Tackle the Test: Free-Response Questions

426

  1. Question

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    Rubric for FRQ 1 (7 points)

    image

    1 point: The vertical axis is labeled “Exchange rate (yen per U.S. dollar)” and the horizontal axis is labeled “Quantity of U.S. dollars.”

    1 point: The supply of U.S. dollars is labeled and slopes upward.

    1 point: The demand for U.S. dollars is labeled and slopes downward.

    1 point: The initial equilibrium exchange rate is found at the intersection of the initial supply and demand curves and is labeled on the vertical axis.

    1 point: The new demand for U.S. dollars is to the left of the initial demand.

    1 point: The new equilibrium exchange rate is found where the initial supply curve and new demand curve intersect and is labeled on the vertical axis.

    1 point: The U.S. dollar has depreciated.

  2. Question

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