2010 Practice MT 1 KEY

2010 Practice MT 1 KEY - University of Victoria Economics...

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University of Victoria Economics 112 Practice Midterm 1 Part A: Do all of the following questions. Mark your answer on the answer form provided. Five marks each. 1. Which of the following provides the best definition of a strategy? a. A strategy is an action that is always a best response to any choices made by other players. b. A strategy is an action that is a player’s best possible choice, given what other players are choosing to do. c. A strategy is an action that is chosen based on a player’s expectation about the choices made by others. d. A strategy is a complete list of actions, specifying a choice at every point in a game where a player might ever be required to take an action . 2. Consider the following four games: i. ii. player A player B Left Right Up 100,100 15,500 Down 5,1500 10,100 player B Left Right Up 15,100 12,50 Down 7,150 8,100 iii. iv. player B Left Right Up 100,100 500,500 Down 500,500 1000,1000 player B Left Right Up 12,100 500,50 Down 12,150 500,100 In which of the games does player 1 have the same ordinal preferences? a. i and ii b. iii and iv c. none d. all 3. Consider the extensive form game below. up down up down up down 2 1 up down (4,6) 1 2 (5,0) (6,10) (6,12) (4,12) How many strategies does player 1 have? Four b. Three c. Two d. It depends on the choice made by player 2 Page 1 of 3
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4. Consider the following game Player A Player B Left Right Up 5,5 15,1 Down 5,8 3,12 Which of the following statements is true? a.
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2010 Practice MT 1 KEY - University of Victoria Economics...

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