Multiple Choice
Identify the
choice that best completes the statement or answers the question.
|
|
|
1.
|
What is meant by a Zero Sum Game?
a. | A game or situation in which always ends with no one winning the game. It’s a
lose-lose situation. The end result of the game is everyone eventually ends up with zero points or no
wealth.
| b. | A game or situation in which everyone starts with zero and gains are made by everyone
involbed.
| c. | A game or situation in which one person's gain is equivalent to another's
loss, so the net change in wealth or benefit is zero.
|
|
|
|
2.
|
| In a classroom of 22 students, they
are trying to elect a student leader. Two of the twenty students are candidates (Angie and Jackie) to be elected and are not permitted to vote. The
remaining 20 students each must cast a vote for either Angie or Jackie. Angie and Jackie end up with a tie of 10 votes
each. So, they take turns trying to persuade individual class members to flip their vote in
order to win. Angie persuades 3 students to flip
their vote to her and Jackie wasn’t able to
persuade anyone to flip. | | | |
Using votes as the benefit, does this situation represent a
zero-sum game?
a. | Yes, because there is always a total of 20 votes. | b. | No, because 3
students flipped their vote. | c. | There is not enough
information. |
|
|
|
3.
|
Based on the Payoff matrices below which is the only one that represents a
zero-sum game?
|
|
|
4.
|
Tim and Mona are each considering
Buying or Selling a bicycle in the same Neighborhood Garage Sale. The net cash value of what
they each decided to do is shown in the matrix.
Based solely on the pay-off matrix which
combination of strategies would represent the Nash equilibrium?
(Assuming more money is desired.) | | | |
a. | Both Buy. | b. | Both Sell. | c. | Tim Buys; Mona
Sells. | d. | Tim Sells; Mona
Buys. |
|