1. Do rational expectations tend to look back at past experience while adaptive expectations look ahead to the future? Explain your answer. 2. Summarize the Keynesian and Neoclassical models. 3. Does neoclassical economics focus on the long term or the short term? Explain your answer. 4. What is the difference between rational expectations and adaptive expectations? (2 points) 5. Do neoclassical economists tend to focus more on long term economic growth or on recessions? Explain briefly. 6. Do neoclassical economists tend to focus more on cyclical unemployment or on inflation? Explain briefly. 7. Do neoclassical economists see a value in tolerating a little more inflation if it brings additional economic output? Explain your answer. AVAILABLE