1. If the aggregate supply (AS) curve is very steep, will expansionary fiscal or monetary policy have a bigger effect on real GDP or the price level? Draw a graph to support your answer to this question. 2. Consider the often debated crowding-out and crowding-in concepts. Also consider expansionary fiscal policy with respect to increased government (deficit) spending. a. Describe how the two concepts are different. b. Which concept do you think makes more sense during a recessionary period