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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).  \n\n| Question 1: Long 10 points |  |  |\n| --- | --- | --- |\n|  |  |  |\n| (a) Draw a correctly labeled aggregate demand–aggregate supply graph that shows PL1 and Y1 at the intersection of aggregate demand and short-run aggregate supply.\u003Cbr>|  | 1 point |\n| For the second point, the graph must show a vertical long-run aggregate supply curve to the right of Y1 and label the full-employment output as YF.\u003Cbr>|  | 1 point |\n|  | Total for part (a) | 2 points |\n| (b)(i) | Explain that input prices (e.g., nominal wages) and/or inflationary expectations will | 1 point |\n| (ii) | decrease, causing SRAS to increase until it reaches full employment. |  |\n|  | State that the price level will be less than PL1. | 1 point |\n| Total for part (b) 2 points |  |  |\n\n\n| (c) (i) Calculate the minimum change in government spending as an increase of $10 million and show your work.\u003Cbr>􀛻􀜑􀜖􀜑􀜕􀜝􀜕 􀛱􀜐􀜉􀜖􀜏􀜍 = 􀜁􀜘􀜍􀛽􀜖􀜌􀜝􀜑􀜜􀜖􀜘􀜏􀜝􀜜􀛻􀛵􀜝􀜉􀜔􀜜􀜘􀜑􀜘􀜔􀜑􀜍􀜚 = $􀫞~~ ~~􀫙􁉀~~  ~~􀜕􀫚􀫙.~~ ~~􀜑􀜔􀫛􀜗􀜖 = $􀫞􀫙~~ ~~􀜕􀫞􀜑􀜔􀜔􀜑􀜗􀜖= $􀫚􀫙 􀜕􀜑􀜔􀜔􀜑􀜗􀜖 | 1 point |\n| --- | --- |\n| (ii) On the graph from part (a), show the short-run effect of the change in government spending as a rightward shift of the aggregate demand curve where the new short-run equilibrium intersects the long-run aggregate supply curve at a higher equilibrium price level, labeled PL2.\u003Cbr>| 1 point |\n| Total for part (c) 2 points |  |\n\n\n| (d) Draw a correctly labeled graph of the loanable funds market. 1 point\u003Cbr>|  |  |\n| --- | --- | --- |\n| For the second point, the graph must show an increase in the demand for loanable funds (or a decrease in the supply of loanable funds), resulting in an increase in the equilibrium real interest rate.\u003Cbr>|  | 1 point |\n|  | Total for part (d) | 2 points |\n| (e)(i)\u003Cbr>(ii) | State that the price of previously issued bonds will decrease. | 1 point |\n|  | State that the rate of economic growth in the long run will decrease and explain that an increase in the real interest rate means the cost of borrowing has increased, which will decrease investment spending on physical capital, human capital, and/or research and development. | 1 point |\n|  | Total for part (e) | 2 points |\n\nTotal for question 1 10 points  \nQuestion 1  \nNote: Student samples are quoted verbatim and may contain spelling and grammatical errors.  \nOverview  \nThe question examined students’ understanding of the aggregate demand–aggregate supply model ina recessionary gap environment, self-adjustment to full employment in the long run, and the effects of fiscal policy on real GDP, the price level, the loanable funds market, and economic growth. The question began by asking students to assume that 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. In part (a) students were asked to draw a correctly labeled graph of the aggregate demand, short-run aggregate supply, and long-run aggregate supply curves and show (i) the current equilibrium real output and price level, labeling them Y1 and PL1, respectively, and (ii) the full-employment output, labeling it YF. In part (b) students were asked to assume that no policy action is taken to restore full employment and to (i) explain how the economy will self-adjust in the long run. Students were then asked to assert whether, after the long-run self-adjustment process, the price level in Vanderlandia is greater than, less than, or equal to PL1 shown on their ","cbCaifQWy6uysblw","https://ap.wps.com/l/cbCaifQWy6uysblw","pdf",1794003,"English","# Free-Response Question 1\n## Scoring Guidelines\n## Student Samples\n## Scoring Commentary\n## Overview of the Task\n## Parts (a)–(e): Key Requirements","[{\"question\":\"What is Free-Response Question 1 mainly testing in AP Macroeconomics Set 1?\",\"answer\":\"It tests understanding of the aggregate demand–aggregate supply model in a recessionary gap, long-run adjustment to full employment, and how fiscal policy affects real GDP, the price level, the loanable funds market, and economic growth.\"},{\"question\":\"In part (a), what must students draw and label?\",\"answer\":\"Students must draw correctly labeled AD, SRAS, and LRAS graphs showing Y1 and PL1 at the initial intersection, and YF as the full-employment output where the long-run self-adjustment occurs.\"},{\"question\":\"How does the document say a change in government spending affects the economy in the short run and loanable funds market?\",\"answer\":\"The short-run effect is shown as a rightward shift of aggregate demand leading to a higher equilibrium price level (PL2). In the loanable funds market, this results in an increase in the equilibrium real interest rate.\"}]","AP Macroeconomics Sample Student Responses and Scoring Commentary - Set 1 - Long-Response Question 1 | PDF",1790708578,23]