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    This document provides a grading grid for Problem Set #2 in an economics course. It lists the questions asked in the problem set and the number of points awarded for correctly drawing and labeling various diagrams and for providing accurate economic explanations of the diagrams and changes shown in them. Key diagrams involve the IS curve, MP curve, AD-AS curve, and SRAS curve. Changes analyzed include a collapse in housing construction and a reduction in lending activity.

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    This document provides a grading grid for Problem Set #2 in an economics course. It lists the questions asked in the problem set and the number of points awarded for correctly drawing and labeling various diagrams and for providing accurate economic explanations of the diagrams and changes shown in them. Key diagrams involve the IS curve, MP curve, AD-AS curve, and SRAS curve. Changes analyzed include a collapse in housing construction and a reduction in lending activity.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    21 views2 pages

    Set 2+Grading+Grid

    Uploaded by

    skazla
    This document provides a grading grid for Problem Set #2 in an economics course. It lists the questions asked in the problem set and the number of points awarded for correctly drawing and labeling various diagrams and for providing accurate economic explanations of the diagrams and changes shown in them. Key diagrams involve the IS curve, MP curve, AD-AS curve, and SRAS curve. Changes analyzed include a collapse in housing construction and a reduction in lending activity.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
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    Problem Set #2 Grading Grid Econ 100B, Spring 2012

    Directions for GSIs/Readers: Your goal is to try to assign the appropriate number of points based on your estimate of the students understanding of the material as provided by what the student has actually written (not implied).

    Question #1: The IS, MP, AD AS Model


    a. Initial IS, MP, and AD AS diagrams. 1. 2. 3. Properly drawn and labeled IS curve 0 points. Properly drawn and labeled MP curve 0 points. Properly drawn and labeled AD AS curve 0 points.

    b.

    Economic explanation of the initial diagrams. 1. 2. 3. Explanation of the IS diagram 0 points. Explanation of the MP diagram 0 points. Explanation of the AD AS diagram 0 points.

    c.

    Changes in diagrams from the collapse in housing construction. 1. 2. Leftward shift of the IS curve 1 point. Leftward shift of the AD curve 1 point.

    d.

    Economic explanation of changes from the collapse in housing construction. 1. 2. 3. 4. 5. Leftward shift of the IS curve 1 point. Leftward shift of the AD curve 1 point. Decline in economic output 1 point. Decline in inflation 1 point. Decline in the real interest rate 1 point.

    e.

    Changes in diagrams from the reduction in lending activity. 1. 2. 3. Downward shift of the SRAS curve 2 points. Leftward shift of the IS curve 3 points. Leftward shift of the AD curve 2 points.

    f.

    Economic explanation of changes from the reduction in lending activity. 1. 2. 3. 4. 5. Downward shift of the SRAS curve 2 points. Leftward shift of the IS curve 3 points. Leftward shift of the AD curve 2 points. Decline in economic output 2 points. Decline in inflation 2 points.

    6.

    Decline in the real interest rate 2 points.

    g.

    Changes in diagrams at the final general equilibrium. 1. Downward shift of the SRAS curve 1 point.

    h.

    Economic explanation of changes at the final general equilibrium. 1. 2. 3. 4. Downward shift of the SRAS curve 1 point. Permanent decline in inflation 2 points. Permanent decline in the real interest rate 2 points. Increase in economic output to potential output 2 points.

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