A simultaneous game is said to exist when:
A. firms are playing pricing games in different markets at the same time.
B. firms choose their strategies at the same time as their rivals.
C. firms can set multiple prices for the same good at the same time.
D. strategies are set without regard to possible interactions in future time periods.
Answer: B
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Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________. 
A. Rising; A B. Falling; A; C C. Falling; B: C D. Rising; A; C
At $30 each, Jack will buy 1 Blu-ray and at $25, he will purchase 2 . If the price is $20, Jack's consumer surplus is:
a. $10. b. $15. c. $20. d. $25.
When the government taxes and spends, each activity affects GDP in the same proportion
a. True b. False Indicate whether the statement is true or false
Which of the following is likely to have the most price inelastic demand?
a. tablet computers b. leather boots c. lightbulbs d. optional textbooks