Final answer:
Expansionary monetary policy increases aggregate demand, real output, and price level, while contractionary fiscal policy decreases them. Neutral monetary policy has no significant impact. Expansionary fiscal policy increases aggregate demand and real output.
Step-by-step explanation:
Expansionary monetary policy, characterized by lower interest rates and increased money supply, will increase aggregate demand, real output, and price level.
Contractionary fiscal policy, characterized by reduced government spending and higher taxes, will decrease aggregate demand, real output, and price level.
Neutral monetary policy, where the central bank does not intervene to control the money supply, will not have any significant impact on aggregate demand, real output, or price level.
Expansionary fiscal policy, characterized by increased government spending and lower taxes, will increase aggregate demand and real output, but may lead to an increase in the price level.