# AP ECONOMICS: October 3 Warm-up Draw two LRAS-AD-AS

AP ECONOMICS: October 3

Warm-up
Draw two LRAS-AD-AS graphs showing fiscal policy closing a:
(1) recessionary gap; and (2) inflationary gap.
--Fiscal Policy Quiz (HO)
Learning Target
In order to understand how equilibrium national output and price level are determined,
I will analyze the impact of the multiplier effect. I will know I have it when I can: (1)
explain how an initial change in spending leads to many additional rounds of spending;
(2) calculate the spending and taxation/transfer multipliers; and (3) calculate the
amount that the government must change its taxation/transfers or spending to help the
economy reach full employment by taking the multiplier effect into account. Begin

Module 21 (HO)
-Marginal Propensity to Consume (MPC)
-Marginal Propensity to Save (MPS)
-MPC + MPS = 1
-Spending Multiplier (1/MPS);
-Taxation Multiplier (-MPC/MPS)
-Transfer Payment Multiplier (MPC/MPS)
Assignment
Unit 3 Progress Check in now open

Tuesday--FRQ #5; Wednesday--MCT #3

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