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What is the LM curve and why does is it positively slope? Explain the factors which can shift the LM curve.
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- Economists expect that as the labor market continues to tighten going into the latter part of 2015 that workers should begin to expect wage increases in 2015 and 2016. Assuming this occurs and it was the only development in the labor market that year, how would this affect the AS curve? What if it was also accompanied by an increase in worker productivity?Why does the LM curve slope upwardWhat do the IS curve and the LM curve represent? What is the reason for their respective shape and what causes the IS and LM curves to shift?
- Clearly explain the derivation of the LM curve.distinguish between the traditional, positive-sloping LM curve and the modern horizontal LM curve.Under what circumstances might the LM curve to be horizontal? Use a diagram alsoDerive the IS LM curves and briefly explain how the general macroeconomic equilibirum can be reached
