Neoclassical economists believe that government policy should focus on creating a market-oriented environment that rewards________________.
a. importing
b. exporting
c. innovation
d. production
c. innovation
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Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as 
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting upward C. Short-run aggregate supply shifting downward D. Aggregate demand shifting leftward
Bongo plays drums in his parents' garage after school. What can we be sure of?
A) Bongo's drumming imposes negative externalities on others. B) Bongo's drumming delivers positive externalities to others. C) Bongo expects to benefit while drumming. D) All of the above.
What does it mean for a country to have an absolute advantage in producing a product?
What will be an ideal response?
The Phillips curve is a negative empirical relationship between
A) bond prices and interest rates. B) unemployment and output. C) inflation and the real interest rate. D) unemployment and inflation.