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What is Game Theory? - Explanation & Application in Economics

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

What is the 'prisoner's dilemma'?

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1. What is 'game theory'?

2. What is the correct answer in the prisoner's dilemma?

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About This Quiz & Worksheet

This quiz tests you on your overall understanding of game theory and its relevance to real world situations. To pass this quiz, you need to not only be able to define game theory, but also to apply your knowledge about conditions associated with game theory.

Quiz & Worksheet Goals

This quiz requires knowledge of:

  • The prisoner's dilemma
  • Economic application of game theory
  • Inherent risks of game theory
  • Examples of game theory

Skills Practiced

  • Reading comprehension - ensure that you draw the most important information regarding game theory from the related lesson
  • Interpreting information - verify that you can read information regarding the prisoner's dilemma and interpret it correctly
  • Information recall - access the knowledge you've gained regarding real-world examples of game theory

Additional Learning

For more information on game theory, see the lesson called What is Game Theory? - Explanation & Application in Economics. This lesson discusses:

  • The specific choices surrounding the prisoner's dilemma
  • The economic man
  • How competing businesses practice game theory
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