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Theory of Games and Economic Behavior by John Von Neumann - Quiz
Contributed by: Casey
  • 1. Which of the following is a type of game that has a clear conflict of interest?
A) Public goods game.
B) Cooperative game.
C) Evolutionary game.
D) Zero-sum game.
  • 2. Who are the authors of the book 'Theory of Games and Economic Behavior'?
A) Kenneth Arrow and George Stigler.
B) John Von Neumann and Oskar Morgenstern.
C) John Nash and Roger Myerson.
D) Daniel Kahneman and Amos Tversky.
  • 3. In cooperative games, what is the core?
A) A stable outcome without any external enforcement.
B) The basic strategy that guarantees a win.
C) An allocation accepted by all players without negotiation.
D) The set of feasible allocations that cannot be improved upon by any coalition.
  • 4. What does ‘best response’ mean in game theory?
A) The strategy that yields the highest payoff given the other players' strategies.
B) The strategy that ensures a win every time.
C) The most conservative choice.
D) Any strategy that players prefer.
  • 5. What is a 'Pareto efficient' outcome?
A) A game that always ends in a tie.
B) An outcome where players always get equal benefits.
C) An optimal outcome only for one player.
D) An allocation where no player can be made better off without making another player worse off.
  • 6. Who introduced the concept of game theory in economics?
A) John Von Neumann.
B) David Ricardo.
C) Adam Smith.
D) Milton Friedman.
  • 7. What does 'subgame perfect equilibrium' refer to?
A) An equilibrium that exists only in finite games.
B) A situation where players cannot change their strategies.
C) An outcome determined by chance.
D) An equilibrium where players' strategies are optimal in every subgame.
  • 8. What is a strictly dominated strategy?
A) A strategy that is worse than another strategy for every possible action of the other players.
B) A strategy that is randomly chosen.
C) A strategy that is better in some cases and worse in others.
D) A strategy that cannot be improved upon.
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