The New Classical Theory Argues That the Primary Factor Leading

question 218

Multiple Choice

The new classical theory argues that the primary factor leading to business cycles are

• A) expected changes in aggregate demand.
• B) expected changes in aggregate supply.
• C) unexpected changes in aggregate supply.
• D) unexpected changes in aggregate demand.

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Definitions:

Martin Waldseemüller

A German cartographer who created the first map to name and depict the Americas as separate continents, published in 1507.

Colonial Plantation Economy

An economic system prevalent in the American colonies that relied heavily on the cultivation of cash crops using slave labor.

Canaries

Small, singing birds often kept as pets, known for their vibrant color and melodious songs.

Azores

A group of nine volcanic islands situated in the North Atlantic Ocean and is an autonomous region of Portugal.