Given the following statements about major schools of thought in macroeconomics, state which ones are correct?
(A) The Keynesians believed in wage and price flexibility and highlighted the role of aggregate supply.
(B) The monetarists highlighted the importance of money in the economic system and that of expectations in the analysis of inflation.
(C) The classical school believed in the invisible hand and the efficiency of the market mechanism
(D) The new Keynesians make use of the assumption of imperfect markets in their frameworks.
Choose the correct answer from the options given below:
1
(B), (C), (D) Only
2
(A), (B), (C), (D)
3
(A), (C), (D) Only
4
(A), (B), (C) Only