When you "run" the simulator from xCode, the app automatically launches, and then you can click the home button to suspend the app. What I want to do is close the app from within the simulator. So, how can this be done?
You can also do it with the keyboard shortcut shown under the simulator menu bar (Hardware-> Home).
The shortcut is ⌘+⇧+H, but you need to hit H twice in a row for it to simulate the double press that shows the apps.