2014 AP Macroeconomics宏观经济真题系列之Practice Exam简答题免费下载

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2014 AP Macroeconomics Practice Exam Free-Response Questions Free Download

2014 AP 宏观经济模考简答题部分免费下载

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1）Assume that the economy of country Alpha is operating at the full-employment equilibrium.

1. Using a correctly labeled graph of aggregate demand, short-run aggregate supply, and long-run aggregate supply, show the equilibrium, labeling the equilibrium price level as PL₁ and the equilibrium output as Y₁ .
2. Now assume that the economy of country Beta, a major trading partner of Alpha, enters a recession. On your graph from part (a), show the effect of country Beta’s recession on each of the following in country Alpha in the short run.
   1. Aggregate demand. Explain.
   2. Real output and price level, labeled as Y₂ and PL₂
3. The central bank of Alpha wishes to offset the effect of Beta’s recession on Alpha’s real output. What open market operation should the central bank of Alpha undertake?
4. Draw a correctly labeled graph of the money market for Alpha, and show the effect of the open-market operation you identified in part (c) on the nominal interest rate in the short run.
5. Assume now that the real interest rate in Beta becomes greater than the real interest rate in Alpha. Based on the change in real interest rate, answer each of the following.
   1. Will financial capital flow from Alpha to Beta or from Beta to Alpha?
   2. Will the value of Alpha’s currency on the foreign exchange market relative to Beta’s currency appreciate, stay the same, or depreciate? Explain.