma. C) The beta strategy. D) Nash equilibrium. E) Interdependence. Show Answer Correct Answer: B) The prisoner's dilemma. 7. What did John B. Watson conclude in his book 'Psychological Care of the Infant and Child'? A) Children should be brought up using a strictly scheduled, rules-based model. B) Children should be brought up using a permissive approach. C) Children should be brought up using a flexible learning pattern. D) Children should be brought up using a loving, flexible, and supportive approach. Show Answer Correct Answer: A) Children should be brought up using a strictly scheduled, rules-based model. 8. What is the Nash equilibrium (a) in this game. Payoffs are show in profits (millions) (can be more than one answer) A) Both firms invest. B) Firm 1 Invests, Firm 2 does not Invest. C) Firm 2 Invests, Firm 1 does not Invest. D) Both firms do not invest. Show Answer Correct Answer: A) Both firms invest. 9. The characteristic of oligopolistic firms that makes them different from all other types of firms is that oligopolistic firms: A) Advertise their products. B) Consider each other's decisions. C) Produce differentiated products. D) Face high barriers to entry. Show Answer Correct Answer: B) Consider each other's decisions. 10. A key characteristic of monopolistically competitive firms is A) Barriers to entry. B) Differentiated products. C) Few buyers and sellers. D) Long run economic profits. Show Answer Correct Answer: B) Differentiated products. 11. Which statement is valid for the Heuristic function? A) The heuristic function is used to solve mathematical problems. B) The heuristic function does not have any return type. C) The heuristic function takes parameters of type string and returns an integer value. D) The heuristic function calculates the cost of an optimal path between the pair of states. Show Answer Correct Answer: D) The heuristic function calculates the cost of an optimal path between the pair of states. 12. Which of the following is the notation for Vij A) Play. B) Saddle point. C) Pay off. D) None. Show Answer Correct Answer: C) Pay off. 13. In general, industries in the U.S. are becoming ..... competitive. A) Less. B) More. Show Answer Correct Answer: A) Less. 14. What characteristic of oligopolies makes game theory a useful tool to make predictions? A) Interdependence and strategic interactions. B) A single seller. C) Slightly differentiated products. D) The ability to engage in price discrimination. Show Answer Correct Answer: A) Interdependence and strategic interactions. 15. What is an extensive-form game? A) A game that progresses step by step, one move at a time, and can be modeled as a game tree. B) A game where players have completely opposed interests. C) A game of total conflict where the combined wealth of the players remains constant. D) A game with a finite number of options. Show Answer Correct Answer: A) A game that progresses step by step, one move at a time, and can be modeled as a game tree. 16. Repeating the Prisoner's Dilemma multiple times can also alter the predictability of the Prisoner's choices because ..... A) They give up trying. B) They learn from past mistakes. C) They get to know the judge. D) Of randomness. Show Answer Correct Answer: B) They learn from past mistakes. 17. Adversarial search problems uses ..... A) Cooperative Environment. B) Competitive Environment. C) Only Competitive and Cooperative Environment. D) Neither Competitive nor Cooperative Environment. Show Answer Correct Answer: B) Competitive Environment. 18. 4 eights and 1 ten A) Flush. B) 1 pair. C) High card. D) 4 of a kind. Show Answer Correct Answer: D) 4 of a kind. 19. The Prisoners' Dilemma is not a constant sum game because A) Some outcomes are better than others for both players. B) The prisoners' sentences are necessarily non-zero. C) The game does not have a Nash equilibrium. D) The sum of the prisoners' sentences in non-zero. Show Answer Correct Answer: A) Some outcomes are better than others for both players. 20. If the player knowns exactly what the other player is going to do, then the strategy is called A) Correct strategy. B) Mixed strategy. C) Pure strategy. D) None. Show Answer Correct Answer: C) Pure strategy. ← PreviousNext →Related QuizzesMicroeconomics QuizzesEconomics QuizzesGame Theory Quiz 1Game Theory Quiz 2Game Theory Quiz 3Game Theory Quiz 4Game Theory Quiz 5Game Theory Quiz 6Game Theory Quiz 7Game Theory Quiz 8 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books