Much of the Research on Game Theory in Recent Decades

question 421

Multiple Choice

Much of the research on game theory in recent decades was driven by attempts to analyze actions of players during

• A)the Great Depression of the 1930s.
• B)World War II.
• C)the Cold War between the United States and the Soviet Union.
• D)the ascendancy of the conservative movement in the United States in the 1970s and 1980s.

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Definitions:

Specialize

Focusing one’s efforts in a specific domain or area of expertise, often to increase efficiency and skill.

Greater Quantity

A higher amount or number of something, usually used in reference to the production or supply of goods.

Comparative Advantage

A principle stating that if a country produces a good at a lower opportunity cost than another, it has a comparative advantage.

Opportunity Costs

The expense incurred from not selecting the subsequent preferable choice when a decision is made.