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    The Game Theory Quiz 3

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    paterne
    The document appears to be a set of multiple choice questions about game theory and economics concepts. It includes questions about Nash equilibria in games with different payoff structures, properties of production functions like constant/increasing/decreasing returns to scale, and characteristics of games like the Prisoner's Dilemma.

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    The Game Theory Quiz 3

    Uploaded by

    paterne
    2K views6 pages
    The document appears to be a set of multiple choice questions about game theory and economics concepts. It includes questions about Nash equilibria in games with different payoff structures, properties of production functions like constant/increasing/decreasing returns to scale, and characteristics of games like the Prisoner's Dilemma.

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    The document appears to be a set of multiple choice questions about game theory and economics concepts. It includes questions about Nash equilibria in games with different payoff structures, properties of production functions like constant/increasing/decreasing returns to scale, and characteristics of games like the Prisoner's Dilemma.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    2K views6 pages

    The Game Theory Quiz 3

    Uploaded by

    paterne
    The document appears to be a set of multiple choice questions about game theory and economics concepts. It includes questions about Nash equilibria in games with different payoff structures, properties of production functions like constant/increasing/decreasing returns to scale, and characteristics of games like the Prisoner's Dilemma.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
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    You are on page 1of 6

    y

    Question 1
    5 out of 5 points

    A football team has the chance of scoring the game-winning touchdown on the last play of the game. It can either run or pass. The defense can play for the run or play for the pass. The following normal form lists the payoffs from the game made up by this last play. The payoffs are probabilities of winning the game.
    Defense Defend Defend Pass Run Offense Pass 0, 1 1, 0

    Run

    1, 0

    0, 1

    The Nash equilibrium is (equilibria are)


    Answer Selected Answer:

    both pick their choice at random with equal probability.


    Correct Answer:

    both pick their choice at random with equal probability.


    y

    Question 2
    5 out of 5 points

    When a game has multiple equilibria, a useful method to sort out which one would be the best prediction is to
    Answer Selected Answer:

    all of these.
    Correct Answer:

    all of these.
    y

    Question 3
    0 out of 5 points

    Two games that differ only in the timing of movesone simultaneous, the other sequential movecan sometimes have completely different subgame-perfect equilibria. Why?
    Answer Selected Answer: Correct Answer:

    All of the above.

    The first mover can choose an action that it would deviate from if its action were secret.
    y

    Question 4
    5 out of 5 points

    If the Prisoners Dilemma is repeated over and over again with the same two players having an indefinite time horizon,
    Answer Selected Answer:

    players can cooperate on Silent if they are patient enough.


    Correct Answer:

    players can cooperate on Silent if they are patient enough.


    y

    Question 5
    0 out of 5 points

    A teacher curves the final exam such that the top half of students get an A and the bottom half an F (so their grade depends only on relative and not absolute performance). Suppose that there are equal numbers of two groups, the Brainiacs and the Numbskulls. If they both study or they both party, the Brainiacs will get the As but if the Brainiacs party and the Numbskulls study, the Numbskulls will get the As. Suppose further that they both dislike studying and both like good grades. Suppose all students of a type choose the same action (so we can view it as a two-player game). The payoff matrix is
    Numbskulls Study Party Brainiacs Study 5, 0 5, 2

    Party

    2, 5

    7, 2

    Characterize the Nash equilibrium or equilibria:


    Answer Selected Answer:

    There are two: in one, the Brainiacs study and the Numbskulls party, and in the other they do the reverse. There is only one equilibrium, in mixed strategies.
    y

    Correct Answer:

    Question 6
    5 out of 5 points

    The beauty of Nashs equilibrium concept is that


    Answer Selected Answer:

    all games have one.


    Correct Answer:

    all games have one.


    y

    Question 7
    0 out of 5 points

    The Prisoners Dilemma is so named because


    Answer Selected Answer:

    players end up earning a lighter sentence than the prosecutor would like.
    Correct Answer:

    the Nash equilibrium is one of the worst outcomes for the players.
    y

    Question 8
    0 out of 5 points

    The game of Matching Pennies


    Answer Selected Answer:

    has multiple Nash equilibria.


    Correct Answer:

    has a mixed strategy Nash equilibrium.


    y

    Question 9
    0 out of 5 points

    A subgame-perfect equilibrium is a Nash equilibrium that


    Answer Selected Answer:

    consists only of dominant strategies.


    Correct Answer:

    involves only credible threats.


    y

    Question 10
    0 out of 5 points

    Teens A and B are smitten with each other but neither knows of the others feelings. Suppose the teachers at their school organize a dance. The payoff is based on whether their advances are rebuffed or accepted. If they both Declare, they get positive utility but if they are Rebuffed they face humiliation (significantly negative payoff). Rebuffing an advance slightly elevates the teens standing with peers.
    Teen A Teen B

    Declare Declare Ignore/ Rebuff 10, 10

    Ignore/ Rebuff -10, 1

    1, -10

    0, 0

    What is a teens dominant strategy?


    Answer Selected Answer:

    Declare.
    Correct Answer:

    No dominant strategy.
    y

    Question 11
    5 out of 5 points

    With a quadratic production with fixed capital Q = A + BL +CL2 and the shape shown above, B is
    Answer Selected Answer:

    positive.
    Correct Answer:

    positive.
    y

    Question 12
    0 out of 5 points

    As a result of doubling all its inputs, if a firm can more than double its output, its production function exhibits
    Answer Selected Answer:

    constant returns to scale.


    Correct Answer:

    increasing returns to scale.


    y

    Question 13
    5 out of 5 points

    Suppose Q = K L , if
    Answer Selected Answer:

    < 1 the isoquants will be

    progressively further apart at higher quantities.


    Correct Answer:

    progressively further apart at higher quantities.


    y

    Question 14
    0 out of 5 points

    If Q = K1/2L1/2 the MPL is


    Answer Selected Answer:

    constant
    Correct Answer:

    diminishing
    y

    Question 15
    5 out of 5 points

    When isoquants get progressively further apart there is


    Answer Selected Answer:

    decreasing returns to scale


    Correct Answer:

    decreasing returns to scale


    y

    Question 16
    5 out of 5 points

    The production function q =


    Answer Selected Answer:

    exhibits constant returns to scale and diminishing marginal productivities for K and L. exhibits constant returns to scale and diminishing marginal productivities for K and L.
    y

    Correct Answer:

    Question 17
    5 out of 5 points

    If more and more labor is employed while keeping all other inputs constant, the marginal physical productivity of labor
    Answer Selected Answer:

    will eventually decrease.


    Correct Answer:

    will eventually decrease.


    y

    Question 18
    5 out of 5 points

    If production is given by Q = KL, doubling both inputs


    Answer Selected Answer:

    more than doubles output.


    Correct Answer:

    more than doubles output.


    y

    Question 19
    0 out of 5 points

    A technical innovation in the production of automobiles by Ford Motor Companys for 1 million cars per year would necessarily
    Answer Selected Answer:

    shift the 1 million car isoquant away from the origin.


    Correct Answer:

    shift the 1 million car isoquant toward the origin.


    y

    Question 20
    5 out of 5 points

    Suppose Q = K L , if
    Answer Selected Answer:

    > 1 the isoquants will be

    progressively closer together at higher quantities.


    Correct Answer:

    progressively closer together at higher quantities.


    Friday, December 23, 2011 11:02:25 AM EST
    OK

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