Understanding Components of the IS-LM Model IIConsider the following reduced form version of the IS-LM model:Goods Market equilibrium:Y = (c0 - c1T0 I0 G0)/(1 - c1) - (b)/(1 - c1)rMoney Market equilibrium:(M)/(P) = m0 kY - hrClassify each component as either an endogenous variable, exogenous variable, ora parameter. For each question, select all the choices that apply.Which of the choices below represent the endogenous variables? (Select all thatapply)T0c0brPMkG0hc1YNoneI0m0

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SOLVED:IS-LM Model in Economics In economics, the IS curve is a linear equation that represents all combinations of income Y and interest rates r that maintain an equilibrium in the market for goods in the economy. The LM curve is a linear equation that represents all combinations of income Y and interest rates r that maintain an equilibrium in the market for money in the economy. In an economy, suppose that the equilibrium level of income (in millions of dollars) and interest rates satisfy the

SOLVED: This question is based on the following diagram of an IS-LM model for an open economy.Which one of the following statements is correct?Select one:A. The diagram above illustrates the impact of an expansionary fiscal policy on the exchange rate.B. The diagram above illustrates the impact of a contractionary monetary policy on the exchange rate.C. The diagram above illustrates the impact of a contractionary fiscal policy on the exchange rate.D. The diagram above illustrates the impact of a