Draw on graph paper a figure similar to Figure 18.2, but interchanging the labels of the LM
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Draw on graph paper a figure similar to Figure 18.2, but interchanging the labels of the LM and BP curves so that the BP curve is now flatter than the LM curve.
(a) Show on your graph the appropriate mix of fiscal and monetary policies required by the nation to reach full employment with external balance.
(b) How does the required policy mix in this case differ from that required for the case shown in Figure 18.2 discussed in Section 18.4?
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a If the BP curve were flatter than the LM curve the nation would require the expansionary fiscal ...View the full answer
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