Tackle the Test: Free-Response Questions

  1. Question

    Refer to the graph provided.

    image
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    Rubric for FRQ 1 (9 points)

    2 points: A downturn could be represented by points E or F.

    3 points: Points A, B, and C represent efficient production.

    1 point: Point D is attainable only after long-run economic growth.

    1 point: Long-run economic growth would be represented by an outward shift of the curve.

    1 point: Consumer goods increase and investment goods remain unchanged when moving from point E to point C.

    1 point: Producing at point A would lead to the most economic growth.

  2. Question

    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
    Draw a separate, correctly labeled aggregate demand and supply graph to illustrate each of the following situations. On each of your graphs, include the relevant short-run aggregate supply curve(s), long-run aggregate supply curve(s), and aggregate demand curve(s).