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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. Assume that the economy of Moneyland is in equilibrium with an actual unemployment rate equal to the natural rate of unemployment.  \n(a) Draw a correctly labeled graph of the aggregate demand, short-run aggregate supply, and long-run aggregate supply curves, and show each of the following.  \n(i) The current equilibrium real output and price level, labeled Y1 and PL1, respectively  \n(ii) The full employment output, labeled YF  \n(b) Assume that consumer spending in Moneyland decreases from $110,000 to $100,000 as a result of a decrease in disposable income in Moneyland from $135,000 to $110,000 .  \n(i) Calculate the marginal propensity to consume in Moneyland. Show your work.  \n(ii) Show the short-run effect of the decrease in consumer spending in Moneyland on your graph in part (a), labeling the new equilibrium real output and price level Y2 and PL2 , respectively.  \n(c) Following the decrease in consumer spending, explain how the economy would adjust in the long run in the absence of any policy actions.  \n(d) The central bank of Moneyland is concerned about the short-run effects of the decrease in consumer spending on the broader economy and is considering taking action rather than waiting for the long-run adjustment process. Assuming the banking system in Moneyland has ample reserves, identify a specific monetary policy action the central bank of Moneyland would take to increase consumer spending.  \n(e) Draw a correctly labeled graph of the reserve market in Moneyland, and show the effect of the monetary policy action identified in part (d) on the policy rate.  \n(f) How would the change in the policy rate shown on your graph in part (e) affect each of the following in Moneyland in the short run?  \n(i) The quantity of national savings  \n(ii) Unemployment. 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 the quantity and price of food and clothing, the only two goods","cbCaidg2UIi2IjdH","https://ap.wps.com/l/cbCaidg2UIi2IjdH","pdf",212272,"English","# Section II\n## Directions and time allocation\n## Question 1: Moneyland equilibrium, MPC, monetary policy, and short-run effects\n## Question 2: Maltrose GDP, deflator, inflation, and effects on fixed incomes and borrowers\n## Question 3: Jamaica fiscal policy, net exports, and foreign exchange market response","[{\"question\":\"What are the time and reading requirements for this free-response set?\",\"answer\":\"Total time is 1 hour. There is a 10-minute reading period and 50 minutes for writing answers to all three questions.\"},{\"question\":\"Which calculations are required in Question 2?\",\"answer\":\"Students calculate nominal GDP and the GDP deflator for year 2, determine the numerical inflation rate from year 1 to year 2, and analyze who is better off or worse off under a specified expected inflation rate.\"},{\"question\":\"What kind of policy action does Question 3 ask for, and what does it affect?\",\"answer\":\"Question 3 asks for a specific fiscal policy action to achieve full employment, then explains how the short-run change in real output affects Jamaica’s net exports and shows the resulting foreign exchange market changes for the Jamaican dollar relative to the lira.\"}]","AP® Macroeconomics 2024 Free-Response Questions Set 2 | PDF",1790708571,15]