This quiz works best with JavaScript enabled. Home > Finance > Economics > Microeconomics > Game Theory > Game Theory – Quiz 6 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Game Theory Quiz 6 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Queen of hearts, jack of diamonds, ace of spades, ten of diamonds, king of diamonds A) Straight flush. B) Royal flush. C) Three of a kind. D) Straight. Show Answer Correct Answer: D) Straight. 2. The Prisoner's Dilemma creates a scenario known in game theory as a ..... A) Zero game theory. B) Sub-zero game. C) Zero-outcome solution. D) Zero sum game. Show Answer Correct Answer: D) Zero sum game. 3. Three of hearts, four of diamonds, five of diamonds, six of spades, seven of diamonds A) Flush. B) Straight. C) Three of a kind. D) Straight flush. Show Answer Correct Answer: B) Straight. 4. Consider the following cooperative game:N = {1, 2, 3, 4} andv({1}) = v({2}) = 2, v({3}) = v({4}) = 4v({1, 2}) = v({1, 3}) = v({1, 4}) = 6, v({2, 3}) = 9, v({3, 4}) = 10, v({1, 2, 3}) = v({1, 2, 4}) = v({2, 3, 4}) = 13, v({1, 2, 3, 4}) = 18Which of the following solutions are in the core? A) (4, 4, 5, 5). B) (2, 4, 6, 6). C) (4, 5, 5, 4). D) None of the other options. Show Answer Correct Answer: A) (4, 4, 5, 5). 5. Would Cell phone companies be in the oligopoly industry A) No. B) Yes. Show Answer Correct Answer: B) Yes. 6. In game theory, what do we call the possible results or rewards for different choices in a game? A) Strategies. B) Rules. C) Payoffs. D) Players. Show Answer Correct Answer: C) Payoffs. 7. The most familiar international cartel is ..... A) EU. B) NAFTA. C) OPEC. D) NEXIS. Show Answer Correct Answer: C) OPEC. 8. The set of strategies that survive iterated dominance: A) Pure strategy. B) Best response. C) Rationalizable strategies. D) Perfect information. Show Answer Correct Answer: C) Rationalizable strategies. 9. Three of spades, nine of diamonds, six of spades, queen of diamonds, ace of diamonds A) Full house. B) High card. C) Straight. D) Flush. Show Answer Correct Answer: B) High card. 10. What did Bandura's experiment with young children and a clown doll demonstrate? A) Learning is a stimulus-response effect. B) Learning is largely a modeling experience. C) Learning is influenced by both genes and upbringing. D) Learning is a complicated interplay of factors. Show Answer Correct Answer: B) Learning is largely a modeling experience. 11. The position in the pay off matrix where the maximin coincides with the minimax A) Saddle point. B) Pivot point. C) Key point. D) None of above. Show Answer Correct Answer: A) Saddle point. 12. What is the goal of Robert West's research study? A) To develop a mathematical method for playing games. B) To explain how people learn and adapt to their opponents in games. C) To create a computer simulation of a person playing Paper, Rock, Scissors. D) To test the theory of game theory. Show Answer Correct Answer: B) To explain how people learn and adapt to their opponents in games. 13. What is the type of game where you have to work with others to win? A) Zero-sum game. B) Randomness game. C) Discrete game. D) Cooperative game. Show Answer Correct Answer: D) Cooperative game. 14. Even if people or companies rationally follow their own self-interest the best outcome is hard to reach when they can't or don't cooperate. This is known as? A) Absolute Advantage. B) Comparative Advantage. C) Game Theory. D) Free Rider Problem. Show Answer Correct Answer: C) Game Theory. 15. A key difference between monopoly and oligopoly is that: A) There is profit maximization in a monopoly, but not in an oligopoly. B) There is one firm in a monopoly, but at least 2 in an oligopoly. C) There is collusion in a monopoly, but not an oligopoly. D) There is deadweight loss in a monopoly, but not in an oligopoly. Show Answer Correct Answer: B) There is one firm in a monopoly, but at least 2 in an oligopoly. 16. What is a cooperative game? A) A game where players can communicate and make binding agreements. 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 where players can communicate and make binding agreements. 17. In 1994-John Nash won the Nobel Prize for his work in ..... using game theory A) Medicine. B) Aeronautics. C) Economics. D) Physics. Show Answer Correct Answer: C) Economics. 18. Player Centric Design refers to ..... A) Player Feedback. B) Player Strategy. C) Player Experience. D) Player Review. Show Answer Correct Answer: C) Player Experience. 19. Oligopolies are characterized by? A) 1 firm. B) 2-3 firms. C) 20-30 firms. D) 100s of firms. Show Answer Correct Answer: B) 2-3 firms. 20. Because both prefer Steal, we can predict the final decisions will be A) Split-Steal. B) Split-Split. C) Steal-Steal. D) Steal-Split. Show Answer Correct Answer: C) Steal-Steal. 21. In a zero-sum game, A) The game is fair-each person has an equal chance of winning. B) Long-run profits must be zero. C) The sum of each player's winnings if the game is played many times must bezero. D) What one player wins, the other loses. Show Answer Correct Answer: D) What one player wins, the other loses. 22. Which of the following circumstances will result in a Nash equilibrium? A) All players have a dominated strategy and each player chooses its dominated strategy. B) All players have a dominated strategy, but only some choose to follow it. C) All players have a dominated strategy, and none choose it. D) None of the above is correct. Show Answer Correct Answer: D) None of the above is correct. 23. Game theory can be a very complex and abstract concept dealing with ..... A) Math and statistics. B) Chemistry and science. C) Politics and polling data. D) Art and humanities. Show Answer Correct Answer: A) Math and statistics. 24. 3 sevens and 2 spades that are different numbers A) 2 pair. B) Flush. C) Full house. D) 3 of a kind. Show Answer Correct Answer: D) 3 of a kind. 25. If the three largest widget producers control 85 percent of the total widget market, then these producers are operating in A) A cartel. B) A monopoly. C) An oligopoly. D) Monopolistic Competition. E) Perfect Competition. Show Answer Correct Answer: C) An oligopoly. 26. Which of the following is necessarily true if both players have a dominant strategy in a game? A) At least one player has a weakly dominant strategy. B) The players will follow a cooperative strategy. C) There are multiple Nash equilibria in the game. D) The players will not cooperate. E) There is a dominant strategy equilibrium that is also a Nash equilibrium. Show Answer Correct Answer: E) There is a dominant strategy equilibrium that is also a Nash equilibrium. 27. ..... games only allow one player to take actions at a time A) Turn based. B) Zero-sum. C) Simultaneous. D) Asymmetric. Show Answer Correct Answer: A) Turn based. 28. 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. 29. 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. 30. 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. ← PreviousNext →Related QuizzesMicroeconomics QuizzesEconomics QuizzesGame Theory Quiz 1Game Theory Quiz 2Game Theory Quiz 3Game Theory Quiz 4Game Theory Quiz 5Game Theory Quiz 7Game Theory Quiz 8Game Theory Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books