The textbook notes that the last time a major league batter hit .400 was in 1941. This is because:
A. the league imposes harsh penalties for steroid use.
B. the average quality of batters has fallen.
C. baseball diamonds have become larger.
D. specialization by pitchers, infielders, and outfielders has made it harder for batters to hit.
Answer: D
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Based on the figure below. Starting from long-run equilibrium at point C, a tax cut that increases aggregate demand from AD to AD1 will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies. 
A. D; C B. B; C C. B; A D. D; B
Answer the next question based on the following payoff matrix for two oligopolistic firms in which the numbers indicate the profit in millions of dollars for each firm. Firm A? High PriceLow PriceFirm BHigh priceA = $250A = $325??B = $250B = $200?Low priceA = $200A = $175??B = $325B = $175If the two firms collude to maximize joint profits, the total profits for the two firms will be
A. $525 million. B. $500 million. C. $350 million. D. $400 million.
If average cost is falling, then marginal cost must be less than average cost.
Answer the following statement true (T) or false (F)
Static tax analysis assumes
A) all of the present tax rates will be in place for a minimum of twenty years. B) changes in the tax rates have no effect on the tax base. C) changes in the tax rates have no effect on tax revenue. D) changes in the tax rates will change the tax base.