2003, Form B, Question 3 · 10 points
Phillips curves and three shocks
Sketch the Phillips curves for the short and long run, identify how more government spending and lower expected inflation move the inflation rate, the unemployment rate and the short-run curve, and say how larger unemployment benefits move the long-run curve.
This exam had three free-response questions to answer in 50 minutes of writing time after a 10-minute planning period, with about half the time suggested for Question 1 and the rest split evenly between Questions 2 and 3. The current exam has 3 free-response questions in 60 minutes. The skills these questions practice still count.
Lessons this question draws on
1 Read the question
The question is College Board's, from the 2003, Form B exam. It starts on page 3 of the PDF. College Board no longer posts this exam, so it opens from the copy of College Board's PDF that the Internet Archive saved on September 28, 2023.
2 Write your answer
Answer each part the way you would on the exam, in full sentences, with your work shown. Your writing saves as you type.
3 Score it
Score your answer against College Board's scoring guidelines, one point at a time. Give yourself a point only when your answer says what the guideline asks for.
Scoring guidelines (PDF, page 7)
Question, scoring guidelines and Chief Reader report: College Board, from the Internet Archive. The title, summary are ours.