This quiz works best with JavaScript enabled. Home > Finance > Economics > Microeconomics > Game Theory > Game Theory – Quiz 8 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Game Theory Quiz 8 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. 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. 2. 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. 3. Using the payoff matrix, if Company A advertises, what is the best strategy for Company B? A) Advertise. B) Don't Advertise. Show Answer Correct Answer: A) Advertise. 4. 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. 5. 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. 6. 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. 7. Example for combinational search algorithm A) Linear search. B) Greedy search. C) Uniform cost. D) BFS. Show Answer Correct Answer: B) Greedy search. 8. A set of skills that an employee acquires through training and experience A) Imperfect competition. B) Perfect Competition. C) Human Capital. D) Interdependence. E) Game theory. Show Answer Correct Answer: C) Human Capital. 9. If a game has a saddle point of 2, it is a fair game. A) True. B) False. Show Answer Correct Answer: B) False. 10. 4 of diamonds, 3 of spades, 6 of clubs, 7 of hearts, 5 of clubs A) Straight. B) High card. C) 1 pair. D) Flush. Show Answer Correct Answer: A) Straight. 11. On what do players compete in a Cournot's model? A) Price. B) Quality. C) Quantity. D) Technology. Show Answer Correct Answer: C) Quantity. 12. Which of the following is true of sequential games? A) All Nash equilibria are sub-game perfect equilibria. B) Every game involves first-mover advantage. C) Backward induction is only possible where the number of subgames exeeds the number of choice nodes. D) None of the other three answers. Show Answer Correct Answer: D) None of the other three answers. 13. What type of game is Mahjong and Uno? A) Randomness game. B) Zero-sum game. C) Non-cooperative game. D) Perfect Information game. Show Answer Correct Answer: A) Randomness game. 14. Worst case value of maximiser during game playing A) 0. B) 1. C) +infinity. D) -infinity. Show Answer Correct Answer: D) -infinity. 15. What is the main criticism of learning theory? A) It oversimplifies learning as a stimulus-response effect. B) It neglects the influence of genes on behavior. C) It lacks clear and consistent expectations for good behavior. D) It does not consider the role of upbringing in learning. Show Answer Correct Answer: A) It oversimplifies learning as a stimulus-response effect. 16. Individually, the best decisions are (start with self) A) Steal-Steal. B) Steal-Split. C) Split-Steal. D) Split-Split. Show Answer Correct Answer: B) Steal-Split. 17. Depends on the demand for the products. A) Collusion. B) Dominant strategy. C) Derived demand. D) Interdependence. Show Answer Correct Answer: C) Derived demand. 18. Which is the following applied in minimax algorithm? A) DFS. B) A*. C) BFS. D) GREEDY. Show Answer Correct Answer: A) DFS. 19. When firms in an oligopolistic market structure work together to ensure the best result? A) Mutual dependence. B) Confusion. C) Induction. D) Collusion. Show Answer Correct Answer: D) Collusion. 20. What is the type of game that lets you see every move your opponents make in the game? A) Sequential. B) Imperfect Information. C) Perfect Information. D) Simultaneous. Show Answer Correct Answer: C) Perfect Information. 21. A prisoners' dilemma is a game with all of the following characteristics except one. Which one is not present in a prisoners' dilemma? A) Players cooperate as their strategy. B) Both players have a dominant strategy. C) Both players would be better o if neither chose their dominant strategy. D) The payoff from a strategy depends on the choice made by the other player. Show Answer Correct Answer: A) Players cooperate as their strategy. 22. The the best decisions for BOTH players are A) Split-Split. B) Split-Steal. C) Steal-Steal. D) Steal-Split. Show Answer Correct Answer: A) Split-Split. 23. If Minimax = Maximin then the appropriate strategy to use to solve this condition is..... A) Cooperative games. B) Non cooperative games. C) Pure Strategy. D) Mixed Strategy. Show Answer Correct Answer: C) Pure Strategy. 24. What was the original purpose of game theory? A) To solve problems in economics. B) To analyze parlour games. C) To study the behavior of animals and plants. D) To determine the optimal price of products. Show Answer Correct Answer: A) To solve problems in economics. 25. If, for a given player, the expected value of a lottery is less than its certainty equivalent, that player is ..... A) Risk-seeking. B) Risk-neutral. C) Risk-averse. D) None of above. Show Answer Correct Answer: A) Risk-seeking. 26. When will it be Fair game? A) When both players have a common decision point (Minimax = Maximin). B) When both players have the same payoff. C) When there are 2 players. D) None of above. Show Answer Correct Answer: B) When both players have the same payoff. 27. Game Theory has no limitations A) True. B) False. Show Answer Correct Answer: B) False. 28. What happens when maximin and minimax values of the game are same? A) Saddle point exists. B) Solution is mixed. C) No solution exists. D) None of above. Show Answer Correct Answer: A) Saddle point exists. 29. The four core components of game design help game designers create a stable structure in gameplay through A) Fun. B) Repetitiveness. C) Challenges. D) Predictability. Show Answer Correct Answer: D) Predictability. 30. 4 of spades, jack of spades, 10 of spades, 2 of spades, ace of spades A) Straight flush. B) Full house. C) Flush. D) Straight. Show Answer Correct Answer: C) Flush. ← 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 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books