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1. How is equilibrium in both product and money market determined under a four quadrant ISLM framework? [Use appropriate mathematical derivation if necessary] 15 2.

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1. How is equilibrium in both product and money market determined under a four quadrant ISLM framework? [Use appropriate mathematical derivation if necessary] 15 2. Show the relative effectiveness of fiscal and monetary policy in developed countries. [Use appropriate diagram if necessary] 5

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