Which one of the following statements is TRUE?
A) Keynes treated short-run macroeconomics as a minor issue.
B) Keynes emphasized the short-run effects of shifts in aggregate demand on aggregate output, employment, and prices, whereas the classical economists focused on the long-run determination of the aggregate price level.
C) The classical economists believed that the short-run aggregate supply curve was upward sloping.
D) The classical economists emphasized the short-run effects of shifts in aggregate demand on aggregate output, whereas Keynes focused on the long-run determination of the aggregate price level.
Correct Answer:
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