2008 Macroeconomics Free Response Answers

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• [GET] 2008 Macroeconomics Free Response Answers | HOT

  The AP Macroeconomics course covers the principles of economics that apply to an economic system as a whole. It emphasizes the study of national income, price determination, economic performance It will remain unchanged because the fall Founded in ,...

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• Ap Macro 2008 Free Response Form B Answers

  The quantity theory of money was a central part of the classical theory of the economy that prevailed in the early twentieth century. Ludwig Von Mises 's work Theory of Money and Credit , published in , was one of the first books from the Austrian School to deal with macroeconomic topics. Keynes and his followers[ edit ] Macroeconomics, at least in its modern form, [7] began with the publication of John Maynard Keynes 's General Theory of Employment, Interest and Money.

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  In classical theory, prices and wages would drop until the market cleared, and all goods and labor were sold. Keynes offered a new theory of economics that explained why markets might not clear, which would evolve later in the 20th century into a group of macroeconomic schools of thought known as Keynesian economics — also called Keynesianism or Keynesian theory. In Keynes's theory, the quantity theory broke down because people and businesses tend to hold on to their cash in tough economic times — a phenomenon he described in terms of liquidity preferences. Keynes also explained how the multiplier effect would magnify a small decrease in consumption or investment and cause declines throughout the economy. Keynes also noted the role uncertainty and animal spirits can play in the economy.

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  By the s, most economists had accepted the synthesis view of the macroeconomy. He argued that the role of money in the economy was sufficient to explain the Great Depression , and that aggregate demand oriented explanations were not necessary. Friedman also argued that monetary policy was more effective than fiscal policy; however, Friedman doubted the government's ability to "fine-tune" the economy with monetary policy. He generally favored a policy of steady growth in money supply instead of frequent intervention. Friedman and Edmund Phelps who was not a monetarist proposed an "augmented" version of the Phillips curve that excluded the possibility of a stable, long-run tradeoff between inflation and unemployment. Monetarism was particularly influential in the early s.

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• Example Free Response Question From AP Macroeconomics

  Monetarism fell out of favor when central banks found it difficult to target money supply instead of interest rates as monetarists recommended. Monetarism also became politically unpopular when the central banks created recessions in order to slow inflation. New classical[ edit ] New classical macroeconomics further challenged the Keynesian school. A central development in new classical thought came when Robert Lucas introduced rational expectations to macroeconomics. Prior to Lucas, economists had generally used adaptive expectations where agents were assumed to look at the recent past to make expectations about the future. Under rational expectations, agents are assumed to be more sophisticated.

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• Ap Microeconomics Free Response 2008 Answers

  When new classical economists introduced rational expectations into their models, they showed that monetary policy could only have a limited impact. Lucas also made an influential critique of Keynesian empirical models. He argued that forecasting models based on empirical relationships would keep producing the same predictions even as the underlying model generating the data changed.

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  He advocated models based on fundamental economic theory that would, in principle, be structurally accurate as economies changed. Following Lucas's critique, new classical economists, led by Edward C. Prescott and Finn E. Kydland , created real business cycle RB C models of the macro economy. In order to generate macroeconomic fluctuations, RB C models explained recessions and unemployment with changes in technology instead of changes in the markets for goods or money.

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  Critics of RB C models argue that money clearly plays an important role in the economy, and the idea that technological regress can explain recent recessions is implausible. Despite questions about the theory behind RB C models, they have clearly been influential in economic methodology. Stanley Fischer and John B. Taylor produced early work in this area by showing that monetary policy could be effective even in models with rational expectations when contracts locked in wages for workers.

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  Other new Keynesian economists , including Olivier Blanchard , Julio Rotemberg , Greg Mankiw , David Romer , and Michael Woodford , expanded on this work and demonstrated other cases where inflexible prices and wages led to monetary and fiscal policy having real effects. Like classical models, new classical models had assumed that prices would be able to adjust perfectly and monetary policy would only lead to price changes.

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  New Keynesian models investigated sources of sticky prices and wages due to imperfect competition , [14] which would not adjust, allowing monetary policy to impact quantities instead of prices. By the late s, economists had reached a rough consensus. The nominal rigidity of new Keynesian theory was combined with rational expectations and the RBC methodology to produce dynamic stochastic general equilibrium DSGE models. The fusion of elements from different schools of thought has been dubbed the new neoclassical synthesis.

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  These models are now used by many central banks and are a core part of contemporary macroeconomics. The AD-AS model has become the standard textbook model for explaining the macroeconomy. The aggregate demand curve's downward slope means that more output is demanded at lower price levels. The AD—AS diagram can model a variety of macroeconomic phenomena, including inflation. Changes in the non-price level factors or determinants cause changes in aggregate demand and shifts of the entire aggregate demand AD curve.

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• AP Macroeconomics Exam Thursday, May 15, 2008 ... - College Board

  When demand for goods exceeds supply there is an inflationary gap where demand-pull inflation occurs and the AD curve shifts upward to a higher price level. When the economy faces higher costs, cost-push inflation occurs and the AS curve shifts upward to higher price levels. The IS—LM model gives the underpinnings of aggregate demand itself discussed above. It answers the question "At any given price level, what is the quantity of goods demanded? This model shows what combination of interest rates and output will ensure equilibrium in both the goods and money markets. The Solow model assumes that labor and capital are used at constant rates without the fluctuations in unemployment and capital utilization commonly seen in business cycles. An increase in the savings rate leads to a temporary increase as the economy creates more capital, which adds to output.

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  However, eventually the depreciation rate will limit the expansion of capital: savings will be used up replacing depreciated capital, and no savings will remain to pay for an additional expansion in capital. Solow's model suggests that economic growth in terms of output per capita depends solely on technological advances that enhance productivity. This group of models explains economic growth through other factors, such as increasing returns to scale for capital and learning-by-doing , that are endogenously determined instead of the exogenous technological improvement used to explain growth in Solow's model. Outside of macroeconomic theory, these topics are also important to all economic agents including workers, consumers, and producers. Circulation in macroeconomics. Output and income[ edit ] National output is the total amount of everything a country produces in a given period of time. Everything that is produced and sold generates an equal amount of income.

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  The total output of the economy is measured GDP per person. The output and income are usually considered equivalent and the two terms are often used interchangeably, output changes into income. Output can be measured or it can be viewed from the production side and measured as the total value of final goods and services or the sum of all value added in the economy. Economists interested in long-run increases in output, study economic growth. Advances in technology, accumulation of machinery and other capital , and better education and human capital , are all factors that lead to increase economic output over time. However, output does not always increase consistently over time. Business cycles can cause short-term drops in output called recessions.

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• AP Macroeconomics Free Response Questions

  Economists look for macroeconomic policies that prevent economies from slipping into recessions, and that lead to faster long-term growth. Main article: Unemployment A chart using US data showing the relationship between economic growth and unemployment expressed by Okun's law. The relationship demonstrates cyclical unemployment. Economic growth leads to a lower unemployment rate. The amount of unemployment in an economy is measured by the unemployment rate, i. The unemployment rate in the labor force only includes workers actively looking for jobs. People who are retired, pursuing education, or discouraged from seeking work by a lack of job prospects are excluded. Unemployment can be generally broken down into several types that are related to different causes. Classical unemployment theory suggests that unemployment occurs when wages are too high for employers to be willing to hire more workers.

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• Ap Microeconomics Free Response Answers

  According to these more recent theories, unemployment results from reduced demand for the goods and services produced through labor and suggest that only in markets where profit margins are very low, and in which the market will not bear a price increase of product or service, will higher wages result in unemployment. Consistent with classical unemployment theory, frictional unemployment occurs when appropriate job vacancies exist for a worker, but the length of time needed to search for and find the job leads to a period of unemployment.

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  Structural unemployment is similar to frictional unemployment as both reflect the problem of matching workers with job vacancies, but structural unemployment also covers the time needed to acquire new skills in addition to the short-term search process. Okun's law represents the empirical relationship between unemployment and economic growth. Over the long run, the two series show a close relationship. A general price increase across the entire economy is called inflation. When prices decrease, there is deflation. Economists measure these changes in prices with price indexes. Inflation can occur when an economy becomes overheated and grows too quickly. Similarly, a declining economy can lead to deflation.

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  Central bankers , who manage a country's money supply, try to avoid changes in price level by using monetary policy. Raising interest rates or reducing the supply of money in an economy will reduce inflation. Inflation can lead to increased uncertainty and other negative consequences. Deflation can lower economic output. Central bankers try to stabilize prices to protect economies from the negative consequences of price changes. Changes in price level may be the result of several factors. The quantity theory of money holds that changes in price level are directly related to changes in the money supply. Most economists believe that this relationship explains long-run changes in the price level.

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  For example, a decrease in demand due to a recession can lead to lower price levels and deflation. A negative supply shock, such as an oil crisis, lowers aggregate supply and can cause inflation. Macroeconomic policy[ edit ] Macroeconomic policy is usually implemented through two sets of tools: fiscal and monetary policy. Both forms of policy are used to stabilize the economy , which can mean boosting the economy to the level of GDP consistent with full employment. Typically, central banks take action by issuing money to buy bonds or other assets , which boosts the supply of money and lowers interest rates, or, in the case of contractionary monetary policy, banks sell bonds and take money out of circulation. Usually policy is not implemented by directly targeting the supply of money. Central banks continuously shift the money supply to maintain a targeted fixed interest rate. Some of them allow the interest rate to fluctuate and focus on targeting inflation rates instead.

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• AP Macroeconomics Exam Thursday, May 15, - College Board

  Founded in , the association is composed of more than 5, schools, colleges, universities, and other Advanced Placement AP is a program in the United States and Canada created by the College Board which offers college-level curricula and examinations to high school students ap macroeconomics multiple choice answers. Includes multiple choice and FRQ. Practice AP Macro Questions. This PDF practice test includes 60 questions along with an answer key. Covers a lot of important concepts. Every online resource that you need to succeed in your AP Macro class. AP Macroeconomics Exam. The AP Macroeconomics course covers the principles of economics that apply to an economic system as a whole. If you are using assistive technology and need help accessing these PDFs in another format, contact Services for Students with Disabilities at or by email at ssd info.

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  What happened to Robin's nominal and real income? Nominal Income Real Income A. A Increased Decreased B. B Increased Increased C. C Decreased Decreased D. D Increased Stayed the same E. View practice test multiple choice answer key - AP Macro View Ap Macroeconomics Multiple Choice Answers Advanced Placement AP is a program in the United States and Canada created by the College Board which offers college-level curricula and examinations to high school students ap macroeconomics multiple choice answers.

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  AP Exams are regularly updated to align with best practices in college-level learning. Not all free-response questions on this page reflect the current exam, but the question types and the topics are similar, making them a valuable resource for students. Founded in , the association is composed of more than 5, schools, colleges, universities, and other.

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  The first consisted of the tax rebates sent out near the end of the Bush administration. The largest—and most lastingly controversial—was the American Recovery and Reinvestment Act, which passed on a largely party-line vote just weeks after Barack Obama took office. The job losses started to abate immediately, [17] and the Great Recession officially ended in June. The stimulus was far less successful politically, however. Skepticism about its effectiveness was widespread, fueled in part by a serious marketing blunder made by the fledgling Obama administration. The economy was sinking so rapidly that the data could not keep up. Policymakers planning the stimulus were working with forecasts that severely underestimated how bad things would get, and with data that underestimated how bad things already were.

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• Ap Econ Free Response Answers

  The Obama administration acted more aggressively, empowering government lenders Fannie Mae, Freddie Mac, and the FHA to fill the hole created by the collapse of private mortgage lending. Without a steady flow of credit from the FHA, the housing market might have completely shut down, taking the already-reeling economy with it. Government policy also succeeded in breaking the vicious deflationary psychology that had gripped the housing market. A series of tax credits for first-time homebuyers, each of which lasted only a few months, gave buyers a compelling reason to act rather than to wait for prices to fall further. Home sales gyrated as the credits were extended, withdrawn, and then extended again—an element of volatility directly attributable to the government. But at least the free fall in home sales and prices stopped.

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  Because foreclosure is costly to both homeowners and financial institutions, government officials hoped to persuade banks to change the terms of troubled mortgage loans, lowering either the interest rate or the principal owed, so as to keep homeowners in their homes. Loosening the rules on refinancing so that troubled homeowners could reduce their monthly payments also seemed promising. But these ideas worked better in theory than in practice. The Making Home Affordable Program, introduced by President Obama in mid-February , was designed to push both modifications and refinancing.

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  But it was underfinanced, under-promoted, and not effectively managed. While the program helped some, it fell well short of both expectations and needs. With housing no longer in free fall and the economy recovering, policymakers turned later in to the daunting task of financial regulatory reform. The Dodd-Frank Act, the reform legislation that became law in the summer of after a tortuous trip through Congress, made a vast number of changes to the financial system. This multifaceted law is not without its flaws, but overall it likely ensures that future financial crises will not be nearly as cataclysmic as the one we just suffered through.

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  Regulators had been partly confused and partly unable to handle nonbank institutions that threatened to fail in —ranging from Bear Stearns to Fannie and Freddie to Lehman to AIG. A myriad of problems arose in managing those failures and near failures, which allowed the financial shock waves to propagate. Dodd-Frank does not solve the too-big-to-fail problem; there will always be institutions whose failure would rock the system. But the law does make it more likely that such failures will be more orderly in the future. Importantly, although perhaps less well known, Dodd-Frank also institutionalized the bank stress tests that had so successfully ended the financial turmoil in , thereby further reducing too-big-to-fail risk.

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  The largest and most important financial institutions now must simulate adverse economic scenarios and study the effect on their balance sheets and income statements annually. Although critics were right to worry about the added regulatory burden created by this new agency, the CFPB put consumer interests front and center in a way they had not been before. CFPB protections were sorely needed given the sometimes-dizzying complexity of financial services and the woeful state of consumer financial literacy—many homebuyers have a hard time understanding compound interest, never mind Libor and adjustable rate mortgages. Dodd-Frank is far from a perfect law; some of its blemishes ought to get ironed out in subsequent legislation. In all, though, it should reduce the odds of another cataclysmic financial crisis.

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  This does not mean that we will not experience big ups and downs, even asset-price bubbles, in the future, but these should not lead to a complete shattering of the financial system as we witnessed just a few years ago. They take no extraordinary fiscal or monetary measures as the turmoil mounts. While it is hard to imagine that policymakers would stand still while such a downturn intensified, many critics of the policy responses have argued that is precisely what policymakers should have done. Policymakers in this scenario do bail out the financial system, and the Federal Reserve does take extraordinary steps to provide liquidity to the financial system and engages in quantitative easing.

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  But there is no fiscal response. This support was neither a fiscal stimulus nor financial policy, and is thus considered independently. The macro model Quantifying the economic impact of government policies is not an accounting exercise; it is an econometric one. The Federal Reserve uses a similar model for its forecasting and policy analysis, as do the Congressional Budget Office and the Office of Management and Budget.

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  Modeling fiscal stimulus The modeling techniques for simulating the various fiscal policy responses to the economic downturn are straightforward, and have been used by countless modelers over the years. While the scale of the fiscal stimulus was massive, most of the tax and government spending instruments have been used in past recessions. So little modeling innovation was required on our part. This does not deny that there has been a heated debate over the efficacy of fiscal stimulus measures. Much of that debate has centered on the magnitude of the multipliers generated by various fiscal policy instruments. These multipliers measure the added economic activity generated by a change in taxes or government spending.

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  In its analysis of the expected impacts of the ARRA, in early , the Obama administration estimated government spending multipliers that were persistently near 1. Direct income support to low-income and unemployed individuals has some of the largest bang for the buck, with the temporary increase in SNAP benefits topping the list, as Table 5 shows. Figure 1 Chart When the economy has a large output gap, that is, when actual GDP is far below potential GDP, as it was in early , the multipliers are large and persistent. However, as the output gap disappears, the multipliers diminish quickly see Figure 1. Indeed, when the output gap is zero—that is, when the economy is at full employment—the increase in government spending crowds out private sector output almost completely. The multipliers become quite small as the higher interest rates resulting from the increased government spending and larger budget deficits reduce consumer spending and business investment nearly dollar for dollar.

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