¡¡¡¡Sample Exam Questions(ÍêÕûÊÔ¾í¼°´ð°¸Çë¼ÓÎ¢ÐÅ»Ø¸´¡°APÄ£¿¼¾í¡±»ñÈ¡)
¡¡¡¡Section I: Multiple-Choice The following are examples of the kinds of multiple-choice questions found on the exam.
¡¡¡¡1. The graph above shows the production possibilities curve for a small township that is deciding to build parks and gymnasiums. Which of the following combinations of parks and gymnasiums is unattainable given the township¡¯s available resources?
¡¡¡¡(A) 5 parks and 6 gymnasiums
¡¡¡¡(B) 5 parks and 8 gymnasiums
¡¡¡¡(C) 10 parks and 6 gymnasiums
¡¡¡¡(D) 15 parks and 4 gymnasiums
¡¡¡¡(E) 20 parks and 4 gymnasiums
¡¡¡¡2. Which of the following changes would result in an indeterminate change in the equilibrium price in a perfectly competitive market?
¡¡¡¡(A) An increase in demand and a decrease in supply
¡¡¡¡(B) An increase in demand and an increase in supply
¡¡¡¡(C) A decrease in demand and an increase in supply
¡¡¡¡(D) A decrease in demand with no change in supply
¡¡¡¡(E) A decrease in supply with no change in demand
¡¡¡¡3. Which of the following is accounted for in the calculation of a country¡¯s gross domestic product?
¡¡¡¡(A) Sales of stocks and bonds
¡¡¡¡(B) Changes in inventories
¡¡¡¡(C) Changes in product quality
¡¡¡¡(D) The underground economy
¡¡¡¡(E) Nonmarket activities
¡¡¡¡4. The population of Country X is 250,000, and the labor force is 200,000 people. If 175,000 people are employed, what is the unemployment rate? (A) 10% (B) 12.5% (C) 20% (D) 80% (E) 87.5%
¡¡¡¡5. Which of the following will happen if the government raises both taxes and spending by $100 million and the marginal propensity to consume is 0.8?
¡¡¡¡(A) Real GDP will decrease by a maximum of $500.
¡¡¡¡(B) Real GDP will decrease by a maximum of $400.
¡¡¡¡(C) Real GDP will increase by a maximum of $100.
¡¡¡¡(D) Real GDP will increase by a maximum of $400.
¡¡¡¡(E) Real GDP will increase by a maximum of $500.
¡¡¡¡Section II: Free-Response The following are examples of the kinds of free-response questions found on the exam. Note that on the actual AP Exam, there will be one long free-response question worth 10 points and two short free-response questions, each worth 5 points.
¡¡¡¡1. Assume in the country of Zeetoland the expected inflation rate is 4%, the unemployment rate is 5%, the natural rate of unemployment is 6%, and the equilibrium real interest rate is 3%.
¡¡¡¡(a) Draw a correctly labeled graph of the long-run aggregate supply, short-run aggregate supply, and aggregate demand curves, and show each of the following.
¡¡¡¡(i) Current output, labeled Y1
¡¡¡¡(ii) Current price level, labeled PL1
¡¡¡¡(iii) Full employment output, labeled YF
¡¡¡¡(b) The central bank is concerned about the buildup of inflationary pressures and wants to take a preemptive action to fight inflation. Identify one monetary policy action the central bank would take.
¡¡¡¡(c) Based on the monetary policy action identified in part (b), will Zeetoland experience financial capital outflows or inflows? Explain.
¡¡¡¡(d) Draw a correctly labeled graph of the foreign exchange market for Zeetoland¡¯s currency, the zeet, and show the effect of the monetary policy action identified in part (b) on the demand and the exchange rate for the zeet.
¡¡¡¡(e) Based on the change in the exchange rate in part (d), what will happen to Zeetoland¡¯s net exports? Explain.
¡¡¡¡(f) Assume instead the government of Zeetoland increases income taxes. On your graph in part (a), show the impact of the government¡¯s action in the short run on real output, labeled Y2 , and the price level, labeled PL2 .
¡¡¡¡(g) Based solely on the change in real output in part (f), what will happen to the demand for money in Zeetoland?
¡¡¡¡(h) Based on your answer to part (g), what will happen to nominal interest rates in Zeetoland?
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