The Difference Between the Keynesian and New Keynesian Approaches to the Short-Run

question 56

Multiple Choice

The difference between the Keynesian and new Keynesian approaches to the short-run aggregate supply curve is that

• A)Keynesians assumed that the short-run aggregate supply curve was vertical or nearly vertical, while new Keynesians assume that it is nearly horizontal.
• B)Keynesians focused on the difference between the actual and expected price levels, whereas new Keynesians believe this difference to be unimportant.
• C)Keynesians believed that aggregate demand was more important than aggregate supply, whereas new Keynesians believe the reverse.
• D)Keynesians assumed that the short-run aggregate supply curve was horizontal or nearly horizontal, whereas new Keynesians have provided economic explanations for price stickiness.

Recognize the importance of personal and financial management skills for nurses.

Understand the concept of social change and its continuous nature.

Recognize the impact of major physical events and innovations on social change.

Identify the role of technology and generational knowledge transfer in societal shifts.

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