Previous research has examined the role of formal classroom economics education on student learning. However, few studies have examined the role of both in school and out of school economics education exposure on student learning. Using data from the 2006 National Assessment of Educational Progress (NAEP)-Economics 12th grade assessment, we conducted an analysis using multilevel modeling to examine both student- and school-level effects on economics content knowledge. We analyzed the relationship among student-level variables including demographics, economics course structure, and instructional (...) exposure. Unlike prior studies, we accounted for the nesting of students in schools and determined significant building-level effects associated with NAEP-E outcomes. We included district and state accountability policies (e.g., required testing and graduation requirements) as well as contextual variables (e.g., percent minority and percent college bound) at the building level. Findings offered a more nuanced interpretation of earlier NAEP-E studies and extended earlier analyses to include instructional exposure and building-level effects. (shrink)