New Criticism focuses on features of the text to the total exclusion of authorial intention or socioeconomic influence. Ambiguity is a major criterion for evaluation; close reading is the main method.
For the GRE Literature exam, associate the following terms and people with New Criticism:
-intentional fallacy, affective fallacy, the heresy of paraphrase, close reading
-T.S. Eliot, Robert Penn Warren, Cleanth Brooks, I.A. Richards, John Crowe Ransom, F.R. Leavis
For more information, I recommend Culler's Literary Theory: A Very Short Introduction