When a country can manufacture something more cheaply than another country can (such as by using less money, labor, etc.), it has a(n) __________________ in manufacturing that good.

When a neoclassical thinker doubts that government can intervene effectively in the economy, which of these is NOT one of the reasons?

When a neoclassical thinker doubts that government can intervene effectively in the economy, which of these is NOT one of the reasons?

What does GDP consist of when we add up what’s demanded (purchased) in an economy?

The neoclassical view of how the macroeconomy adjusts is based on the insight that even if wages and prices are sticky in the short run, they can be flexible over time.

In neoclassical economics, we’ll see the Aggregate Supply moving rightward over the long run as _______________________ and potential GDP increases.

What is meant by “reserve ratio”?

Neoclassical economists say that changes in ____________________ don’t do much other than increase output and lower unemployment in the short run.

What do we call the expenses that companies pay when they have to change prices?

Choose the appropriate pair of answers that best complete the following statement: As international trade increases, workers who are highly skilled __________ , and those who are unskilled  ________ .