2010 Practice MT 1 - University of Victoria Economics 112...

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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
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2010 Practice MT 1 - University of Victoria Economics 112...

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