This quiz works best with JavaScript enabled. Home > Economics > Microeconomics > Game Theory > Game Theory – Quiz 11 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Game Theory Quiz 11 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. A quantitative measurement of satisfaction of a person gets at the end of each play is called A) Saddle point. B) Pay off. C) Value of the game. D) None. Show Answer Correct Answer: B) Pay off. 2. Both monopolistically competitive and oligopolistic firms maximize profits where A) P > ATC. B) P = ATC. C) MR > MC. D) MR = MC. Show Answer Correct Answer: D) MR = MC. 3. Game Theory studies outcomes involving the ..... of competing parties A) Talent and efficiency. B) Age and experience. C) Skill and talent. D) Choices and actions. Show Answer Correct Answer: D) Choices and actions. 4. John Von Newman's most famous contribution to game theory and game design as his ..... theorem. A) Min/max. B) Zero sum. C) Art of war. D) Relativity. Show Answer Correct Answer: A) Min/max. 5. What is a Shapley value? A) Efficient and symmetric way to distribute the payoff of the coalition to the coalition members. B) A synonym for core solution. C) A subset of outcomes satisfying conditions of pivotal players. D) None of above. Show Answer Correct Answer: A) Efficient and symmetric way to distribute the payoff of the coalition to the coalition members. 6. A matrix which shows the gains and losses resulting from moves and counter moves is called pa of matrix A) Yes. B) No. Show Answer Correct Answer: A) Yes. 7. An Oligopoly is a market that has many producers and relatively low barriers. A) True. B) False. Show Answer Correct Answer: B) False. 8. When consumers are able and willing to pay for goods and services produced by those workers, workers see those goods and services increase. A) True. B) False. Show Answer Correct Answer: A) True. 9. When the sum of gains of one player is equal to the sum of losses to another player in a game, this situation is known as fair game A) Yes. B) No. Show Answer Correct Answer: B) No. 10. One of the clearest ways to apply game theory to game development is balancing the odds A) True. B) False. Show Answer Correct Answer: A) True. 11. What did Pavlov's experiments with dogs demonstrate? A) Dogs can associate the sound of a bell with the imminent arrival of food. B) Dogs can be trained to peck at a particular colored disk to get food rewards. C) Dogs can receive food rewards for pressing a bar in a complicated sequence. D) Dogs can learn behavior through modeling. Show Answer Correct Answer: A) Dogs can associate the sound of a bell with the imminent arrival of food. 12. Game theory is used to analyze the behavior of oligopolistic industries because A) There are many firms and it makes it easier to predict their behavior. B) Firms are interdependent. C) It makes economics more enjoyable to learn. D) Firms do not compete with one another. Show Answer Correct Answer: B) Firms are interdependent. 13. Game conditions include 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: D) The total amount of profit and loss is 0. 14. Who developed game theory? A) John von Neumann and Oskar Morgenstern. B) Steven J. Brams and Morton D. Davis. C) Ernst Zermelo and John Nash. D) Thomas C. Schelling and Lloyd Shapley. Show Answer Correct Answer: A) John von Neumann and Oskar Morgenstern. 15. Why did the research team choose Paper, Rock, Scissors (PRS) as their model game? A) Because it is a complex game that involves various skills. B) Because it is a popular video game. C) Because it is a simple game that is easy and inexpensive to study. D) Because it is a game that can be played against simulated opponents. Show Answer Correct Answer: C) Because it is a simple game that is easy and inexpensive to study. 16. According to psychoanalytic theory, what is the role of the unconscious mind? A) It has no influence on our personality and behavior. B) It is the part of the mind we are aware of. C) It encourages us to seek physical satisfaction. D) It deals with external reality. Show Answer Correct Answer: C) It encourages us to seek physical satisfaction. 17. Using the payoff matrix, if Company A advertises, what is the best strategy for Company B? A) Don't Advertise. B) Advertise. Show Answer Correct Answer: B) Advertise. 18. Outline the game outcome which is pareto efficient. A) Both companies absorb costs. B) Company B Absorbs Costs, Company A Charges Higher Prices. C) Company A Absorbs Costs, Company B Charges Higher Prices. D) Both companies charge higher prices. Show Answer Correct Answer: D) Both companies charge higher prices. 19. What is a constant-sum game? A) A game of total conflict where the combined wealth of the players remains constant. B) A game where players have completely opposed interests. C) A game where players can communicate and make binding agreements. D) A game with a finite number of options. Show Answer Correct Answer: A) A game of total conflict where the combined wealth of the players remains constant. 20. In the Prisoner's Dilemma, what happens if both suspects cooperate? (DOUBLE POINTS) A) Both serve a reduced sentence. B) Both go free. C) One serves a longer sentence, and the other goes free. D) Both serve a long sentence. Show Answer Correct Answer: A) Both serve a reduced sentence. ← 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