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113 review questions copy

A true b false 16 a sealed bid auction is a

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Unformatted text preview: the same time.” True or false? A. True. B. False. 16. “A sealed bid auction is a simultaneous move game”. True of false? A. True. B. False. 17. “Common knowledge of rationality” means that A. economic agents have perfect information about the future. B. economic agents expect other agents to behave rationally, and all agents are aware of those expectations. C. the outcome of any interaction between economic agents will be collectively rational. D. All of the above. 19 18. “Rational agents do not make mistakes”. True of false? A. True. B. False. 19. “Nash equilibria are always Pareto efficient”. True of false? A. True. B. False. 20. Under any particular set of conditions, A. there can only be one Nash equilibrium. B. there can be at most two Nash equilibria. C. a Pareto efficient equilibrium will always prevail over an inefficient equilibrium. D. None of the above. 20 Answer Key 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. B C D A B B C D A A C B B D B A B B B D 21 Economics 113 Introduction to Economic...
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