The classical theory of aggregate supply where markets are perfectly flexible
a. may or may not be compatible with the Keynesian system.
b. is easily added the IS-LM framework of aggregate demand.
c. is fundamentally incompatible with the Keynesian system.
d. is consistent with the IS-LM framework if all shocks are to the IS curve.
e. none of the above.
Question 2
Which of the following models do not believe that there exists a short run tradeoff between higher inflation and lower unemployment?
a. Keynesians
b. monetarists
c. new classical
d. real business cycle
e. none of the above
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