A simultaneous game is one in which:
A. there is never a winner if players act rationally.
B. players act together to achieve a common goal.
C. players take turns making moves and/or decisions.
D. players make their moves and/or decisions at the same time.
Answer: D
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When there is an expansionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; expand B. increase; raise; decline C. decline; lower; decline D. decline; raise; decline
Based on the figure below. Starting from long-run equilibrium at point C, an increase in government spending that increases aggregate demand from AD to AD1 will lead to a short-run equilibrium at point ________ creating _____gap. 
A. D; an expansionary B. B; no output C. B; expansionary D. A; a recessionary
Scalping at major sporting events is an example of
A) a surplus caused by the existence of price ceilings. B) the operation of rationing by the market. C) a black market caused by a price ceiling. D) a black market caused by a price floor.
When price level is considered, the value of the multiplier will be less than that suggested by the oversimplified version of multiplier. Why?