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The key difference between the new classical theory of the business cycle and the new Keynesian ...

The key difference between the new classical theory of the business cycle and the new Keynesian theory of the business cycle is that the new classical theory believes that ________ while the new Keynesian theory believes that ________.
A) only unexpected changes in aggregate demand will change real GDP; both expected and unexpected changes in aggregate demand will change real GDP
B) the short-run aggregate supply curve is horizontal; the short-run aggregate supply curve is vertical.
C) only unexpected changes in aggregate demand will change real GDP; only expected changes in aggregate demand will change real GDP
D) expected changes in aggregate demand will change real GDP; expected changes in aggregate demand will not change real GDP

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Foundations of Macroeconomics

Edition: 8^th

Authors: Bade, Parkin

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Studying economics @ Edinburgh U

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