This quiz works best with JavaScript enabled. Home > Finance > Economics > Microeconomics > Game Theory > Game Theory – Quiz 10 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Game Theory Quiz 10 (22 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. A strategy that maximizes an agent's payoff in the worst case is know as A) Nash equilibrium. B) Dominant. C) Max-min. D) Pareto. Show Answer Correct Answer: C) Max-min. 2. In games where players have ..... knowledge-all players witness all actions of the other player A) Superior. B) Imperfect. C) Perfect. D) Game theory. Show Answer Correct Answer: C) Perfect. 3. A distinguishing feature of oligopoly is that A) The firms do not attempt to maximise profits. B) The firms are faced by perfectly inelastic demand curves. C) The firm's pricing or output decisions are interdependent. D) No firm can raise price above long-run average cost. Show Answer Correct Answer: C) The firm's pricing or output decisions are interdependent. 4. True or False:You can have a win-win scenario in a zero-sum game. A) True. B) False. Show Answer Correct Answer: B) False. 5. There are 6 red marbles, 5 green marbles, and 4 yellow marbles in a bag. If Joe picks 2 marbles one after the other without replacement, then what is the probability that both are red in color? A) 1/7. B) 1/21. C) 4/25. D) 2/5. Show Answer Correct Answer: A) 1/7. 6. Who were the main pioneers of game theory? A) John von Neumann and Oscar Morgenstern. B) John Nash and Anatol Rapoport. C) John von Neumann and Anatol Rapoport. D) Oscar Morgenstern and John Nash. Show Answer Correct Answer: A) John von Neumann and Oscar Morgenstern. 7. A set of strategies that provides one agent a better payoff providing the others a worse one is known as A) Dominant. B) Pareto. C) Nash equilibrium. D) None of the others. Show Answer Correct Answer: D) None of the others. 8. Indefinite integral of x+5? A) $x^2+5x$. B) $0$. C) $\frac{1}{2}x^2+5x$. D) $\frac{1}{2}x^2+5x+c$. Show Answer Correct Answer: D) $\frac{1}{2}x^2+5x+c$. 9. Why is where both firms choose to cheat, the nash equilibrium A) Pay-offs will be lower when firms cheat on a cartel agreement and compete with each other. B) When both firms choose to cheat on the agreement, neither firm stand to benefit by changing their strategy provided the other firm does not change theirs. C) Because Firm A has a dominant strategy to cheat, this will always be the game outcome. D) Because at this outcome, no player can become better off without making the other firm worse off. Show Answer Correct Answer: B) When both firms choose to cheat on the agreement, neither firm stand to benefit by changing their strategy provided the other firm does not change theirs. 10. In which of the following situations is noncooperative game theory more likely? A) Firms trust their customers. B) Firms do not have a relationship with one another. C) Firms trust one another. D) Firms trust the government. E) Firms do not trust the government. Show Answer Correct Answer: B) Firms do not have a relationship with one another. 11. If the market for cheese sandwiches is an oligopoly, which of the following would we expect to see? A) Price lower than marginal cost. B) No barriers to entry. C) Constant consideration of the other firm in the oligopoly's prices. D) Allocative efficiency in the short run. Show Answer Correct Answer: C) Constant consideration of the other firm in the oligopoly's prices. 12. One of the main features of the oligopolistic market structure is? A) Only one seller. B) Mutual interdependence. C) Selling identical products. D) Product differentiation. Show Answer Correct Answer: B) Mutual interdependence. 13. Game theory can help design a fair game if the game involves decision making. A) True. B) False. Show Answer Correct Answer: A) True. 14. Who recommended a permissive approach to child rearing? A) Benjamin Spock. B) Carl Jung. C) Alfred Adler. D) John B. Watson. Show Answer Correct Answer: A) Benjamin Spock. 15. A strategy who is the best response against all the opponent strategies is known as A) Dominant. B) Nash equilibrium. C) Pareto. D) Max-min. Show Answer Correct Answer: A) Dominant. 16. How did the research team carry out the study? A) By creating a computer simulation of a person playing PRS. B) By playing the simulation against a variety of imaginary opponents. C) By having people play against the simulated opponents on a PRS video game. D) By tabulating the results of the simulation and comparing them to human players. Show Answer Correct Answer: C) By having people play against the simulated opponents on a PRS video game. 17. He ended getting 0% and felt betrayed because A) The woman was motivated by a revenge. B) He trusted the woman. C) He deserved it. D) Choosing Split exposed player to betrayal risk. Show Answer Correct Answer: D) Choosing Split exposed player to betrayal risk. 18. In games where players have ..... knowledge-no player is witness to the sum of all actions of the other player. A) Game theory. B) Perfect. C) Superior. D) Imperfect. Show Answer Correct Answer: D) Imperfect. 19. Five of hearts, six of hearts, seven of hearts, nine of hearts, eight of hearts A) Straight. B) 4 of a kind. C) Straight flush. D) Flush. Show Answer Correct Answer: C) Straight flush. 20. Six of clubs, two of clubs, four of clubs, jack of spades, two of hearts A) 1 pair. B) 3 of a kind. C) High card. D) 2 pair. Show Answer Correct Answer: A) 1 pair. 21. All possible decisions in a zero-sum game involve ..... A) Winning. B) Risk. C) Cooperation. D) Jail time. Show Answer Correct Answer: B) Risk. 22. The instrument which is a model in flight used by prospective pilot schools is..... A) Simulator SIM. B) Sketchup. C) Farming Simulator. D) Flight Simulator. Show Answer Correct Answer: D) Flight Simulator. ← PreviousRelated 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