Macro FRQ Practice- 2017 #1- Phillips Curve, AD/AS, Forex

Jacob Clifford emphasizes the importance of practicing macroeconomics by working on questions similar to those on the AP exam. He reviews the 2017 free-response question, focusing on the Phillips curve and its implications. The video covers fiscal and monetary policies, graph analysis, and the effects of GDP changes on currency supply and depreciation.

What is the long-run Phillips curve and how does it differ from the short-run Phillips curve?

Explain the concept of a recessionary gap and its implications for the economy.

Discuss the impact of government spending on the economy during a recession.

What are the key components of the aggregate demand and supply graph?