Very Short Question Answer 1. Define money supply. Money supply is defined as the total stock of money held by people and financial institutions including the central bank at a particular point of time. In other words, money supply is the total quantity of money circulation in an economy. 2. What do you mean by […]
Chapter 5: Income Determination Model
Very Short Question Answer 1. Who developed IS-LM model? IS-LM model was developed by J.R. Hicks in 1937 A.D. 2. Define IS curve. IS curve is defined as the locus various combinations of rate of interest and level of income which gives product market equilibrium. 3. Define LM curve. LM curve is the locus of […]