Quiz : Different types of Questions and Answers

In this document we will give you a Quiz. In this quiz we have a different questions for you to increase your knowledge:  Question 1: Determine the equilibrium outcome under Jim's leadership. Question 2: Determine what happens in the markets for normal and inferior goods during an economic downturn. Question 3: Identify the number of pure strategy Nash equilibria in a given game. Question 4: Interpret the meaning of the statement "There is no such thing as a free lunch".

Started on Monday, 5 September 2022, 10:46 AM
State Finished
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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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Consider the following game:
D
John
A 6, 2
B 2, 6
C 5, 7
What is the outcome by elimination of dominated strategies?
a.
(B, F)
b.
(A, E)
c.
(A, F)
d.
(A, D)
e.

(8, 5)
f.
(B, D)
g.
(B, E)
Question 6
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You fix the plumbing in your house by yourself. Now assume that
the only plumber in town, Peter, increases the prices he charges to
his customers. As a consequence, what happens to your opportunity
cost (of doing your own plumbing)?
a.
It is impossible to say
b.
Nothing
c.
Increases
d.
Decreases
Question 7
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Question text
The opportunity cost of going to university is:
a.
Zero for students who are fortunate enough to have all of their
university expenses paid by someone else.
b.
Zero, since a university education will allow a student to earn a
larger income after graduation.
c.
The total spent on food, clothing, books, transportation, tuition,
lodging and other expenses
d.
The value of the best opportunity a student gives up to attend
university.
Question 8
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Select the combination of words to correctly complete the sentence
below: Cars and petrol are ___________ , so when the price of petrol
falls the ___________ for/of cars ___________ .
a.
substitutes, supply, falls
b.
complements, demand, rises
c.
substitutes, demand, falls

d.
substitutes, demand, rises
e.
substitutes, supply, rises
f.
complements, supply, rises
g.
complements, supply, falls
h.
complements, demand, falls
Question 9
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What is the point in the supply and demand diagram in which the
two curves intersect?
a.
The dating point
b.
The equilibrium point
c.
The Optimal Consumption Point
d.
The Equinox point
Question 10
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Consider the following game:
N
Jim
K 6, 1
L 4, 3
M -1, 0
How many weakly dominated strategies are there (in the full game)?
a.
1
b.
2
c.
3
d.
4
e.

more than 4
Question 11
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Select the combination of words to correctly complete the sentence
below: An increase in the ___________ of subscription fees for Netflix
video streaming will cause a movement along the ___________ curve.
a.
price, demand
b.
quantity, supply
c.
quantity, demand
d.
price, supply
Question 12
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If you know that the quantity of a good demanded changed but the
demand curve did not shift you know it was caused by a change in:
a.

the price
b.
producers' cost-cutting measures
c.
consumers' preferences
d.
technology
Question 13
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Consider the following game:
R
Greg
X 11, 3
Y 5, 5
Z 5, 10
What is the equilibrium outcome under Greg's leadership?

a.
(X, S)
b.
(X, R)
c.
(Z, S)
d.
(Z, R)
e.
(X, T)
f.
(5, 10)
g.
(Y, S)
Question 14
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Consider the following game:
N
Jim
K 19, 2
L 10, 4

M 6, 1
What is Jim's best response to Steffi playing P? (you can select more
than one answer)
a.
K
b.
L
c.
M
d.
13
e.
N
f.
19
Question 15
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Select the word that correctly completes the sentence below: A
decline in the price of apples causes ___________.

a.
a movement along the supply and demand curves
b.
None of the other options are correct
c.
a shift of the demand curve to the left
d.
a shift of the supply curve to the right
Question 16
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Consider the following game:
N
Jim
K 11, 3
L 7, 5
M 9, 2
How many strictly dominated strategies are there (in the full game)?

a.
1
b.
2
c.
3
d.
4
e.
more than 4
Question 17
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Which of the following games features two pure-strategy Nash
equilibria, each preferred by a different player? (you can select more
than one answer from the options below)
a.
Battle of the sexes
b.
Prisoner's dilemma
c.
Game of chicken
d.
Stag hunt

e.
Pure coordination
f.
Rock, scissors, paper
g.
Matching pennies
Question 18
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Which of the following involves a trade-off:
a.
the choice of which breakfast cereal you eat in the morning
b.
the decision to further your education
c.
whether a nation should encourage an increase in spending or
saving
d.
all of the other options are correct
Question 19
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Consider the following game:
N
Jim
K 13, 1
L 4, -1
M 9, -7
How many strategies dominate another strategy (either weekly or
strictly)?
a.
1
b.
2
c.
3
d.
4
e.
more than 4
Question 20
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If there is a shortage of a good, how will the market mechanism
adjust to achieve equilibrium?
a.
incomes will fall
b.
the price will increase
c.
consumers will look for other alternatives
d.
the price will fall