Quiz : Different types of Questions and Answers

Started on Monday, 5 September 2022, 10:46 AM
State Finished
Completed
on
Monday, 5 September 2022, 11:10 AM
Time taken 23 mins 17 secs
Grade 7.75 out of 10.00 (78%)
Question 1
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Consider the following game:
N
Jim
K 11, 6
L 3, 8
M 8, 5
What is the equilibrium outcome under Jim's leadership?

a.
(K, P)
b.
(M, P)
c.
(8, 5)
d.
(11, 6)
e.
(K, Q)
f.
(K, N)
Question 2
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If the economy experiences downturn and incomes fall substantially,
what happens in the markets for normal and inferior goods?
a.
In both markets, prices fall, quantities rise.
b.
In one of the markets prices and quantities rise, in the other market
prices and quantities fall.

c.
In both markets, prices and quantities both fall.
d.
In both markets, prices rise, quantities fall.
Question 3
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Consider the following game:
R
Peter
X 9, 6
Y 6, 6
Z 9, 7
How many (pure strategy) Nash equilibria does this game have?
a.
none
b.
more than 3

c.
2
d.
1
e.
3
Question 4
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The statement “There is no such thing as a free lunch” expresses
that:
a.
The opportunity cost is higher when you eat out than if you cook at
home.
b.
People do not value things that are given for free.
c.
People are selfish and will not give anything for free.
d.
If people choose to do one thing they give up doing something else.
Question 5
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