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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).  \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© 2023 College Board.  \nVisit College Board on the web: [collegeboard.org](collegeboard.org).  \nGO ON TO THE NEXT PAGE.  \n1. Assume the economy of Vanderlandia is in short-run equilibrium with a real GDP of $500 million. The full-employment level of real GDP is $550 million.  \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 no policy action is taken to restore full employment.  \n(i) Explain how the economy will adjust in the long run.  \n(ii) Following the long-run adjustment process, will the price level in Vanderlandia be greater than, less than, or equal to PL 1 shown on your graph in part (a)?  \n(c) Assume instead that policymakers in Vanderlandia are considering changing government spending to restore full employment in the short run and that the marginal propensity to save is 0.2.  \n(i) Calculate the minimum change and state the direction of change in government spending required to completely close the output gap in the short run. Show your work.  \n(ii) On your graph in part (a), show the short-run effect of the change in government spending in part  \n(c)(i), labeling the new equilibrium price level PL2.  \n(d) Draw a correctly labeled graph of the loanable funds market, and show the effect of the change in government spending in part (c)(i) on the equilibrium real interest rate.  \n(e) Based on the change in the real interest rate shown on your graph in part (d), what will happen to each of the following?  \n(i) The price of previously issued bonds  \n(ii) The rate of economic growth in the long run. 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© 2023 College Board.  \nVisit College Board on the web: [collegeboard.org](collegeboard.org).  \n3 GO ON TO THE NEXT PAGE.  \n2. The economy of Noralandia is in short-run equilibrium with an actual inflation rate that is currently higher than the expected inflation rate.  \n(a) Draw a correctly labeled graph of the short-run and long-run Phillips curves. Label the current short-run equilibrium point as X.  \n(b) The banking system in Noralandia has ample reserves. Identify a specific mon","cbCaijpqn3l5nS8q","https://ap.wps.com/l/cbCaijpqn3l5nS8q","pdf",141274,"English","# Directions\n## Question 1\n## Question 2\n## Question 3","[{\"question\":\"How should students manage the timing for Section II?\",\"answer\":\"Students are advised to spend 10 minutes reading and planning, then use 50 minutes to answer the three questions, allocating about half the time to the first question and dividing the remaining time equally between the next two.\"},{\"question\":\"What does Question 1 require regarding aggregate demand and aggregate supply?\",\"answer\":\"Students must draw correctly labeled graphs for aggregate demand, short-run aggregate supply, and long-run aggregate supply, showing the current equilibrium (Y1 and PL1) and full-employment output (YF), then describe long-run adjustment without policy and compute a minimum government spending change to close the output gap.\"},{\"question\":\"What macroeconomic topics are covered across Questions 2 and 3?\",\"answer\":\"Question 2 focuses on Phillips curves and the impact of monetary policy in an open economy with flexible exchange rates, including effects on capital flows and currency value. Question 3 focuses on calculating unemployment, identifying the type of output gap, drawing a production possibilities curve, and analyzing how changes in labor force participation affect unemployment metrics.\"}]","AP Macroeconomics - Free-Response Questions Set 1 - Section II | PDF",1790708568,15]