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The following questions deal with the IS-LM model of a closed economy:
(a) Define the IS curve and the LM curve. In a diagram, illustrate the equilibrium implied by the IS - LM model.
(b) Assume that the government collects only lump-sum taxes. Using a diagram to illustrate your answer, explain the effects of an expansionary fiscal policy in the IS-LM model.
(c) Define the concept of "crowding out" and discuss how the effectiveness of an expansionary fiscal policy depends on the slope of the IS curve, ceteris paribus.
This document contains various important questions and their appropriate answers in the subject field of Economics.
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