56. Linear models have had successes and failures in the “real world.” They a. w
ID: 1126437 • Letter: 5
Question
56. Linear models have had successes and failures in the “real world.” They
a. were able to successfully predict inputs and outputs in the Soviet economy.
b. were used to predict the extent of steel shortages during World War II.
c. have been able to bridge the gap between Keynesian macroeconomic analysis and general equilibrium theory.
d. a. and c.
e. b. and c.
57. Game theory generally
a. requires a large number of players.
b. was developed by F. Y. Edgeworth.
c. depends on a “conjectural variation” of one.
d. all of the above.
e. none of the above.
58. Edgeworth’s duopoly model differs from Cournot’s in that
a. Cournot assumed conjectural variation of zero with respect to price; Edgeworth assumed conjectural variation of zero with respect to quantity.
b. Cournot assumed that one competitor had an output limitation so he could not sell all the output that would be demanded under competitive conditions.
c. Edgeworth assumed duopolists do not conjecture about price.
d. equilibrium is unattainable.
Explanation / Answer
Answer 56:- 56. Linear models have had successes and failures in the “real world.” They
d. a. and c.
Answer:-57. Game theory generally
b. was developed by F. Y. Edgeworth.
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