Question

1.) In ___________-move games, players' moves are ordered in time. However, in ___________-move game: everyone moves at the same time.

a		sequential; simultaneous
b		simultaneous; sequential
c		rational; irrational
d		irrational; rational

2.)__________ information is when a player may not know all the information that is pertinent for the choice that he has to make at every point in the game. This includes uncertainty about relevant external circumstances – for example, the weather – as well as the prior and contemporaneous actions of other players.

a.) Imperfect

b.) Perfect

c.) Asymmetric

d.) Incomplete

3.)___________ choice refers to achieving one's objectives while taking into account one’s limitations or constraints.

a.) Rational

b.) Irrational

c.) Sequential

d.) Simultaneous

4.) Interactive choices that cause agents’ (people’s or nation’s) payoffs to be interdependent are known as ___________.

a.) Strategic

b.) Rational

c.) Ordered

d.) Irrational

Answer 1

QUESTION 1-

RATIONAL GAME- PLAYER 1 PREDICTS OR MAKE ASUMMPTION ABOUT PLAYER 2 IN ORDER TO MAKE DECISION

IRRATIONAL GAME - IT IS DECISION MAKING USING INEDEQUATE USE OF REASONS OR EMOTIONALLY AND NOT RATIONALLY

SEQUENTIAL GAME- PLAYERS TAKE TURNS I.E IF FIRST PLAYER 1 WILL PLAY THEN AFTER THAT PLAYER 2 WILL PLAY.

SIMULTANEOUS GAME - IT IS A STATIC GAME WHERE EACH PLAYER MAKE THEIR DECISION WITHOUT KNOWING OTHER PLAYERS MOVE I.E TOGETHER

IN SEQUENTIAL MOVE GAMES PLAYERS MOVES ARE ORDERED IN TIME

IN SIMULTANEOUS MOVE GAMES EVERYONE MOVES AT THE SAME TIME

ANS- A

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