Yes, Liz did die from complications with the abortion. She had internal bleeding that wasn't taken care of soon enough, and she bled to death. This ending directly relates to the theme of the story regarding the decisions a young person makes in his/her lifetime. Some choices young people make don't have severe consequences, but several do. Deciding to abort her baby is one of those choices because all of the characters' lives are affected by this decision, especially Liz.