2024 Macroeconomics FRQ Set 2 Unboxing - Answers! (Best Guess)

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Here is a quick, low edit, video covering my best guesses as to what the answers to the 2024 Macroeconomics Set 2 FRQ will be when the rubrics are officially released.
Here is a link to the set one questions from the College Board: apcentral.collegeboard.org/me...
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Опубликовано:

11 май 2024

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Комментарии : 84

@StacyMcCabe 2 месяца назад

For FRQ 3 I thought about gdp increases causing inflation which causes a countries currency to depreciate which causes net exports to rise which causes the supply to shift left

@ReviewEcon 2 месяца назад

I think a lot of people will use similar logic, but I don't think they'll be looking for that because the question calls for a focus on real GDP and not a change in price level. Also, inflation makes imports relatively cheaper so net exports decrease with a higher PL.

@slifer4963 2 месяца назад

Thank you so much Mr. Reed for carrying me this entire year. I have spent countless midnights watching your videos, and because of you, I think I have a 5 on this one. Thank you so much, sir.

@ReviewEcon 2 месяца назад

You're very welcome! I hope the exam went well for you!

@chloes12 2 месяца назад

I think I got a 4 (or maybe a low five if I did really well on mcqs) thanks to you!!! you got me thru econ this year!! ❤️

@ReviewEcon 2 месяца назад

Great job!

@leynale 2 месяца назад

MR. REED YOU’RE MY LIFE SAVIORRRR I think I got most of these right since I learned only from the best econ teacher :^]

@ReviewEcon 2 месяца назад

I'm so glad you did well! Congratulations!

@elevenyang4874 2 месяца назад

3b I feel like because it emphasized real output so much, I said that an increase in production would fulfill domestic demands so that imports would decrease, which would increase net export overall.

@ReviewEcon 2 месяца назад

We'll see when the rubric comes out! :-)

@elevenyang4874 2 месяца назад

@@ReviewEcon yeee hopefully the rubric would be more lenient cus the question was worded so differently 🥲

@satopika 2 месяца назад

DAMN I think I basically got everything right, thank you so much for your unit review videos, really helped me throughout the year

@ReviewEcon 2 месяца назад

Nice job!

@user-rt3cl1ib6w 2 месяца назад

broooo same

@user-rt3cl1ib6w 2 месяца назад

@@ReviewEcon you’re the modern father of econ

@kaya3047 2 месяца назад

mr reed you helped me so much this year and i want to thank you for all your efforts!!

@ReviewEcon 2 месяца назад

You're very welcome! 😄

@mrawesome3842 2 месяца назад

im cooked me thinks

@plancksConstantt 2 месяца назад

Naaa we tank the curve together

@ReviewEcon 2 месяца назад

Oh no! 😢

@whydoialmosthave500subs4 2 месяца назад

Same

@someguy2413 2 месяца назад

For 3b i said exports will increase; will i get consistency points for saying supply decreases in 3c and cfa moves towards deficit in 3d

@ReviewEcon 2 месяца назад

I think this set could have a lot of consistency points. 🤞

@thebluefyrephoenix 2 месяца назад

I had no clue about what reserve markets were. I was able to use context to understand, but the demand curve I drew was wrong.

@ReviewEcon 2 месяца назад

I expect that graph was just two points. You could still be in good shape.

@izzyp3934 2 месяца назад

This is probably not what they wanted us to do for 2c but would I get points if I used the CPI to calculate inflation which got a different result than the GDP deflator? Thanks so much for the video and all your help this year!!!

@ReviewEcon 2 месяца назад

I don't think you would get the deflator point, but you could get the follow-up points.

@SJMusic06 2 месяца назад

For the first question with the ample reserves. Will reducing the discount rate also work? I only shifted the upper bound because of that

@ReviewEcon 2 месяца назад

I don't expect so because moving the upper end won't change the policy rate. But you may get a consistency point. 🤞

@tuna1142 2 месяца назад

For the last question I thought it said monetary policy so for part a I said buy bonds and yeah that affected my answers for the other parts the answers stayed the same with urs but diff policy so yeah. Will I get continuity points or no?

@ReviewEcon 2 месяца назад

I expect there will be a lot of possible consistency points. 🤞🤞

@snailsbo4170 2 месяца назад

For the AD/AS I shifted both the AD and AS to the left because during self adjustment AS moved back to the right so I thought that was correct. Will I get points off for this?

@ReviewEcon 2 месяца назад

I'm, not 100% sure, but I suspect you will be fine. I expect they won't hold it against you that you graphed something extra, that doesn't contradict what they asked for. Your PL and Y labels will make it clear. 🤞

@justinli2708 2 месяца назад

for 3b did I have to include that real output is same as income since I only wrote real output increasing causes imports to increase

@ReviewEcon 2 месяца назад

I'm not sure if they will require that or not.

@isabellechen9104 Месяц назад

for frq 3 if net exports decrease wouldnt that make the currency appreciate, so the supply of JMD would move to the left?

@ReviewEcon Месяц назад

When net exports decrease, currencies depreciate. Falling exports cause a decrease in demand for a currency and rising imports cause the supply of a currency to increase.

@edwinlee6897 2 месяца назад

What if students use cpi fixed basket quantity of year 1 to find inflation and get 10% inflation rate on Q2c? Will it be marked as wrong?

@ReviewEcon 2 месяца назад

There could be a consistency point there.

@user-hp3qo3rg6t 2 месяца назад

I thought the increase in real output meant an increase in exports because of the increase in production. Is this the correct way to think about it?

@ReviewEcon 2 месяца назад

I don't expect that will be the answer. More production doesn't necessarily mean more exports. People in other countries would have to change their behavior and buy increased production.

@user-cz8be8zx5j 2 месяца назад

is justification using the short run phillips curve acceptable for FRQ 1 part f. ii) ?

@ReviewEcon 2 месяца назад

I'm not sure, I could depend on how you explained it.

@glennwatson3313 2 месяца назад

For the third FRQ, part b could you say; "Higher real output means higher GDP. Jamaicans have more money and will import more. BECAUSE of this Jamaica’s net exports will decrease."

@ReviewEcon 2 месяца назад

That might work. I haven't seen a rubric with a question exactly like this, so I am a little unsure if my explanation will be what they want. :-)

@benjaminj6958 2 месяца назад

I used CPI to calculate inflation and got a different number but I am sure it is correct way, is that fine?

@ReviewEcon 2 месяца назад

I believe they will want the correct numbers in the calculation and correct answer. 😢

@Isaac-gh5mh 2 месяца назад

Is there another set because I didnt have either of these macro frqs

@ReviewEcon 2 месяца назад

There are some less common sets. Unfortunately, they won't be released. 😢

@American_2 2 месяца назад

Looking the same as ever bro!

@ReviewEcon 2 месяца назад

Thanks! Still get older though. 😅

@plancksConstantt 2 месяца назад

For the first question, can you only shift the bottom flat part of the demand curve (policy rate vs Q)

@ReviewEcon 2 месяца назад

If you said lower IOR, I expect so.

@oofplux 2 месяца назад

@@ReviewEcon if i said lower IOR, but shifted the entire curve down, would I still get the points?

@ethankuruvilla7322 2 месяца назад

@@oofplux yes oofplux, I believe shifting the entire curve or just the bottom flat part would earn the points, as long as you said lower IOR.

@filipeowen2048 2 месяца назад

@@oofpluxI do not believe so oofplux, but I would wait for the rubric on this one.

@oofplux 2 месяца назад

are you sure net exports decrease? the question asks solely based off the change in real output, it doesnt ask you to make any connections to national income etc etc...

@ethankuruvilla7322 2 месяца назад

i'd wait on the rubric for this one, oofplux

@ReviewEcon 2 месяца назад

That's what I expect the answer to be. Real GDP is equal to National Income and an increase in national income increases imports. But we'll see what the rubric says. 😄

@Dertheus 2 месяца назад

That’s what I was saying bruhhh then I said the supply of JMD shifts left 😭🙏

@henrybenjamin2707 2 месяца назад

What if for 1d i just said decrease interest rates (not interst on reserves)

@ReviewEcon 2 месяца назад

I don't think that will be specific enough as the central bank doesn't directly control most interest rates.

@OscarRivera-ef7gt 2 месяца назад

My FRQs are none of the 2 released, how come i received questions? Does that mean i got a least tested version?

@ReviewEcon 2 месяца назад

You had one of the less common versions. Unfortunately, they won't be released. :-(

@xlunarjet 2 месяца назад

Do you get partial credit for getting the right answer but not explaining it when needed to?

@ReviewEcon 2 месяца назад

It depends on the rubric. Sometimes, other times not.

@user-do9mn5fj5d 2 месяца назад

Can you do a video of FRQ set 1

@ReviewEcon 2 месяца назад

Already uploaded. 😄

@oliverbennett7431 2 месяца назад

I had all of the right answers I’m just afraid I didn’t explain thoroughly enough. And on my policy rate graph I just showed the ior changing which is how Clifford says to do it. Also, on the last one, I said that net exports would decrease because PL went up, so I’m not sure if I get a point for that.

@ReviewEcon 2 месяца назад

I am not sure if changing IOR on the axis will be enough since the question tells you to show the change in the policy rate.