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College Board, Advanced Placement, AP, AP Central, and the acorn logo are registered trademarks of College Board. Visit College Board on the web: [collegeboard.org](collegeboard.org).  \n[AP Central is the official online home for the AP Program: apcentral.collegeboard.org](AP Central is the official online home for the AP Program: apcentral.collegeboard.org).  \nAP® Macroeconomics 2024 Free-Response Questions  \nMACROECONOMICS  \nSECTION II  \nTotal Time—1 hour  \nReading Period—10 minutes  \nWriting Period—50 minutes  \n3 Questions  \nDirections: You are advised to spend the first 10 minutes reading all of the questions and planning your answers. You will then have 50 minutes to answer all three of the following questions. You may begin writing your responses before the reading period is over. It is suggested that you spend approximately half your time on the first question and divide the remaining time equally between the next two questions. Include correctly labeled diagrams, if useful or required, in explaining your answers. A correctly labeled diagram must have all axes and curves clearly labeled and must show directional changes. If the question prompts you to “Calculate,” you must show how you arrived at your final answer. Use a pen with black or dark blue ink.  \nYou may plan your answers in this orange booklet, but no credit will be given for anything written in this booklet.  \nYou will only earn credit for what you write in the separate Free Response booklet.  \n© 2024 College Board.  \nVisit College Board on the web: [collegeboard.org](collegeboard.org).  \n2 GO ON TO THE NEXT PAGE.  \nAP® Macroeconomics 2024 Free-Response Questions  \n1. The economy of Alpha is in short-run equilibrium with a cyclical unemployment rate of 3%, a frictional unemployment rate of 4%, and an actual unemployment rate of 8% .  \n(a) Calculate Alpha’s natural rate of unemployment. Show your work.  \n(b) Draw a correctly labeled graph of the aggregate demand, short-run aggregate supply, and long-run aggregate supply curves for Alpha, and show each of the following.  \n(i) The current equilibrium output and price level, labeled Y1 and PL1, respectively  \n(ii) The full-employment output, labeled YF  \n(c) Assume that policymakers take no action to close the output gap.  \n(i) Explain how Alpha’s economy will adjust to full employment in the long run.  \n(ii) On your graph in part (b), show how Alpha’s economy will adjust to full employment in the long run, labeling the new equilibrium price level PL2.  \n(d) Assume instead that Alpha’s central bank is considering using monetary policy to close a recessionary output gap. The banking system in Alpha has ample reserves. Identify a specific monetary policy action the central bank of Alpha would take to close the output gap in the short run.  \n(e) Draw a correctly labeled graph of the reserve market in Alpha, and show the effect of the action taken by the central bank identified in part (d) on the policy rate.  \n(f) Based on the change in the policy rate shown in part (e), what would happen to each of the following in the short run in Alpha?  \n(i) The price of previously issued bonds  \n(ii) The price level. Explain.  \nBegin your response to this question at the top of a new page in the separate Free Response booklet and fill in the appropriate circle at the top of each page to indicate the question number.  \n© 2024 College Board.  \nVisit College Board on the web: [collegeboard.org](collegeboard.org).  \n3 GO ON TO THE NEXT PAGE.  \nAP® Macroeconomics 2024 Free-Response Questions  \n2. The table provided shows economic data for the country of Louland. The base year is year 1, and the GDP deflator in year 2 is 115.  \n\n|  | Year 1 | Year 2 |\n| --- | --- | --- |\n| Nominal GDP | 800,000 | 1,035,000 |\n| Population | 1,000 | 1,200 |\n\n(a) Calculate real GDP in Louland in year 2. Show your work.  \n(b) How would the change in real GDP from year 1 to ye","cbCaisRyFFzxxwbD","https://ap.wps.com/l/cbCaisRyFFzxxwbD","pdf",203807,"English","# Section II: Free-Response Questions\n## Question 1: Unemployment, AD-AS, and Monetary Policy\n## Question 2: Real GDP, Money Demand, Inflation, Real Wages\n## Question 3: Fiscal Policy, Real Interest Rate, Exchange Rates","[{\"question\":\"What timing and planning guidance is given for Section II?\",\"answer\":\"Students should spend 10 minutes reading and planning all three questions, then 50 minutes writing responses. Time is suggested to be split with about half for the first question and the remainder divided between the second and third questions.\"},{\"question\":\"What is required for calculations and diagrams?\",\"answer\":\"If a question prompts “Calculate,” students must show how they arrived at the final answer. If diagrams are needed, they must be correctly labeled with all axes and curves, and must show directional changes.\"},{\"question\":\"What kinds of policy effects are evaluated in these questions?\",\"answer\":\"The set evaluates how monetary policy can close an output gap in the short run and how economies adjust to full employment in the long run. It also evaluates fiscal policy actions for recession and their effects on the real interest rate, plus implications for exchange rates and imports.\"}]","AP® Macroeconomics 2024 Free-Response Questions - Set 1 - Answer and Graph Instructions | PDF",1790742663,15]