2018
AP Macroeconomics
Scoring Guidelines
© 2018 The College Board. College Board, Advanced Placement Program, AP, AP Central, and the acorn logo
are registered trademarks of the College Board. Visit the College Board on the Web: www.collegeboard.org.
AP Central is the ocial online home for the AP Program: apcentral.collegeboard.org
AP
®
MACROECONOMICS
© 2018 The College Board.
Visit the College Board on the Web: www.collegeboard.org.
2018 SCORING GUIDELINES
Question 1
10 points (2 + 3 + 2 + 3)
(a) 2 points:
•
One point is earned for drawing a correctly labeled graph for aggregate demand (AD) and short-run
aggregate supply (SRAS), showing
PL
1
and Y
1
at the intersection of AD and SRAS.
• One point is earned for drawing a vertical LRAS curve to the right of Y
1
.
(b) 3 points:
• One point is earned for stating that United States exports will decrease and for explaining that the fall in
i
ncome in the euro zone reduces the demand for United States goods.
• One point is earned for showing a leftward shift of the aggregate demand (AD) curve and showing lower
U
nited States real output on the graph.
• One point is earned for stating that unemployment in the U.S. will increase.
AP
®
MACROECONOMICS
2018 SCORING GUIDELINES
© 2018 The College Board.
Visit the College Board on the Web: www.collegeboard.org.
Question 1 (continued)
(c) 2 points:
• One point is earned for stating that the euro will appreciate against the U.S. dollar because the supply of
euros decreases OR because the dollar depreciates against the euro, the euro must appreciate.
• One point is earned for drawing a correctly labeled graph of the foreign exchange market for dollars and
for showing a leftward shift in the demand curve for the dollar, which would result in a depreciation of
the dollar.
(d) 3 points:
•
One point is earned for stating that the U.S. aggregate demand will increase.
• One point is earned for stating that the U.S. price level will increase.
• One point is earned for stating that the change in the interest rate is indeterminate and for explaining that
the combination of expansionary fiscal and monetary policies has opposite effects on interest rates (the
expansionary fiscal policy will increase the interest rate, as government borrows to finance its spending,
and the expansionary monetary policy will increase the money supply and decrease the interest rate).
AP
®
MACROECONOMICS
2018 S
CORING GUIDELINES
© 2018 The College Board.
Visit the College Board on the Web: www.collegeboard.org.
Question 2
5 points (1 + 2 + 2)
(a) 1 point:
• One point is earned for stating that private savings will increase.
(b) 2 points:
• One point is earned for drawing a correctly labeled graph of the loanable funds market showing a
downward sloping demand curve and an upward sloping supply curve.
• One point is earned for showing a rightward shift in the supply curve (increased private savings) and for
showing a decrease in the equilibrium real interest rate.
(c) 2 points:
• One point is earned for stating that aggregate demand will increase and for explaining that the decrease
in the real interest rate will result in an increase in interest-sensitive spending (consumption or
investment or net exports).
• One point is earned for stating that potential real gross domestic product (GDP) will increase as a result
of an increase in capital formation brought about by the increase in investment spending (or because
capital formation increased the long-run aggregate supply).
AP
®
MACROECONOMICS
2018 SCORING GUIDELINES
Question 3
5 Points (1 + 1 + 1 + 2)
(a) 1 point:
• One point is earned for stating that neither country has a comparative advantage in p
roducing consumer
goods and for explaining that the opportunity cost of producing 1 unit of consumer goods is the same for
both countries (which is 1/2 a un
it of capital goods).
(b) 1
point:
• One point is earned for correctly calculating the unemployment rate as 10 p
ercent
(20,000/200,000 × 100 = 10%).
(c) 1 point:
• One point is earned for correctly calculating the labor force participation r
ate as 66.67 percent
(200,000/300,000 × 1
00 = 66.67%).
(d) 2 points:
•
One point is earned for drawing a correctly labeled graph of the production possibilities curve (PPC).
• One point is earned for correctly showing point Z below the PPC.
© 2018 The College Board.
Visit the College Board on the Web: www.collegeboard.org.
