finalexamC02.DEC14.2006

finalexamC02.DEC14.2006 - 1 ECMC02H3 Final Exam – Time 3...

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Unformatted text preview: 1 ECMC02H3 Final Exam – December 14, 2006 Time: 3 hours Professor Gordon Cleveland ______________________________________ ____________________ Your name (Print clearly and underline your last name) Your student number This exam consists of multiple choice questions and short answer questions. There are 25 multiple choice questions, each worth 3 marks, which are to be answered on the front sheet of this exam in the spaces provided. If two multiple choice answers seem reasonable, choose the best possible answer. There are three short answer questions at the end of this exam paper. Space is provided to answer those questions directly on this exam paper. Your exam consists of 17 pages (counting this first page). Please count your exam's pages immediately and report any problems. FILL IN YOUR NAME NOW. 1. _______ 6. _______ 11. ________ 16. _______ 21. ________ 2. _______ 7. _______ 12. ________ 17. _______ 22. ________ 3. _______ 8. _______ 13. ________ 18. _______ 23. ________ 4. _______ 9. _______ 14. ________ 19. _______ 24. ________ 5. _______ 10. _______ 15. ________ 20. _______ 25. ________ 2 PART I - 25 Multiple Choice Questions – 3 marks each. 1 - 4 You are given the following 5 strategic games involving two firms. Firm I can adopt either of strategy A or strategy B. Firm II can adopt either of strategy Y or strategy Z. Payoffs to the firms appear in the matrix. Questions 1 through 4 concern these five games. Firm II Strategy Y Strategy Z Game #1: Firm I Strategy A (1, 2) (3, 4) Strategy B (2, 1) (4, 3) Firm II Strategy Y Strategy Z Game #2: Firm I Strategy A (1, 4) (2, 3) Strategy B (2, 1) (1, 4) Firm II Strategy Y Strategy Z Game #3: Firm I Strategy A (3, 3) (7, 2) Strategy B (2, 7) (6, 6) Firm II Strategy Y Strategy Z Game #4: Firm I Strategy A (1, 4) (3, 3) Strategy B (-1, 2) (4, 5) Firm II Strategy Y Strategy Z Game #5: Firm I Strategy A (1, 4) (7, 6) Strategy B (2, 3) (5, 8) 3 1. Assume that these are sequential games in which Firm II moves first and Firm I moves second. n which of these five games is “Strategy B – Strategy Z” a Nash equilibrium?: I A) only #1 B) only #2 C) only #3 D) only #4 E) only #5 F) only #1 and #2 G) only #1 and #3 H) only #1 and #4 I) only #1 and #5 J) only #2 and #3 K) only #2 and #4 L) only #2 and #5 M) only #3 and #4 N) only #3 and #5 O) only #4 and #5 P) only #1, #2, and #3 Q) only #1, #2, and #4 R) only #1, #2, and #5 S) only #1, #3, and #4 T) only #1, #3, and #5 U) only #1, #4, and #5 V) only #2, #3, and #4 W) only #2, #3, and #5 X) only #2, #4, and #5 Y) only #3, #4, and #5 Z) all of the games 2. Again, assuming these are sequential games, in which of the games is there one and only one ash equilibrium?: N A) only #1 B) only #2 C) only #3 D) only #4 E) only #5 F) only #1 and #2 G) only #1 and #3 H) only #1 and #4 I) only #1 and #5 J) only #2 and #3 K) only #2 and #4 L) only #2 and #5 M) only #3 and #4 N) only #3 and #5 O) only #4 and #5 P) only #1, #2, and #3 Q) only #1, #2, and #4 R) only #1, #2, and #5...
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finalexamC02.DEC14.2006 - 1 ECMC02H3 Final Exam – Time 3...

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