ap macroeconomics essay

AP® Macroeconomics

The ultimate list of ap® macroeconomics tips.

• The Albert Team
• Last Updated On: March 1, 2022

GDP, national budget, loanable funds market, macroeconomics equilibrium…The challenge of the AP® Macroeconomics exam lies in its abundance of terms, concepts, graphs, and formulas. Not to mention the always-tricky AP® Macroeconomics FRQ questions. 

In fact, only 19.1% of students scored a 5 on the 2019 test. However, despite the exam’s difficulty, it is possible to score high with the right amount of AP® Macroeconomics prep and the implementation of an effective study routine. 

This ultimate list of AP® Macroeconomics tips will give you a crash-course on how to get the best possible score on the AP® Macro exam and how to prepare for AP® Macroeconomics. Read on for an AP® Macroeconomics study guide replete with the strategies, hints, and important information you need to know to conquer the exam.

What We Review

How To Study for AP® Macroeconomics: 9 Tips for 4s and 5s

1. Keep the AP® Macroeconomics exam’s format in mind during the test

The exam is divided into two sections, the multiple choice questions and the free responses, each with their own time constraints and score weighting. Here’s a table to help you unpack this format. 

Since you have 1 hour and 10 minutes to answer 60 multiple choice questions, we recommend that you approach the MCQ component of the exam with the mindset of answering one question per every 1 minute and 20 seconds. And remember, as College Board notes, these questions require the use of economics content knowledge and reasoning across the range of course topics and skills in skill categories 1, 2, and 3.

The free response section is a little trickier. Each AP® Macroeconomics FRQ question is weighted differently. Here is another table to help you understand. 

Since you have 60 minutes to complete 3 FRQs, we recommend that you spend 20 minutes with each prompt. However, this timeline is flexible. If you find the 2 short FRQs fairly straightforward and the longer one more complex, then spend a little more time with the longer one. Just be careful not to get lost in just one of the essays.

And remember, the FRQ questions are designed to make you think critically about AP® Macroeconomics key concepts. Be expected to: 

• Make assertions about economic concepts, principles, models, outcomes, and/or effects
• Explain economic concepts, principles, models, outcomes, and/or effects
• Perform numerical analysis
• Create graphs or visual representations

2. Make watching macroeconomic review videos part of your daily study routine

Since Macroeconomics is such a visual subject, working informational videos into your study routine can work wonders. Jacob Clifford, for instance, manages a YouTube channel dedicated to both AP® Macro and Microeconomics . He offers videos on a variety of units of macroeconomics, covering everything from the production possibilities curve to the Phillips Curve. These videos are fun, engaging, fast-paced, and humorous, and he also incorporates Macroeconomic theory into pop culture to make these theories land even more clearly. They seem particularly useful when trying to grasp AP® Macroeconomics graphs, too. Moreover, Khan Academy also has several macroeconomics videos on topics covered in a traditional college level introductory macroeconomics course.

The constant influx of AP® Macroeconomics graphs, charts, formulas, and key concepts can be totally overwhelming. But perhaps the best way to combat this inundation is to review video content like Jacob Cliffford’s. Videos can really clear up certain complexities and issues within Macroeconomics. 

3. Be aware of mistakes commonly made on the AP® Macroeconomics exam

Since AP® Macro is a very particular subject, students tend to make very particular mistakes. Over the course of several years, the most common errors students have made on the AP® Macroeconomics exam include:

• Confusing the change in demand with the change in quantity demanded
• Mixing up change in supply with change in quantity demanded
• Not labeling graphs correctly, or not labeling them at all
• Not understanding the effects of Monetary Policy and Fiscal Policy on Interest Rate
• Money and Banking
• Long-Run Aggregate Supply
• International Economics
• Not knowing the difference between Real and Nominal
• Confusing comparative advantage calculations
• Not being able to distinguish between demand-pull inflation and cost-push inflation

Use this list to your advantage and keep these mistakes in mind as you work through the course and take the exam. Keep a journal and record these mistakes under a memory log or reminder sheet. It’ll come in handy come exam time. 

4. Invest in an AP® Macro review book and work it into your daily study routine

If you haven’t bought an AP® Macroeconomics review book yet, do it now! A common mistake is to wait until the weeks leading up to the exam to buy and use a review book. Don’t do this. Review books are comprehensive, concise, and quick to flip through; they’re the perfect way to begin AP® Macroeconomics prep. 

Start using them at the beginning of the year and develop a working routine with them. Set a reminder on your phone to spend at least thirty minutes working through a review book either daily or bi-daily. This will strengthen your foundation in AP® Macroeconomics. Most books come with practice tests, helpful test-taking strategies, study guides, study plans, and more. If you’re looking for the best AP® Macroeconomics review books, refer to this article .

5. Review all of the important graphs

On the AP® Macro exam, you will have to interpret a wide variety of economic graphs on the multiple-choice section and draw them during the free-response section. Understanding these graphs is essential to scoring a 5. Make sure you know how to correctly label, draw, and analyze each of these graphs:

• Production Possibilities Curve
• Supply and Demand
• Loanable Funds Market
• Money Market
• Foreign Exchange Market
• Aggregate Supply and Demand
• Phillips Curve
• Investment Demand
• Domestic/World Tariff

Here’s a comprehensive review of 10 of the most important graphs for the AP® Macroeconomics exam:

6. Review all the formulas you need to know

For the free-response and multiple-choice sections, you will need to know certain macroeconomic formulas, ranging from Real GDP to the unemployment rate, and from the tax multiplier to the GDP deflator. You can find a full, detailed list of all the formulas you need to know on The Economics Classroom website . Memorize these formulas and practice using them in the context of the AP® Macro exam.

7. Study using flashcards

Let’s face it: there are too many key terms you need to know for the AP® Macro exam, and simply reading your textbook is not enough to learn and memorize them. You need to be actively and consistently looking at these words and gaining a better understanding of them. 

To do this, try flashcards! Perhaps the most effective way to go about flashcards is to create them yourself, so that you spend more time with the terms. Head over to Quizlet and create your own set of flashcards using your textbook as a guide. Then work these flashcards into your daily study schedule. Try and spend 15-30 minutes reviewing these cards. Set an alarm on your phone to remind you to stay on top of it, too. 

Additionally, The Economics Classroom has great macroeconomics e-flashcards – 150 in all! You can study flashcards for a specific unit and shuffle through them. The definitions for each key term even include links to further definitions. Flashcards are a tried and tested way to increase your memory and strengthen your understanding of AP® Macroeconomics key concepts and terms. 

8. Follow macroeconomic blogs and social media accounts

One way to prepare for the exam is to incorporate macroeconomics into your everyday life. Of course, this doesn’t mean you need to have your nose in a book all day everyday! Try following a few macroeconomics accounts on social media and read a few blogs on a daily basis. The simple act of seeing information in a different way can help you learn more than if you just read your textbook. 

Go ahead and try out Economy Watch on Facebook, AP® Macroeconomics boards on Pinterest, or just track the #macroeconomics tag on Twitter. Engaging with macroeconomics on this personal level will help you become familiar with the world of the subject, its larger complexities, ongoing conversations, and nuances. You can also follow blogs like Mr. Karmin’s AP® Economics Blog or Steve Latter’s AP® Macroeconomics Blog , which offer tons of rewarding and effective study tools and information. Engaging with macroecon on a more personal level will provide an accessway into the subject, and it will also make studying more fun.

9. Form an AP® Macroeconomics study group

Let’s face it: studying alone can get pretty boring. And with this boredom comes loss of focus, distraction, and more. The key to solving this issue is to form effective AP® Macroeconomics study groups. The first step to forming study groups is to ask your peers if they’d be willing or wanting to meet either once or twice a week to review new units, study for exams, or just bounce ideas off one another. Working with a group can not only prove super effective in getting you to totally grasp difficult concepts but also expose you to new ideas. 

If you’d prefer to meet virtually, try out Zoom or Google Hangouts . Meet with your cohort on one of those video apps and see how it works. Once you’ve found a good study group, create a weekly or bi-weekly schedule to meet up and review. Oh, and be sure to create an agenda consisting of terms, concepts, units, etc. to review so you don’t end up wasting time. Study groups only work wonders when each member is prepared, organized, and ready to go!

Return to the Table of Contents

AP® Macroeconomics Multiple-Choice Review: 7 Tips for a 4 or 5

1. Use process of elimination to narrow down your answers

On the AP® Macroeconomics exam, and really any AP® exam for that matter, you’re going to encounter questions which stump you, and you’re going to need to develop an adequate method of surmounting them. One tried and tested method to keep you trucking through the test is to use a process of elimination on the MCQ. 

When you read through the answers, physically cross out choices you know for certain are incorrect. This will make the MCQ section much more manageable and it will allow you to create a visual map of the questions. Also, if you’re unsure about one answer, put a circle or question mark next to the letter to draw your attention to it. This will, again, keep your MCQs managed and organized, making for a much easier testing experience.    

2. Know the concepts covered on the exam

The College Board offers a topic outline in their AP® Macroeconomics Course Description . The concepts in the table below are general, but the course description gives a more detailed outline, which you can look over for more specific information. Keep in mind what content areas make up the highest percentage on the multiple-choice section and what make up the lowest percentage. Plan your studying time wisely.

As you can see, the AP® Macroeconomics exam emphasizes two units the most: 3) National Income and Price Determination and 5) Long-Run Consequences of Stabilization Policies. So we recommend you spend the most or at least a lot of time studying these sections. 

We offer study and practice modules for Unit 3 and Unit 5 that will help you work through the various AP® Macroeconomics key concepts, terms, and formulas.

3. Budget your time wisely

Since you must answer 60 multiple-choice questions in 70 minutes, you have just over a minute to spend on each question. As a general rule, there will be about 10 to 20 “easier” questions that you can spend less time on. The rest require analysis and synthesis which can make things much more complex. Answer the “easy” questions quickly to save time for the “harder” questions.

If you find yourself totally stuck and wasting time trying to decide on an answer, circle the question number and then return to it later if you still have time. However, if time is nearly finished and you still are pondering, just guess! You aren’t penalized for the questions you miss but rewarded for the amount you answer correctly, so it’s in your best interest to answer all of the questions!

4. Create a study journal detailing the formulas of AP® Macroeconomics

One trick to being well-prepared for the AP® Macroeconomics exam is to know the subject’s basic formulas like the back of your hand. To create a strong foundation in this, you need to start preparing at the beginning of the year. 

Buy a spiral notebook or organizer, label it “Formulas – AP® Macroeconomics” and keep it by your side during the year. Every time your teacher unpacks a new formula or every time you read about a new formula, write it down in the spiral. Whether it be basic GDP formulas or more complex banking formulas, write them down in the spiral in a clear and organized manner. Moreover, jot down additional notes that may help you understand the formulas more clearly. 

When it comes time to take the exam, then, you can refer back to this journal as a study tool. The abundance of formulas in AP® Macroeconomics can be overwhelming, so it’s best that you maintain an organized, systematic approach to pinning them down.

5. Keep in mind standard multiple-choice strategies

Since the multiple-choice section on the AP® Macroeconomics exam is so important, you should know some general techniques and tips on answering multiple-choice questions. Keep the following in mind:

• Answer EVERY question (no points are deducted for wrong answers)
• Use the process of elimination to narrow down the answer choices
• Pick a letter you will fill in (a, b, c, d, or e) if you have absolutely no idea what the answer is. Use this letter each time you cannot make an educated guess, or use the process of elimination. Odds are you will get at least some of these random selections right.
• Use other questions and answer choices to give you hints, or jog your memory, for questions you’re stuck on.
• Watch out for “EXCEPT” or “NOT” questions
• Don’t be afraid to underline, circle, and cross out
• Try to answer the question before reading the answer choices given.

6. Review mistakes students commonly make on the AP® Macroeconomics exam

Each year, the College Board provides a list of common errors students made during the 2019 exam through their Chief Reader Report . While this document proves invaluable to helping students recognize their own blind spots, it is often focused on very specific questions from the test. A general list of common mistakes is likely a better place to begin before diving into the chief reader reports. Drawing on resources including teacher blogs, YouTube tutorials, and more, here’s five common mistakes students tend to make: 

• Students often confuse the difference between a change in demand and a change in quantity demanded. 
• Students often mislabel or fail to label graphs correctly. 
•  Students often confuse the difference between real and nominal. Real signifies adjustment for inflation whereas nominal means with inflation. 
• Students tend to mix up Demand-Pull Inflation and Cost-Push Inflation. 
• Students incorrectly interpret the Phillips Curve, often thinking that a decrease in inflation leads to a decrease in unemployment when it is actually the other way around. 

While there are plenty of other mistakes to make on the exam, this list of five is a good place to start. Jot these down in your study journal and keep them in mind throughout the year, and then pay special attention to them while you’re reviewing for the exam itself. 

7. Use the information presented in the MCQs to your advantage

By this, we mean that sometimes the AP® Macroeconomics MCQs can actually answer themselves in a way. How, you ask? Sometimes AP-style multiple choice questions offer information that can then be used to answer other questions further down the line. 

For example, say MCQ #12 asks you to examine growth in the AD-AS model, and they provide you a graph detailing the trend. And let’s say the AD-AS model was not one of your strong suits. You skip the question and continue through the test. But then MCQ #34 asks you to assess a different kind of growth but, in doing so, actually provides more information about the AD-AS model. Use this information to return to MCQ #12 and answer it correctly. While these moments of overlap are certainly not abundant, they do occur. Use them to your advantage.

AP® Macroeconomics Free Response Questions: 9 Tips

1. Form your study routine around the format of the free-response section

On the AP® Macro FRQ section, you will have three questions to answer in 60 minutes. This 60 minutes includes a 10-minute mandatory reading/planning period. You will have one long essay that makes up 50% of your free-response score, and two shorter essays which each count for 25% of your FRQ score. 

Here’s a table to give you a better representation:

So in order to get accustomed to the structure of AP® Macro’s FRQ section, practice writing the essays in the way they are laid out. Give yourself 60 minutes, use the 10-minute planning period, and write all three essays. Try it out and see how you tend to distribute your time, and work that into your study routine. For all three of these essays, you will need to use your analysis and evaluation skills to connect different content areas. You may be asked to incorporate AP® Macroeconomics graphs or diagrams to show macroeconomic principles. Keep in mind that the free-response section counts for 33% of your entire AP® Macroeconomics exam score.

2. Use the 10-minute prewriting time to your advantage

You will be given a 10-minute reading period to plan the answers to all three FRQs. Use this time wisely. Read and re-read the questions, analyze the problems and how you can solve them or explain them, then jot down a few points you want to touch on. 

Don’t spend time writing out a rough draft, but use these 10 minutes to understand the question and come up with a rough idea of what you want to say. Additionally, you should make a writing web, planning map, or essay outline to prepare and organize your ideas. If you’re unfamiliar with prewriting activities or if you just want to brush up on your skills, consult this list of tips . 

3. Label your graphs as clearly and fully as possible

Since the AP® Macro exam is so difficult, it can be pretty easy to forget to do basic things while caught up in the whirlwind of the exam. However, do not make the common mistake of forgetting to label your graphs. There should always be labels on your graphs. Additionally, there should be a title. It sounds obvious, but it can be easy to forget these things. When you reach the graph portion, jot down reminders to label and title your graphs off to the side of the page so you remember. Make this a habit. 

Oh, and be sure to label each axis, identify the curve on the graph, show changes in curves with arrows, and whatever else you need to make sure your graph will be clear to the AP® readers. You will lose points for not including correct, clear labels!

4. Label your answers in a logical and sequential manner that follows the prompt

Many of the AP® Macroeconomics free-response questions are multi-part. This means that for one question, there will be parts (a), (b), (c), etc. If this is the case, label your answers as (a), (b), (c), etc. Don’t make things confusing for you or the AP® readers. This will keep you on track and make sure that you don’t leave anything out or miss a question. The AP® Macro FRQ section is sprawling, so it is key that you stay organized throughout the exam. 

It will also make it quicker and easier for the AP® grader to look at your work. It’s also important to realize that each individual part is awarded credit independently, so you should, at least, attempt every part. If you can’t answer part (a) or if you give a wrong answer, you can still receive full credit for your answers to part (b) and part (c). So it is imperative that you give each component a swing. Make sure to answer the parts in the correct order as well.

5. Create a daily reading schedule of economics-related material

The AP® Macro exam, and really every AP® exam, is ultimately designed to test your sophistication within a certain subject area. So, in order to score high, you will need to build and develop your sophistication within that specific subject area. And yeah, we know it’s a lot easier said than done. However, the quickest way to build your knowledge of a subject is to read widely. 

At the beginning of the year, form a daily reading schedule and stick to it. Set an alarm on your phone to remind you to read for 30 minutes to one hour. For AP® Macro, read challenging material that applies directly to that subject. For instance, you could get a subscription to publications like The Economist , The New Yorker , The New York Times , or The Wall Street Journal . Creating and sticking to a daily reading journal composed of material from those publications will enrich your understanding of Macroeconomics and provide you a gateway into the conversation within the subject. 

6. Craft an argumentative thesis statement

You’ve probably spent a majority of your school life being told by teachers to always restate the question in your answers. Ignore this idea for the AP® Macro exam. Instead, you need to craft a thesis statement which argues something. By this, we mean that your thesis statement should be designed to persuade your readers of a certain point or idea. 

Take a look at these examples: 

• “Taxes must be increased for aggregate demand to shift.”

Notice how vague the writer is in their discussion. There is no talk of how, why, or when, and they do not offer any specifications. 

Strong:  

• “The minimum change is $8 billion and government spending will have to increase to shift the aggregate demand curve to the right by the amount of the output gap.” 

Notice how the writer is succinct but still persuasive. They don’t take up too much space crafting long and vague arguments but directly state their case. 

The AP® graders know the questions inside and out; they don’t need to be reminded of what you are answering. Do not waste your valuable time restating the question in your answer. Get to the point right away, and make sure you are arguing something!

7. Explain your reasoning

Since the AP® Macroeconomics FRQ is designed to test your understanding of macroeconomics, you will be required to demonstrate mastery of the subject’s logic. By this, we mean that you must be able to unpack the ideas, sequences, and formulas—overall, the logic—of macroeconomics and show your mastery. In order to do this, you must explain your reasoning. 

For example, if you answer an FRQ question about tax increase and aggregate demand using a graph, explain the components and features of the graph in the space below. Discuss the nature of its curve, its points of origin, its labels, etc. You don’t need to write a full blown AP® English-style essay, but always offer some sort of explanation of your reasoning. This will demonstrate your sophistication and mastery of AP® Macroeconomics to the test scorer, and it is a sure way to score high.

8. Know the AP® Macro buzzwords

  The key buzzwords to look out for on the AP® Macroeconomics free-response section include: Show, Identify, Calculate, and Explain. But how exactly should you answer each of these questions? Let’s find out:

9. Get your economic lingo down

In order to score high, you need to convince the AP® Macro graders that you know what you’re talking about. This means that you absolutely must have your economic vocabulary down, especially for the FRQ section. What does this mean? Well, let’s take a look at a few examples:

• Instead of saying “went up,” say “increased.”
• Instead of saying “went down,” say “decreased.”
• Do not say that curves “move.” Say that curves “shift.”
• Curves do not shift up or down, they shift left or right.
• “Money” should only be used when discussing Money Creation and Money Supply.
• Do not write “money” when you mean “income.”
• Do not write “money” when you mean “currency.”

Tips From AP® Macroeconomics Teachers and Students

Overall ap® macroeconomics tips, 1. aggregate demand (ad) and aggregate supply (as) are the heart of the exam.

It is nearly impossible to pass the AP® Macroeconomics exam without having a firm understanding of the AD/AS model. You will have to interpret, use, and draw graphs to prove your knowledge on the exam. The long FRQ will almost always require an AD/AS diagram. 

It’s also important to understand the relationship between the Keynesian model and the AD/AS models. Oh, and don’t be afraid to draw AD/AS graphs in the test booklet to help answer multiple-choice questions. Visualizing the problem is really helpful when trying to answer a tricky question.Thanks to Mr. K. from East High School for the tip! 

2. Read Naked Economics

While this book won’t necessarily get you a 5 on the exam, you’ll gain a solid intuitive understanding of important economic concepts. It’s a really interesting read and helps break up the monotony of dry textbooks. It’ll take you through all the various big economic ideas in clear, accessible language. A must-have for new econ students. 

3. Explain concepts to yourself on paper during your study routine 

While you’re reading your textbook, review books, or watching videos, you should take notes. However, and this is going to sound like a broken record to many of you, make sure you’re writing notes in your own words.

You need to be able to come up with explanations that speak your language so that you can re-process the information when you go back and study your notes. If you can’t explain a concept to yourself in writing, then you need to study the material further. You could go even further and try explaining the concepts to your friends or family, too. Thanks to Mr. N. at Klein Oak High School for the tip!

4. Watch No Bull Economics Lessons on YouTube

Helmed by Mr. Medico, anI Economics teacher at Paul D. Schreiber High School, this YouTube channel provides a ton of great resources and videos on all things economics. They have detailed, yet simple, explanations of all the graphs you need to know for AP® Macro. In fact, the videos are particularly geared toward students needing help with the AP® Macroeconomics exam, AP® Microeconomics exam, and even introductory college courses. These are great video modules that’ll help open up the exam. 

5. Know the recurring themes

As I skimmed over all the past free-response questions, I found a few recurring themes that you should definitely go over before the exam. These will certainly make appearances on the test, so you should jot them down in a study sheet or journal. 

• Comparative/Absolute advantage
• Interest rates
• Exchange Rates
• Aggregate Supply & Demand Graph
• Fiscal policy
• Long-run & Short-run aggregate supply

AP® Macroeconomics MCQ Tips 

1. draw graphs to help with multiple-choice questions .

Many of the multiple-choice questions will be complex. If you need to, draw a graph in the question booklet to help visualize a problem and find the solution, especially when it comes to multi-element questions. Adding a quick visual can really help you unpack the wording in the MCQs and provide you a visual map of the question. Thanks to Mr. T. from Spartanburg High School for the tips!

2. Simplify the question

AP® question writers will try to wrap simple concepts in unfamiliar language. For this reason, try to find out the question’s true meaning. Off to the side, if you find it helpful, simplify the questions in your own words to get a better grasp of what they are asking you. Mark-up, annotate, and do whatever you need to the question to get a better understanding of it. 

3. Review Mr. Redelsheimer’s PowerPoint of the most common mistakes on the AP® Macroeconomics exam

In order to score high on the MCQ section of the exam, you’re going to need to, simply put, know your stuff. One way to polish your knowledge and tailor it specifically to the exam is by reviewing the common mistakes made on the exam. Mr. Redelsheimer, a high school economics teacher, has compiled an extensive list of common mistakes that students frequently make on the exam. He covers everything from real output and the price level to the various complexities of cost-push inflation. It’s a seriously helpful list, and it will prove super beneficial come exam time.

AP® Macroeconomics FRQ Tips 

1. know the best bets for the two short frqs.

More than likely, the two short free-response questions on the AP® Macro exam will include one of the following topics:

• Exchange rates, foreign exchange markets, determinants of exchange rates
• Effect of a change in deposits in the banking system, using the money multiplier
• Causes and effects of changes to the nominal and real interest rates, highlighting the money market and loanable funds market
• Money market showing the effect of monetary policy
• Phillips Curve diagram showing the relationship between inflation and unemployment

Thanks to Mr. T. from Spartanburg High School for the tip!

2. Review student writing from previous exams

To ace the AP® Macroeconomics FRQ section, you’re going to need to extensively practice and prepare. Of course, you should create a monthly schedule of writing out practice exams, but you should also carve out time to review student writing from previous tests. 

College Board offers a database of previous exams , replete with student samples of old FRQs. Open these samples up and review them. Pay special attention to how students construct their arguments, draw and discuss graphs, and how they utilize macroeconomic formulas to support their points. The samples also contain feedback and scores from actual scorers, so pay attention to that as well. Often, the feedback will illustrate why students scored high or low. Reviewing previous writing samples is a great way to develop your FRQ skills.

3. Never use the words “maybe,” “probably,” or “might” in your FRQ response

You need to make a stand in your FRQs. Don’t try and cop your way out of making a choice by using wishy-washy or vague words. You run the risk of contradicting yourself or appearing unsure if you do this. And these words also make writing unclear. Your reader won’t totally understand what you mean by saying the “GDP probably increased.” Don’t use that type of vague language. Thanks to Mrs. W. from Chatfield Senior High for the tips!

4. Draw LARGE graphs

If you’re asked to draw a graph, make sure your “correctly labeled” graph is drawn large enough so that the AP® graders can see your labels and the shifts and effects you’re trying to show. This may seem like a no-brainer, but some students have a tendency to write and draw very small. If it’s too small or too cluttered, your reader is going to glaze over your graph, and you’ll receive a poor score. 

Are you a teacher or student? Do you have an awesome tip? Let us know!

Wrapping Things Up: The Ultimate List of AP® Macroeconomics Tips

The AP® Macroeconomics exam is not a walk in the park. However, if you study hard, prepare frequently, and have an understanding of foundational Macro knowledge, you can score high. You just need to solve the puzzle of how to prepare for the AP® Macroeconomics exam, and we’re here to help. Consider pinning down these skills: 

• have a firm understanding of macroeconomics terms,
• know how to connect disparate terms together 
• know how to draw and analyze several different types of economics graphs
• be able to answer complex word problems in both multiple-choice and free-response formats.

It’s easy to get overwhelmed and frustrated, especially when you’re in the midst of preparing for the exam. However, if you learn the material, gain a deeper understanding of it, and know how to apply this knowledge to different situations, you will be ready to conquer the AP® Macro exam.

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2024 AP Macroeconomics Exam Guide

7 min read • august 18, 2023

Your Guide to the 2024 AP Macroeconomics Exam

We know that studying for your AP exams can be stressful, but Fiveable has your back! We created a study plan to help you crush your AP Macroeconomics exam. This guide will continue to update with information about the 2024 exams, as well as helpful resources to help you do your best on test day.  Unlock Cram Mode  for access to our cram events—students who have successfully passed their AP exams will answer your questions and guide your last-minute studying LIVE! And don't miss out on unlimited access to our database of thousands of practice questions. FYI, something cool is coming your way Fall 2023! 👀

Format of the 2024 AP Macroeconomics Exam

This year, all AP exams will cover all units and essay types. The 2024 AP Macroeconomics exam format will be:

Section I: Multiple Choice —66% of score 

You will have an hour and ten minutes to answer 60 questions. 

Section II: Free Response—33% of score 

1 hour to respond to three FRQs

1 long free response question (50% of section score) 

2 short free response questions (50% of section score) 

When is the 2024 AP Macroeconomics exam and how do I take it?

You will have 2 hours and 10 minutes to take the exam. Unlock Cram Mode to get updates on the latest 2024 exam news. 

How Should I Prepare for the Exam?

First, download the AP Macroeconomics Cheatsheet PDF - a single sheet that covers everything you need to know at a high level. Take note of your strengths and weaknesses! 

We've put together the study plan found below to help you study between now and May. This will cover all of the units and essay types to prepare you for your exam. Pay special attention to the units that you need the most improvement in.

Study, practice, and review for test day with other students during our live cram sessions via  Cram Mode . Cram live streams will teach, review, and practice important topics from AP courses, college admission tests, and college admission topics. These streams are hosted by experienced students who know what you need to succeed.

Pre-Work: Set Up Your Study Environment

Before you begin studying, take some time to get organized.

🖥 Create a study space.

Make sure you have a designated place at home to study. Somewhere you can keep all of your materials, where you can focus on learning, and where you are comfortable. Spend some time prepping the space with everything you need and you can even let others in the family know that this is your study space. 

📚 Organize your study materials.

Get your notebook, textbook, prep books, or whatever other physical materials you have. Also, create a space for you to keep track of review. Start a new section in your notebook to take notes or start a Google Doc to keep track of your notes. Get yourself set up!

📅 Plan designated times for studying.

The hardest part about studying from home is sticking to a routine. Decide on one hour every day that you can dedicate to studying. This can be any time of the day, whatever works best for you. Set a timer on your phone for that time and really try to stick to it. The routine will help you stay on track.

🏆 Decide on an accountability plan.

How will you hold yourself accountable to this study plan? You may or may not have a teacher or rules set up to help you stay on track, so you need to set some for yourself. First, set your goal. This could be studying for x number of hours or getting through a unit. Then, create a reward for yourself. If you reach your goal, then x. This will help stay focused!

🤝 Get support from your peers.  

There are thousands of students all over the world who are preparing for their AP exams just like you! Join  Rooms  🤝 to chat, ask questions, and meet other students who are also studying for the spring exams. You can even build study groups and review material together! 

AP Macroeconomics 2024 Study Plan

💸 unit 1: basic economic concepts , big takeaways .

Unit 1 is an introductory unit that delves into basic economic concepts such as equilibrium, supply and demand, and opportunity costs. Additionally, this unit introduces models and graphs that come up often in FRQs and will prepare students for further analysis in the later units! 

Definitely do this: 

📚 Read these study guides:

1.0 Unit 1 Overview

1.1 Scarcity

1.2 Opportunity Cost and the Production Possibilities Curve (PPC)

1.3 Comparative Advantage and Trade

1.6 Market Equilibrium, Disequilibrium, and Changes in Equilibrium

🎥 Watch these videos:

Complete Unit 1 Review by Jacob Clifford

How to Draw a PPC by Khan Academy: learn how to draw production possibility curves

Opportunity Cost Tables by Khan Academy: learn how to use production possibility curves to create a table and determine comparative advantage 

📰 Check out these articles:

Unit 1 Basic Economic Concepts

✍️ Practice:

Unit 1 Video Quiz by Jacob Clifford

2019 Free-Response Questions : Question 3, parts a-d address unit 1 topics 

Unit 1 Practice FRQs by Ms. Lopiccolo and key

If you have more time or want to dig deeper: 

Check out this Quizlet for vocab review!

📈 Unit 2: Economic Indicators and the Business Cycle

The majority of this unit deals with how economic phenomena are measured. In this unit, students will be exposed to topics such as GDP, unemployment, inflation, and business cycles. Finally, students will learn how to differentiate between real and nominal GDP.

2.0 Unit 2 Overview

2.1 Circular Flow and GDP

2.2 Limitations of GDP

2.3 Unemployment

2.4 Price Indices and Inflation

2.5 Costs of Inflation

2.6 Real vs Nominal GDP

2.7 Business Cycles

Complete Unit 2 Review by Jacob Clifford

Unit 2 FRQ Video Quiz by College Board: review key terms and practice unit 2 FRQs 

Unit 2: Economic Indicators and the Business Cycle

Unit 2 Practice FRQs by Ms. Lopiccolo and key

If you have more time or want to dig deeper:

Unemployment Rate by Year : dig into how recessions and business cycles impact unemployment rates.

💲 Unit 3: National Income and Price Determination

This unit focuses on the concepts of aggregate demand , short and long-run aggregate supply, and how changes in the economy can affect employment and national income. This unit contains a lot of important concepts that will show up on the FRQ section of the AP exam! 

3.1 Aggregate Demand

3.2 Multipliers

3.3 Short-Run Aggregate Supply (SRAS)

3.4 Long-Run Aggregate Supply (LRAS)

3.5 Equilibrium in Aggregate Demand-Aggregate Supply (AD-AS) Model

3.6 Changes in the AD-AS Model in the Short Run

3.7 Long-Run Self-Adjustment

3.8 Fiscal Policy

3.9 Automatic Stabilizers

Complete Unit 3 Review by ReviewEcon

Aggregate Demand Models by Jacob Clifford 

Unit 3: National Income and Price Determination

Lesson summary: aggregate demand (Khan Academy)

Unit 3 Practice FRQs by Ms. Lopiccolo and key

2019 Free Response Questions : Question 1 addresses unit 3 topics 

💰 Unit 4: Financial Sector 

This unit dives into the financial sector which encompasses financial assets, interest rates, monetary policies, banking, and the loanable funds market . 

4.0 Unit 4 Overview

4.1 Financial Assets 💰

4.2 Nominal vs. Real Interest Rates

4.3 Definition, Measurement, and Functions of Money

4.4 Banking and the Expansion of the Money Supply

4.5 The Money Market

4.6 Monetary Policy

4.7 The Loanable Funds Market

Complete Unit 4 Review by ReviewEcon

Functions of Money by Jacob Clifford

Unit 4: Financial Sector

Unit 4 Practice by Jacob Clifford

⚖️ Unit 5: Long-run Consequences of Stabilization Policies 

Learn how economic conditions can be improved through fiscal policies. Students will also learn how to examine the Phillips Curve , money growth, and other types of economic growth . 

5.0 Unit 5 Overview

5.1 Fiscal and Monetary Policy Actions in the Short-Run

5.2 The Phillips Curve

5.3 Money Growth and Inflation

5.4 Deficits and the National Debt

5.5 Crowding Out

5.6 Economic Growth

5.7 Public Policy and Economic Growth

Complete Unit 5 Review by ReviewEcon

Phillips Curves by Khan Academy: learn how to draw and interpret Phillips Curves.

Unit 5: Long-Run Consequences of Stabilization Policies 

Unit 4/5 Practice FRQs by Ms. Lopiccolo 

🏗 Unit 6: Open Economy- International Trade and Finance 

Building on concepts from units 1-5, this unit dives into the idea of an open economy which is when one country interacts with other countries. Additionally, this unit introduces the concept of foreign exchange markets. 

6.0 Unit 6 Overview

6.1 Balance of Payments Accounts

6.2 Exchange Rates

6.3 Foreign Exchange Market

6.4 Effect of Changes in Policies & Economic Conditions on the Foreign Exchange Market

6.5 Changes in the Foreign Exchange Market and Net Exports

Complete Unit 6 Review by ReviewEcon

Unit 6: Open Economy- International Trade and Finance

2019 Free Response Questions : Question 2 addresses unit 6 topics 

Key Terms to Review ( 20 )

Aggregate demand

Aggregate Demand-Aggregate Supply (AD-AS) Model

Balance of Payments Accounts

Crowding Out Effect

Deficits and National Debt

Economic Growth

Exchange Rates

Fiscal Policy

Foreign exchange market

Free Response Questions (FRQs)

Loanable Funds Market

Long-Run Aggregate Supply (LRAS)

Monetary Policy

Money Growth and Inflation

Money Market

Money Supply

Multiple Choice

Nominal vs. Real Interest Rates

Phillips Curve

Short-run Aggregate Supply (SRAS)

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Ultimate Guide to the Macroeconomics AP Exam

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It’s no secret to most high school students that  Advanced Placement (AP) courses and exams are administered each year under the oversight of the College Board, representing the equivalent of a college-level course. While the majority of  students enroll in these courses to prepare for their AP exams, many other students self-study for the exams without enrolling in the actual AP classes.

The Macroeconomics AP exam is one of the APs most commonly taken as a self-study test. Although many students enroll in the actual class, this particular exam is also well-suited to self-studying due to its heavy emphasis on vocabulary and highly specific theory. If you are interested in taking the Macroeconomics AP exam, whether you have taken the class or are planning to self-study, read on for a breakdown of the test and CollegeVine’s advice for how you can prepare for it.

About the Exam

The Macroeconomics AP exam measures your knowledge of macroeconomics principles. These include your economic content knowledge and ability to reason within the discipline. You should be able to analyze hypothetical situations, graphic representations, and unique scenarios using core course concepts. The most successful students will use correct and precise terminology and have in-depth knowledge of effective graph use with particular attention to labeling graphs clearly, correctly, and fully.

There is a good amount of overlap between the Macroeconomics AP exam and the Microeconomics AP exams. In terms of core content, you will often need to understand the principles of one to explain the principles of the others. For this reason, it is a good idea to take both AP exams if you can. If your high school only offers one econ AP, you can self-study for the other if you have good study habits and the right study materials. Forming a study group with other econ classmates is also a great idea. Keep in mind, credit and advanced standing based on AP scores varies widely from school to school. Regulations regarding which APs qualify for course credits or advanced placement at specific colleges and universities can be found here . 

The Macroeconomics AP exam is one of the shorter AP exams, clocking in at just 2 hours and 10 minutes. It is comprised of two sections. The first section takes 1 hour and 10 minutes, contains 60 multiple choice questions, and account for 66% of your total score. The second section takes an hour, contains three free-response questions, and accounts for 33% of your score. In the free-response section, there will be one longer question worth 50% of your section score, and 2 shorter questions each worth 25% of your section score.

In 2016, 55.7% of students who took the Macroeconomics AP received a score of 3 or higher. Only 16.1% of students received the top score of 5, while 26.8% scored a 1 on the exam. These results are highly skewed by a particularly difficult free-response question about loans/demand deposits, on which 40% of test takers earned zero points. Typically, the average free-response answer receives at least half the available points on any given prompt.    

A full course description that can help to guide your studying and understanding of the knowledge required for the test can be found in the College Board course description, located here .

Read on for tips for preparing for the exam.

Step 1: Assess Your Skills

It’s important to start your studying off with a good understanding of your existing knowledge. To learn more about the importance of formative assessments and how you can use one to get your studying off on the right foot, check out the CollegeVine article What Is a Formative Assessment and Why Should I Use One to Study?

Although the College Board Macroeconomics AP website provides a number of sample test questions, it does not provide a complete sample test. There are, however, two complete practice tests with scoring guides provided on the College Board Macroeconomics AP teacher website. One is a released exam from 1995, available here , and the other is a released exam from 2012, available here . You can find a practice test in many of the official study guides, and some even include a diagnostic test to act as your initial assessment.

Step 2: Study the material

The material on the Macroeconomics AP exam includes basic economic theory and the greater principles of economics that apply to the economic system as a whole. The exam covers the following major content areas:

• Basic Economic Concepts
• National Income and Price Determination
• Financial Sector
• Stabilization Policies
• Economic Growth
• Open Economy

This is not an exhaustive summary of everything you’ll need to know, but it should give you a good idea of the foundational theory for which you’ll be held responsible on the exam.

For a more specific idea of where to focus your studying, consider using a formal study guide. Princeton Review’s Cracking the AP Economics 2017 is a very comprehensive guide and potentially saves you some money by including both macro and microeconomic AP theory, since many students go on to take both. Some criticize this guide for having too much information, but it can be used effectively as a textbook rather than a concise study guide. For information that is presented more concisely, you might consider using the AP® Macroeconomics Crash Course Book . Although it has not been updated since 2011, the book continues to receive strong reviews for its clarity and precision and the exam has not been changed since then.

There are also a number of free study resources available online. Many AP teachers have posted complete study guides, review sheets, and test questions. You can find one such comprehensive study guide available here and another one here . If you are more of visual learner, there is also a series of YouTube videos produced by high school econ teachers that cover many of the basic principles on the exam. You can access those online here .    

Another new, fun way to study is to use one of the recently developed apps for AP exams. These range in price from $0.99 to $4.99, but they provide a fun and easy way to quiz yourself. Make sure you read reviews before choosing one – their quality varies widely.

Step 3: Practice Multiple Choice Questions

Once you have your theory down, test it out by practicing multiple choice questions. You can find these in most study guides or through online searches. You could also try taking the multiple choice section of another practice exam.

The College Board Course Description includes many practice multiple choice questions along with explanations of their answers. As you go through these, try to keep track of which areas are still tripping you up, and go back over this theory again. Focus on understanding what each question is asking and keep a running list of any vocabulary that is still unfamiliar.

Step 4: Practice Free Response Questions

When writing your free-response answers, keep in mind that these are not comprehensive essays, and you have limited time for completing them. Therefore, it is not necessary to write introductions or to restate the question in your response. Instead, clearly label your answers and each part of them, and write in complete, concise sentences.

Most of the free-response prompts will have multiple parts to them. Underline each section of the question and check the sections off as you answer them. Students often lose points by forgetting to include one part of a multipart question. Also, be sure that each part is explicitly labeled in your answer. For example, write 1(a), 1(b), 1(c), etc. to denote each section of your answer.

Another common area where students lose points on the free-response section of the Macroeconomics AP exam is student-produced diagrams or graphs. You will need to make produce graphs and diagrams that clearly indicate the information you are conveying. Be sure to label all axes and curves clearly and show directional changes. 

For more information about how free-response questions are scored, and to see where points are commonly lost, be sure to check out the College Board’s extensive collection of student samples and scoring explanations .

Step 5: Take another practice test

As you did at the very beginning of your studying, take a practice test to evaluate your progress. You should see a steady progression of knowledge, and it’s likely that you will see patterns identifying which areas have improved the most and which areas still need improvement.

If you have time, repeat each of the steps above to incrementally increase your score.

Step 6: Exam day specifics

In 2017, the Macroeconomics AP Exam will be administered on Wednesday, May 12 at 12 PM.    

For complete registration instructions, check out CollegeVine’s How to Register for AP Exams (Even If You Didn’t Take the Class) .

For information about what to bring to the exam, see CollegeVine’s What Should I Bring to My AP Exam (And What Should I Definitely Leave at Home)?

For more about APs, check out these CollegeVine posts

• Can AP Tests Actually Save You Thousands of Dollars?
• Should I Take AP/IB/Honors Classes?
• How to Choose Which AP Courses and Exams to Take
• What If My School Doesn’t Offer AP or IB Courses?
• Are All APs Created Equal in Admissions?
• AP Exam Scores: All Your Questions Answered

Want access to expert college guidance — for free? When you create your free CollegeVine account, you will find out your real admissions chances, build a best-fit school list, learn how to improve your profile, and get your questions answered by experts and peers—all for free. Sign up for your CollegeVine account today to get a boost on your college journey.

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Advanced Placement

The Complete Guide to AP Macroeconomics Exam [Updated for AP 2024 Exam]

Written by Apoorvaa Agarwal

• The AP Macroeconomics course covers the basics of macroeconomics, which is the study of the economy as a whole.
• The AP Macroeconomics exam is divided into two sections : multiple-choice (66 questions, 1 hour 10 minutes) and free-response (1 long essay and 2 short essays, 1 hour).
• The mean score for the AP Macroeconomics exam in 2022 was 2.71 out of 5. This is slightly higher than the mean score for all AP subjects in 2022, which was 2.92.
• The pass rate of the AP Macroeconomics Exam for 2022 was 51.8%. This is slightly higher than the pass rate for AP overall, which was 60.2%.
• Majors: Economics, business, finance, public policy, government, international relations
• Career pathways: Economist, financial analyst, business consultant, policymaker, government official, international trade specialist

AP Macroeconomics is one of the most popular AP courses offered by the College Board. In 2022, over 134,413 students took the AP Macroeconomics exam.

The AP Macroeconomics exam is a challenging but rewarding course that can help you develop a deeper understanding of how the economy works. If you are interested in economics, business, or public policy, then AP Macroeconomics is a great course to consider.

Looking for expert AP tutors to help you prepare for the AP exams? Explore Wiingy’s Online AP tutoring services to learn from our top experts.

What is on the AP Macroeconomics exam?

The AP Macroeconomics exam covers a wide range of topics related to the study of the economy as a whole, from the pre-industrial era to the present day.

These topics include the concepts of gross domestic product (GDP), unemployment, inflation, interest rates, and economic growth. In addition to these specific topics, the AP Macroeconomics exam also covers several broader topics, such as the role of government in the economy, the international economy, and the factors that determine economic growth.

The AP Macroeconomics Exam format includes two sections as below:

Now let’s understand everything about the AP Macroeconomics exam like duration, structure, score distribution, etc.

How long is the AP Macroeconomics exam?

The AP Macroeconomics exam is 2 hours 10 minutes long and is divided into two sections

• The first section consists of 66 multiple-choice questions and is 1 hour 10 minutes long.
• The second section is a free-response section with 3 questions and is 1 hour long.

The AP Macroeconomics Exam will test your understanding of the geographic concepts covered in the course units, as well as your ability to analyze maps, geospatial data, infographics, and more.

How many questions does the AP Macroeconomics exam have?

The AP Macroeconomics exam has 63 questions in total divided into two major sections; 66 multiple-choice questions and 3 free-response questions.

Topics for AP Macroeconomics Reviews

AP Macroeconomics is a rigorous course that covers the core concepts, theories, and processes that shape the economy as a whole. Students will do hands-on activities and projects to investigate economic phenomena.

For additional course resources such as classroom resources, formulae and equation sheets and lab manuals refer to the College Board AP Macroeconomics course page .

How is the AP Macroeconomics exam scored?

The AP Macroeconomics exam is divided into two sections:

• Section I: Consists of 60 multiple-choice questions.
• Section II: Consists of 3 free-response questions.

After the exam, the raw scores for each section are converted into scaled scores ranging from 1 to 5, according to a method that considers the exam’s complexity. The final step is to sum the results to determine the student’s final AP Macroeconomics exam score.

Multiple-choice: You will get 1 point for each multiple-choice question you answer correctly. There are no point deductions for incorrect answers.

Free-response: Points are allotted for clearly and thoroughly answering each part of the question. The long free-response question is worth 25 points, and each of the two short free-response questions is worth 15 points. Each free-response question has an equal bearing on your overall score.

The multiple-choice and free-response sections are each worth 50% of your score. Your free-response score is scaled accordingly and added to your multiple-choice score to arrive at a scaled AP score that is then converted to a final score on the 1-5 AP scale.

When is the AP Macroeconomics exam in 2024?

The AP Macroeconomics exam for 2024 will be held on Friday, May 10 2024 08:00 am local time. The 2024 AP Exams will be held over two weeks in May: May 6–10 and May 13–17. 

For the most recent information on exam dates and registration deadlines, students can check with their institution or the College Board website .

How to prepare for the AP Macroeconomics exam?

Here are some tips on how to prepare for the AP Macroeconomics exam 

• Pay attention to the graphs and charts in your textbook . These can be a great way to visualize the concepts that you’re learning.
• Learn the different economic systems . This is an important part of AP Macroeconomics, and it will come up on the exam.
• Be familiar with the different economic indicators . This is another important topic in AP Macroeconomics, and it will also come up on the exam.
• Practice answering multiple-choice questions. The AP Macroeconomics exam includes a multiple-choice section. Practicing answering multiple-choice questions will help you to improve your test-taking skills and prepare for the exam.
• Practice writing essays . The AP Macroeconomics exam includes a free-response essay section. Practicing writing essays will help you to improve your writing skills and prepare for the exam.

How can Wiingy help with AP Macroeconomics exam prep?

In 2022, only 16.4% of the 134,413 students who took the AP Macroeconomics exam scored a 5. While 3 is considered the unofficial passing rate, most elite universities, such as Harvard or Princeton, offer AP credit only if you score 5 or higher. 

Getting a 5 is possible if you have the right support in your high school, but that’s rarely the case.

Here at Wiingy, we work with vetted AP Macroeconomics tutors with demonstrated expertise and experience in helping students score a 5 on AP exams . 

Unlike tutor marketplaces, every Wiingy tutor is screened individually and undergoes a comprehensive assessment. Less than 3% of applicants are selected to become tutors on Wiingy’s platform, ensuring tutors are highly qualified and experienced in teaching AP courses.

Our tutors will work with you 1-on-1 to master the content and skills you need to succeed. Experienced tutors can provide you with curriculum-specific guides and practice questions and familiarize you with the exam format to help you ace the test.

We know that sometimes you don’t want to pay for private tutoring because it is too expensive. It’s common to see tutoring costs between $100 to $150 per hour. Wiingy’s rates are very affordable, starting from just $28 per hour , much lower than the average AP tutoring offered by other platforms.

One more advantage of studying with us is that we don’t require you to sign up for any packages or yearly subscriptions . You can sign up for as little as a single lesson and add more lessons as per your requirements.

While we try to match you with the perfect tutor as per your needs, we know that sometimes even the best tutors might not be the right fit for you. That’s why we offer you the Perfect Match Guarantee , which means that if you are not satisfied with your tutor for any reason, you can request a free replacement at any time . 

Sign up with Wiingy AP Macroeconomics Tutoring today and achieve your goal of scoring a 5 on your AP Test !

Why take AP Macroeconomics?

There are several reasons why taking the AP Macroeconomics exam can be beneficial for students. Here are some points in detail:

• College credit: Depending on your score and the policies of the college you plan to attend, a high score on the AP Macroeconomics exam can earn you college credit. This can save you time and money on tuition costs, as you may be able to skip introductory macroeconomics courses in college. You can major in Economics, Business Administration, Finance, Political Science, or Public Policy.
• Advanced Placement: In addition to college credit, a high score on the AP Macroeconomics exam can also earn you advanced placement in higher-level macroeconomics courses in college. This can give you a head start and allow you to take more advanced courses earlier in your college career.
• Career prospects: Taking the AP Macroeconomics exam and earning a high score demonstrates to colleges and future employers that you have mastered college-level macroeconomics concepts and skills. This can be an impressive addition to your college application or resume if you are looking to make your career as an Economist, Financial Analyst, Business Consultant, or Policymaker.
• Interest in macroeconomics : Finally, taking the AP Macroeconomics exam can be a way to pursue your interest in macroeconomics and deepen your understanding of the economy. By exploring advanced macroeconomics concepts and practicing critical thinking skills, you can gain a greater appreciation for the complexity and dynamics of the global economy.

Students who are interested in majoring in economics, business, finance, or public policy will find the skills learned in AP Macroeconomics to be essential. Additionally, the skills learned in this course can be applied to a wide range of careers, such as consulting, banking, and government.

The AP Macroeconomics exam is divided into two sections: multiple-choice (66 questions, 1 hour 10 minutes) and free-response (1 long essay and 2 short essays, 1 hour ).

The mean score for the AP Macroeconomics exam in 2022 was 2.71 out of 5 , which is slightly higher than the mean score for all AP subjects in 2022 (2.92). The passing rate for AP Macroeconomics in 2022 was 51.8% , which is slightly higher than the pass rate for AP overall (60.2%).

The AP Macroeconomics exam is challenging, but it is also rewarding. By learning about the economy and applying your critical thinking skills, you can gain a deeper understanding of how the world works.

Frequently Asked Questions (FAQs)

Is ap macroeconomics harder than ap microeconomics.

In 2020, 82,415 students took the AP Microeconomics exam. Of these, 68.9% received a passing score of 3 or better and 23.3% earned a score of 5.

In comparison, 122,639 students took the AP Macroeconomics test, and 63.2% received a 3 or better, while 19.7% earned the top score. These figures suggest that AP Macroeconomics may be slightly harder.

However, you should consider several other criteria. For example, if you possess strong math skills, you may enjoy the mathematical relationships more common to micro models. Conversely, if your strong suits lie in history and government, macro may be easier for you due to the political and economic theories.

Do colleges care about AP Macroeconomics?

For students considering a major in business, economics, finance, and public policy, taking and earning a high score on the AP Macroeconomics exam can demonstrate your level of commitment. Additionally, AP courses on your transcript let colleges know you took the most challenging classes available.

On the other hand, AP Macroeconomics may not correspond to the content in a college course as readily as courses like AP Calculus and AP Biology. This may make it more difficult to earn credits or advanced placement. It’s a good idea to check AP requirements if you know which colleges you hope to attend.

Is Macroeconomics hard to self-study?”

Macroeconomics is not necessarily hard to self-study, but it can be challenging. The subject matter is complex and can be difficult to understand without a teacher or tutor to help explain the concepts. However, with the right resources and a lot of hard work, it is possible to learn macroeconomics on your own.

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By submitting my email address. i certify that i am 13 years of age or older, agree to recieve marketing email messages from the princeton review, and agree to terms of use., guide to the ap macroeconomics exam.

The AP ®  Macroeconomics exam will test topics and skills associated with your ability to define economic principles, models, outcomes, and situations using graphs and visual representations.

Check out our AP Macroeconomics Guide for what you need to know about the exam:

• AP Macroeconomics Exam Overview
• AP Macroeconomics Sections & Question Types
• AP Macroeconomics Scoring
• How to Prepare

What's on the AP Macroeconomics exam?

The College Board outlines six major units your AP Macroeconomics teacher should cover during the course year:

• Unit 1: Basic Economics Concepts
• Unit 2: Economic Indicators and Business Cycle
• Unit 3: National Income and Price Determination
• Unit 4: Financial Sector
• Unit 5: Long-Run Consequences of Stabilization Policies
• Unit 6: Open Economy – International Trade Finance

Read More: Review for the exam with our  AP Macroeconomics Cram Course

AP Macroeconomics Exam Question Types

The AP Macroeconomics exam takes 2 hours and 10 minutes to complete and is composed of two sections: multiple-choice and free response.

Multiple-Choice

AP Macroeconomics multiple-choice questions consist of individual questions that require background knowledge of economics across a range of topics learned throughout the course. These questions will ask you to:

• Define economic principles and models
• Explain given economic outcomes
• Determine the outcomes of specific economic situations

Free Response

There are three free response questions on the AP Macroeconomics exam: 1 long-response question (worth 50% of the section score) and 2 short-response questions (each worth 25% of the section score). To best prepare for this section, you should be able to:

• Make assertions about economic concepts, principles, models, outcomes, and/or effects
• Explain economic concepts, principles, models, outcomes, and/or effects
• Perform numerical analysis and calculations
• Create graphs or visual representations

For a comprehensive content review, check out our book,  AP Economics Prep

What's a Good AP Macroeconomics Score?

AP scores are reported from 1 to 5. Here’s how students scored on latest AP Macroeconomics exam in May 2020:

Source: College Board  

How can I prepare?  

AP classes are great, but for many students they’re not enough! For a thorough review of AP World History content and strategy, pick the AP prep option that works best for your goals and learning style.

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Sat / act prep online guides and tips, the ultimate ap macroeconomics cheat sheet (graphs included).

Advanced Placement (AP)

Each year, around 20% of test takers score a 5 on the AP Macroeconomics exam. (no pressure, right?) If you want to be one of those top scorers, you need to really understand the graphs and equations that will help you make tough calculations during the exam. 

To help you with that, we’ve put together a complete AP Macroeconomics cheat sheet that you can use to prepare for the exam! In this article, we’ll tell you everything you need to know about our AP Macroeconomics cram sheet, including the following: 

• A quick refresher on what the AP Macro exam covers 
• A full overview of what’s included in the AP Macro cheat sheet (graphs, equations, and key terms are all covered!)
• An explanation of how to use the AP Macro cheat sheet
• Our four best tips for how to study for the AP Macro exam

There’s a lot to cover, so let’s get started!

The AP Macroeconomics Exam

The AP Macro exam runs for a total of two hours and 10 minutes (130 minutes) and is divided into two sections. Section I consists of 60 multiple choice questions and lasts for one hour and 10 minutes. This section makes up 66% of your overall exam score. Section II is made up of three free response questions. You’ll get one hour to complete Section II, including a 10 minute reading period. Section II makes up 33% of your total exam score. 

The AP Macro exam is notoriously tough. It tests your knowledge of economic principles and models to describe economic situations and predict and explain economic outcomes. On the exam, you’ll be tasked with showing your knowledge of how to use graphs, charts, and data to analyze and describe economic concepts.  

Specifically, the AP Macroeconomics exam tests you over the following course topics (called “ Big Ideas ” by the College Board). Here’s how the College Board explains them:  

Big Idea 1: Economic Measurements (MEA) — Economists contrast measurements to monitor the state of an economy and evaluate its performance over time. Governments, firms, and citizens often use these measurements to help inform policy, business, and personal decisions. 

Big Idea 2: Markets (MKT) — Competitive markets bring together buyers and sellers to exchange goods and services for mutual gain. The simple model of supply-demand can be applied in different market contexts. 

Big Idea 3: Macroeconomic Models (MOD) — Macroeconomic models are simplified representations that depict basic economic relationships and can be used to predict and explain how those relationships are affected by economic shocks. 

Big Idea 4: Macroeconomic Policies (POL) — Government taxation and spending policies and central bank monetary policy can affect an economy’s output, price level, and level of employment, both in the short run and the long run. 

Many of the questions on the AP Macro exam ask you to explain economic concepts and outcomes, perform numerical analyses, and create graphs or visual representations…which is why you need an AP Macroeconomics cheat sheet! Keep reading to learn more about what’s on our AP Macro cram sheet and how you can use it in your exam prep. 

The AP Macro formulas might seem like gibberish, but we're here to give you clarity. (See what we did there?) 

The AP Macroeconomics Cheat Sheet

Now, we’ve got some good news and some bad news. Here’s the bad news first: you won’t be provided with an official AP Macroeconomics cheat sheet during the exam. In fact, the College Board doesn’t provide an AP Macroeconomics equations sheet of any kind, online or otherwise. On test day, you’ll have to have everything memorized in order to do well on the test. 

But here’s the good news: we’ve put together an AP Macroeconomics cheat sheet for you! We know that it can be tough to keep up with all of the key terms and equations, but our AP Macro cheat sheet is designed to help you master all that tough content by laying out the core equations, graphs, and concepts that you need to know to succeed on the AP Macro exam. 

Before you read further: go ahead and download our cheat sheet so you can follow along below! 

Got it? Okay--let’s continue. To put together our AP Macroeconomics cram sheet, we combed through every unit of the AP Macro course and identified the most important calculations you need to know for the exam . Making calculations based on economic principles and graphical representations is a big part of this test, so this cram sheet will be your best friend as you start preparing.

Once we added the essential equations, graphs, and formulas to our AP Macroeconomics cram sheet, we checked Khan Academy’s AP Macroeconomics course content to ensure our information is accurate, up-to-date, and easy to use! 

Finally, we included a section of crucial terms and definitions that you need to know for the AP Macro exam . Knowing these terms and definitions will actually help you use the equations and graphs included on our cram sheet correctly, so be sure to keep reading all the way to the end!

While you won’t have access to any AP Macroeconomics cheat sheet, graphs, or equations during the exam, you can use our cheat sheet to focus your study time on the concepts and formulas you’ll be tested on! Read on to learn more about the specific content we include on our AP Macro cheat sheet. 

Not sure how to use the cheat sheet to study for AP Macro? We'll give you the recipe for success.

How to Use the Equations on the AP Macroeconomics Cheat Sheet

Graphs and balance sheets and curve models, oh my! At first glance, our 15-page AP Macroeconomics cram sheet may seem a bit intimidating. But keep in mind that AP Macro is a very visual exam: it includes many charts and graphs in addition to long equations, which can take up a lot of space!

On top of that, we wanted to make sure that our AP Macro cheat sheet is comprehensive. If you’re going to snag a top score on this AP exam, you need to give your studying your best effort--and that includes brushing up every equation you may encounter. 

Since our AP Macro cram sheet is a bit long, we’ll explain how to navigate it here. The formula sheet is divided up based on the six units of study in the AP Macro course . The six units of study are as follows: 

• Unit 1: Basic Economic Concepts
• Unit 2: Economic Indicators and the Business Cycle
• Unit 3: National Income and Price Determination
• Unit 4: Financial Sector
• Unit 5: Long-Run Consequences of Stabilization Policies
• Unit 6: Open Economy—International Trade and Finance

If you’re looking for an equation or graph that belongs to a specific course unit, just scroll through the cram sheet and search for the big, bold “Unit” headings! 

In addition to organizing the cram sheet around the AP Macro course units, we also indicate which part of each unit the formulas correspond with. We do this so you can anticipate when each formula and graph will be relevant and useful to you during your AP Macro course. For instance, say you’re studying real GDP and the GDP deflator in class, and you want to use our cheat sheet for some guidance on your homework. You can find this info by looking for Unit 2, section 2.6 in the cheat sheet, like so: 

See? In the image above, taken straight from our AP Macro cram sheet, you’ll see that real GDP and the GDP deflator are covered in Unit 2.6 of the AP Macro course. These unit markers will help you stay on track with what you’re studying in class, and you can use them as a shortcut to look back at course content when you’re prepping for the AP exam. 

For each equation and graph, we state the specific type of calculation you’ll be tested on, then we provide the equation you’ll need to use to make that calculation . When applicable, we also provide the graph(s) you’ll need to use in conjunction with certain equations in order to make correct calculations. 

Let’s take a brief look at each section of the formula sheet to get a better sense of what equations are on the exam next. 

Unit 1 Equations: Basic Economic Concepts

Unit 1 of AP Macro gets you started with the basics. You’ll gain a thorough understanding of basic economic concepts so you can apply them in increasingly advanced ways in successive units of study in this course. Specifically, Unit 1 will show you how graphs can be used as tools to make sense of economic situations and predict economic outcomes. 

With that in mind, our cheat sheet gives you the equations and graphs you’ll need to calculate the following: 

• Opportunity cost
• Mutually beneficial terms of trade
• The surplus or shortage in the market experience as an imbalance
• Graph demonstrating the relationship between demand and supply

Unit 2 Equations: Economic Indicators and the Business Cycle

In Unit 2 of AP Macro, you’ll build on the basic concepts you learned in Unit 1 by examining key measures of economic performance , such as gross domestic product (GDP), unemployment, and inflation. You’ll learn to fully explain these indicators in different contexts, including what they measure and how they are calculated. 

The Unit 2 equations and graphs that you’ll find calculations for on our cheat sheet include: 

• Nominal GDP
• Unemployment rate and labor force participation rate (LFPR)
• CPI, inflation rate, and changes in real variables
• Real GDP and GDP deflator
• Graph demonstrating the business cycle
• Graph demonstrating the circular flow model

Economic multipliers help a country's GDP grow. You'll need to know about them before you take the AP Macro exam! 

Unit 3 Equations: National Income and Price Determination

Unit 3 of AP Macro helps you hone your quantitative skills in the context of learning about multipliers , looking back to interpret economic outcomes, and looking forward to anticipate the effects of policy and other changes. You’ll practice calculating multipliers and explaining how changes in spending and taxes lead to real changes in GDP. 

Our cheat sheet includes the calculations for the following Unit 3 concepts and principles: 

• How changes in spending and taxes lead to changes in real GDP, which includes
• Marginal propensity to consume (MPC)
• Marginal propensity to save (MPS)
• Expenditure multiplier and tax multiplier
• Final impact on GDP
• The short-run effects on a fiscal policy action using the Aggregate Demand-Aggregate Supply (AD-AS) Model (graph included)

Unit 4 Equations: Financial Sector

In Unit 4, you’ll practice describing the workings of the financial sector . Interpreting bank balance sheets and calculating changes in demand deposits, loans, and reserves in the banking system as a result of deposits, withdrawals, and monetary policy will help build your quantitative skills during this unit. 

On our AP Macro cheat sheet, you’ll find the correct calculations and graphs for the following concepts: 

• Nominal interest rate
• Real interest rate
• Measures of money
• The effects of changes in the banking system, including
• The money multiplier
• Excess reserves
• Maximum new loans from a deposit
• Graph demonstrating the Loanable Funds Market
• The effects of a monetary policy action

Economic decisions can cause a ripple effect--just like dominoes. You'll need to understand cause-and-effect relationships in economics...and how to manage them.

Unit 5 Equations: Long-Run Consequences of Stabilization Policies

Unit 5 of AP Macro covers each step in the chain of cause-and-effect relationships so you learn to explain how monetary policy affects interest rates and how interest rates affect household and firm spending. By the end of this unit, you should have a strong understanding of the long-run consequences of stabilization policies undertaken by a central bank. 

The following Unit 5 calculations and graphs are covered on our AP Macro cheat sheet: 

• The quantity theory of money
• The equation of exchange
• Per capita GDP and economic growth
• Graph demonstrating the Aggregate Production Function
• Graph demonstrating the Phillips Curve Model

Unit 6 Equations: Open Economy--International Trade and Finance

Unit 6 of AP Macro hones your ability to interpret and manipulate economic models in the context of an open economy. To succeed on questions pertaining to this unit on the AP exam, you’ll need to be able to explain changes in net exports, financial capital flows, and policy actions in the foreign exchange market. You’ll also need to be able to show your understanding of these concepts through graphical representations. 

Our AP Macro cheat sheet covers the following Unit 6 calculations and concepts: 

• The current account (CA)
• The capital and financial account (CFA)
• The balance of payments
• Exchange rates
• Graph demonstrating the foreign exchange market

Key Terms and Definitions

We know that keeping up with all of the symbols and terms used in the calculations you’ll need to do for AP Macro can make your head spin, so we’ve included a list of key terms and definitions you can use at the end of the cheat sheet. 

Here’s a taste of the key terms and definitions that are included in the final section of our AP Macroeconomics cheat sheet:  

In total, you’ll find 22 key terms that you need to know for the AP Macroeconomics exam on our cheat sheet. Brush up on these so that working with AP Macro equations and graphs will get easier and easier!

4 Tips for Using the AP Macroeconomics Cheat Sheet to Study for the Exam

While you can’t use an equations cheat sheet of any kind during the actual exam, you can use one to improve your AP Macro study plan. Below, we give you four tips for preparing for the AP Macro exam so you’ll get the score you’re hoping for. 

Tip 1: Work on Key Terms

AP Macro is a deep dive into complicated economic concepts and principles. If you want to succeed on the AP Macro exam, you need to not only memorize the key terms that pop up throughout the course, but know when to use those terms to explain, describe, and calculate various economic scenarios and outcomes. 

You can use our AP Macro cram sheet to work on memorizing these terms, then practice using those terms in different contexts. By the time you take the AP exam, you won’t have any trouble interpreting tough questions and using the right concepts to get the right answers. 

Tip 2: Get Familiar With Graphs

One of the most important skills you need in order to score well on AP Macro is the ability to interpret graphical representations and use them to make calculations. 

Our AP Macro cheat sheet will help you practice applying graphical data in context, such as the Phillips Curve Model and the Aggregate Demand-Aggregate Supply Model. These graphs are certain to pop up on the AP exam, and you need to know exactly how you can use them to explain, describe, or calculate various concepts and outcomes during the exam. 

Tip 3: Do Your Homework

Homework is one of the best avenues for practicing the tough concepts you’re learning in your AP Macro class. To get the most out of your homework practice, you can use our AP Macro cheat sheet as an analysis tool to determine which concepts, equations, and graphs you need to really hammer home in order to do well on the AP exam. 

As you complete your AP Macro homework, pay close attention to the types of questions you find yourself consulting the cheat sheet for. Each time you use an equation or graph from the cheat sheet, put a tally mark next to it. After a few weeks of using the cheat sheet on your homework practice, you should get a sense of which equations and graphs are most crucial to memorize. After a while, you’ll be able to do your homework all on your own! 

Tip 4: Take a Practice Exam

Taking a practice exam is the only way to truly get a sense of what the real AP Macro exam will be like. You can find reliable AP Macro practice exams online through the College Board . 

Since you won’t be supplied with a cheat sheet when you take the real AP Macro exam, we don’t recommend using our cheat sheet when you take practice exams. However, you can take stock of all of the questions you get wrong on your practice exam and use our cheat sheet to brush up on your weaker areas before it’s time for the real deal. 

What's Next? 

Some AP exams give test takers formula sheets to help them on test day. We have expert explanations for how to use them! Don't miss our breakdown of the AP Physics 1 , AP Statistics , and AP Biology formula sheets on our blog. 

Getting ready for AP exams involves more than just reading your class notes. Use our free AP test study guide to get the most out of your study time ...and boost your AP scores. 

Taking practice tests is a great way to get ready for your AP exam, but they can be hard to find. We'll walk you through how to find practice tests for every AP test you're planning to take. 

Looking for help studying for your AP exam?

Our one-on-one online AP tutoring services can help you prepare for your AP exams. Get matched with a top tutor who got a high score on the exam you're studying for!

Ashley Sufflé Robinson has a Ph.D. in 19th Century English Literature. As a content writer for PrepScholar, Ashley is passionate about giving college-bound students the in-depth information they need to get into the school of their dreams.

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The AP Macroeconomics Exam: A Comprehensive Guide

What's Covered

Exam Scoring

How to Prepare

Tips for Exam Day

The AP Macroeconomics Exam provides a comprehensive assessment of the college-level economics concepts covered in the AP Macroeconomics course curriculum. Getting a top score on the exam helps you demonstrate the concepts you've learned and can boost your academic profile when you're applying to top colleges and universities. In this guide you'll learn exactly what's covered on the exam and how it's structured and scored, with tips from experts on ways to prepare and do your best on exam day.

A Snapshot of the AP Macroeconomics Exam

Advanced Placement (AP) courses are rigorous, college-level courses, with corresponding assessments. The courses are commonly offered in US high schools. Curricula and exams are governed by the College Board.

Doing well on AP assessments can translate to college credit in US and Canadian universities, and perhaps more importantly, a good AP score will elevate your university application profile , constituting a distinct marker of your ability to master rigorous academic content in core subject areas.

The AP Macroeconomics Exam will test your knowledge of macroeconomic principles and concepts and require you to apply your knowledge to a range of models, projections, and scenarios, including using a variety of charts, graphs, or similar visual representations.

SNAPSHOT OF THE AP MACROECONOMICS EXAM

What's covered on the ap macroeconomics exam.

The AP Macroeconomics Exam tests the core concepts and skills students typically learn about in high school courses aligned with the College Board's year-long AP Macroeconomics course curriculum .

If your school doesn’t offer the AP Macroeconomics course, don't worry! You can check out a wide range of Crimson's online AP course offerings HERE .

The table below shows you the key course units and related topics , as well as their relative weight or prominence for the AP Macroeconomics Exam.

Below the table, you'll see what skills are tested in the MCQ and FRQ sections of the exam.

AP MACROECONOMICS COURSE CONTENT

The mcqs — skills tested.

The MCQs consist of 60 questions with a 70-minute time limit and require a range of skills and applications:

• Defining economic principles and models
• Explaining given or projected economic outcomes
• Determining or projecting the outcomes of specific economic situations

The MCQ section accounts for 66% of your exam score.

The FRQs — Skills Tested

The FRQ section has a 60-minute time limit that includes a 10-minute reading period. 1 LONG FRQ is worth 50% of the section score , and 2 SHORT FRQs are each worth 25% of the section score .

The FRQs test students' skills in the following:

• Making assertions about economic concepts, principles, models, outcomes and/or effects
• Explaining economic concepts, principles, models, outcomes, and/or effects
• Performing numerical analysis and calculations
• Creating graphs or visual representations

To take a look at FRQs from prior year exams, go here .

AP Macroeconomics Exam Scoring

The AP Macroeconomics Exam is scored on a scale of 1 to 5, with 5 being the highest score possible. The scoring breakdown is as follows:

• Multiple Choice: 66% of the total exam score
• Free Response: 33% of the total exam score

Once all raw scores are calculated, they are converted into scores on a scale of 1 to 5.

AP STATISTICS EXAM NUMERIC SCALE (1 TO 5)

Converting the scores takes the difficulty of each exam into account and allows for fair comparison of scores across different years.

The average AP Macroeconomics score varies from year to year. In 2023, the mean score was ​​ 3.08, with 64.7% of students scoring a 3 or higher:

• 17.1% of students scored a 5
• 22.9% of students scored a 4
• 24.7% of students scored a 3
• 21.6% of students scored a 2
• 13.7% of students scored a 1

For more information about deciding when to submit an AP score with your college applications, check out our companion post, the Crimson Education AP Exam Guide .

How to Prepare for the AP Macroeconomics Exam: Expert Tips

The AP Macroeconomics Exam covers a huge range of information. Here are some expert tips to help you prepare effectively and maximize your score:

1. Study Past Questions

Practice makes perfect, and this definitely applies to getting good grades on the AP Statistics Exam.

Digging into past exam questions & scoring guidelines is a good way to get a feel for the format, question types, and the level of difficulty you can expect. This exercise not only helps you identify your weak spots but also boosts your confidence as you become more familiar with the exam's nuances.

2. Review the Chief Reader Report

Review the AP Macroeconomics Chief Reader Report on Student Responses provided by the College Board. This report is your secret weapon for understanding what the examiners are looking for.

This report also provides quicks insights into common mistakes made by students in previous years, helping you avoid similar pitfalls and fine-tune your strategies for success.

3. Understand Common Tasks Verbs Used on the Exam

AP Macroeconomics questions often come with specific task verbs providing well-defined task direction. Understanding how to interpret the task verbs as intended for this specific exam can help you objectively understand how to respond.

Don’t underestimate the importance of this! As you prepare for the exam, review the list of task verbs below and apply this guidance as you explore past test questions or take practice tests.

COMMON TASK VERBS & THEIR MEANING — AP MACROECONOMICS EXAM

4. be a graphing calculator master.

Students sitting for the AP Macroeconomics Exam are expected to bring a four-function calculator .

Getting practice using your calculator is one important way to prepare, since calculator mastery will help you answer questions much more quickly.

Try to use the same calculator when taking practice tests , so you're already familiar at using it for this purpose.

Learn which calculators are approved for use by the College Board for this exam.

5. Work with a Tutor

Tutors provide one of the more effective results-oriented methods of AP test preparation.

A highly qualified tutor can provide personalized assistance, offer targeted feedback, and help you navigate challenging topics . It's like having a dedicated coach in your corner, ensuring you're fully prepared for whatever the exam throws at you.

If you’re looking for the perfect score, the support of a strong tutor matched to your learning style is crucial.

Thanks to our network of tutors, many with Ivy League backgrounds, it's easier than ever to get highly qualified support. Consider taking advantage of Crimson's online AP tutoring services to get your own personalized AP tutoring.

Tips For the Exam Day

1. get a good night’s rest.

Let's start with the foundation — a good night's sleep. This isn't just a casual suggestion; it's a game-changer .

Your brain needs to be firing on all cylinders, and a well-rested you is more likely to tackle those AP Macroeconomics challenges effectively.

Aim for 7–9 hours of sleep before exam day. Create a bedtime routine to wind down, avoid caffeine late in the day, and resist the urge to pull an all-nighter — it’s never worth it.

2. Deep Breaths and Mindfulness

As you enter the exam room, find your zen zone. Take a few deep breaths — in through the nose, out through the mouth. This isn't a cliche; deep breathing calms your nervous system, reducing anxiety.

Remind yourself that you've prepared for the AP Macroeconomics Exam thoroughly. Read each question carefully, underlining key terms. This helps organize your thoughts and signals to your brain that you've got this under control.

3. Manage Your Time

Time management is your invisible companion in this AP test-taking adventure. Mastering time management during the exam is crucial - here’s how to do it:

• Don't get stuck: If a question feels like quicksand, don't let it pull you under. Mark it, skip it, and revisit it later.
• Be efficient : Use your mastery of the task verbs (listed above) and apply this as you're reading and interpreting exam questions. Don't let your mind wander: identify key terms, underline essential information, and focus on what's being asked.

4. Pack Smart

When packing your exam essentials, think like an empirically minded economist.

As mentioned above, you’ll need the right calculator, but you’ll need to pack a few other things too:

• Sharpened Pencils
• Water Bottle

Maybe a lucky charm too??... If it brings you comfort, toss it in!

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Final Thoughts

Now you know what to expect when it's your time to prepare for and take the AP Macroeconomics Exam.

Studying the AP Macroeconomics curriculum is a great way to elevate the academic rigor of your high school accomplishments and get a feel for university-level academics. Studying AP-level econ is also an exciting way to really explore a future major in economics, get insights into what economists do, and build a solid foundation in important economic concepts and principles.

If you want to know more about the role AP courses and exam scores play in your college admissions planning, check out these companion articles:

Do AP Courses Matter?

How Many AP Classes Should I Take?

A Comprehensive Guide to the AP Exam

Remember, the Crimson Education network can also give you immediate access to a qualified AP Exam Tutor — one who has already aced the AP Macroeconomics exam and knows what you're up against.

Finally, when you're ready to take the next step and get personalized admissions planning geared toward strategies for success at the most competitive schools in the US, UK, and Europe, reach out for a free consultation . Together, we'll discuss how to build a strong academic and extracurricular profile with an eye to the right strategies for your circumstances and target schools.

Further Reading

• Easiest & Hardest AP Classes In 2023-2024
• Preparing for Success: A Guide to AP Exams in 2024
• What are AP Classes in High School?
• Can A College Counselor Help with Your College Application?

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CORRECTS DOLLAR AMOUNT FROM $90,000 TO $95,000 - FILE - A passer-by walks through a gate to the Harvard University campus, Jan. 2, 2024, in Cambridge, Mass. As more than 2 million graduating high school students from across the United States finalize their decisions on what college to attend this fall, many are facing jaw-dropping costs — in some cases, as much as $95,000. (AP Photo/Steven Senne, File)

FILE - Students and passers-by walk past an entrance to Boston University College of Arts and Sciences, Nov. 29, 2018, in Boston. As more than 2 million graduating high school students from across the United States finalize their decisions on what college to attend this fall, many are facing jaw-dropping costs — in some cases, as much as $95,000. (AP Photo/Steven Senne, File)

FILE - People pose for photos, March 12, 2019, in front of the iconic Tommy Trojan statue on the campus of the University of Southern California in Los Angeles. As more than 2 million graduating high school students from across the United States finalize their decisions on what college to attend this fall, many are facing jaw-dropping costs — in some cases, as much as $95,000. (AP Photo/Reed Saxon, File)

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MEREDITH, N.H. (AP) — As more than 2 million graduating high school students from across the United States finalize their decisions on what college to attend this fall, many are facing jaw-dropping costs — in some cases, as much as $95,000.

A number of private colleges — some considered elite and others middle-of-the-pack — have exceeded the $90,000 threshold for the first time this year as they set their annual costs for tuition, board, meals and other expenses. That means a wealthy family with three children could expect to shell out more than $1 million by the time their youngest child completes a four-year degree.

But the sticker price tells only part of the story. Many colleges with large endowments have become more focused in recent years on making college affordable for students who aren’t wealthy. Lower-income families may be required to pay just 10% of the advertised rate and, for some, attending a selective private college can turn out to be cheaper than a state institution.

“Ninety thousand dollars clearly is a lot of money, and it catches people’s attention, for sure,” said Phillip Levine, a professor of economics at Wellesley College near Boston. “But for most people, that is not how much they’re going to pay. The existence of a very generous financial aid system lowers that cost substantially.”

Wellesley is among the colleges where the costs for wealthy students will exceed $90,000 for the first time this fall, with an estimated price tag of $92,000. But the institution points out that nearly 60% of its students will receive financial aid, and the average amount of that aid is more than $62,000, reducing their costs by two-thirds.

But many prospective students this year are facing significant delays and anxiety in finding out how much aid they will be offered by colleges due to major problems with the rollout of a new U.S. Department of Education online form that was supposed to make applying for federal aid easier. Many colleges rely on information from the form for determining their own aid offers to students.

“The rollout has been pure chaos and an absolute disaster,” said Mark Kantrowitz, a financial aid expert.

As well as repeated delays and glitches, he said, there have been other problems with the new system including more stringent requirements for proof of identity from parents, which is deterring thousands of eligible but undocumented parents from applying — even though their children are U.S. citizens and entitled to aid.

Kantrowitz said that if the significant drop in people applying for aid under the new system persists, it could result in lower enrollments and even force some institutions to close.

Levine said his research has shown that the amount lower-income students are paying at elite institutions has actually been declining over the past six years. But he worries that sticker shock will put off some students from even applying to institutions like Wellesley.

“People should be making educational decisions based on the actual cost they have to pay, not their perceived cost,” Levine said. “The problem is that the sticker price is the easiest number to know. It gets the most attention.”

Aside from Wellesley, some of the other colleges with sticker prices of more than $90,000 this year include the University of Southern California at $95,000, Harvey Mudd College in California at $93,000, the University of Pennsylvania at $92,000, Brown University in Rhode Island at $92,000, Dartmouth College in New Hampshire at $91,000, and Boston University at $90,000.

Harvard University in Cambridge, Massachusetts, puts its cost of attendance this fall at up to $91,000, but makes the point that the average parent contribution is just $13,000, and almost a quarter of families pay nothing at all. Harvard can afford a particularly generous student aid program because it has an endowment worth more than $50 billion, the largest of any university.

AP AUDIO: College will cost up to $95,000 this fall. Schools say it’s OK, financial aid can numb sticker shock.

AP correspondent Julie Walker asks AP’s Nick Perry about his reporting on the cost of some colleges coming in at more than $90,000 this fall.

The sticker prices don’t always provide apples-to-apples comparisons because some colleges include costs like health insurance and travel expenses, while others don’t. And some colleges that last year had sticker prices of close to $90,000, including Columbia University in New York and the University of Chicago, have yet to reveal this year’s expected costs.

In its most recent analysis, the College Board estimated the average advertised costs for private nonprofit colleges last year were $60,000, compared to about $29,000 for students at public in-state institutions and $47,000 at public out-of-state institutions.

Kantrowitz said the average unmet need for students at four-year colleges is about $10,000 per year.

“So families are forced to borrow that money or come up with that money from some other source, and that’s on top of their share of college costs,” he said.

So is college a good investment?

Kantrowitz believes the answer is yes, so long as students borrow in moderation and complete their studies.

“If you graduate and you don’t take on a ridiculous amount of debt, you should be able to repay that debt in a reasonable amount of time,” Kantrowitz said. “But if you drop out, you have the debt, but not the degree that can help you repay the debt.”

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Cities in the eclipse’s path are getting an economic ‘shot in the arm.’

Millions of tourists trying to experience the totality could bolster smaller economies across North America.

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By Santul Nerkar and J. Edward Moreno

• April 8, 2024

A vast swath of North America will soon be plunged into darkness. Though momentary, the total solar eclipse on Monday has already proved lucrative.

Across the United States, Mexico and Canada, towns and villages have been planning what could be the biggest tourist attraction for many small cities. Larger areas that are more accustomed to hosting events are nonetheless expecting a significant windfall.

“We don’t usually have this kind of tourism — it’s not common,” said Edgar Augusto González-Zatarain, the mayor of Mazatlán, Mexico. “Nature is giving us this opportunity, and we have to take advantage of it.”

Various indicators suggest the eclipse will bolster the economies in the path of totality, a roughly 110-mile-wide belt that will stretch from Mazatlán to Montreal. Hertz said car reservations had jumped 3,000 percent from a year ago. Airbnb has reported a 1,000 percent increase in searches for listings. In Oklahoma, the Choctaw Nation had seen a 200 percent increase as of mid-March in reservations at its resorts and casinos.

Mazatlán has long relied heavily on its port and fisheries, but the beach town has had growth in tourism, which now accounts for 80 percent of its economy. Still, it is often overshadowed by other Mexican resort towns and has had recent instances of cartel violence that may spook tourists. Mazatlán will experience the eclipse longer than many other cities, at more than four minutes. Hotels there are fully booked, and officials expect 120,000 visitors and an economic output of 500 million pesos (about $30 million).

Indianapolis is expecting roughly 100,000 visitors for the eclipse, said Chris Gahl, the chief executive of the city’s tourism marketing organization, who estimates the visitors will bring in $28 million to $48 million for the city. The city is used to hosting major events — including this year’s N.B.A. All-Star Game and the N.F.L.’s scouting combine — but the eclipse is a chance for the city to promote more of its arts and culture scene.

“We view hosting and being in the path of totality as an opportunity to diversify and broaden the audiences that might consider visiting Indy,” Mr. Gahl said.

Tourism officials in Austin, Texas, reported higher-than-usual hotel occupancy rates for the weekend before and the day of the eclipse. The city has the highest hotel inventory per capita in the state and is used to handling large influxes of tourists for events like South by Southwest and the Formula 1 United States Grand Prix.

“Our city is very much prepared and very experienced with large events and large influxes of people coming into the city,” said Wesley Lucas, a spokeswoman for Austin’s tourism marketing organization.

Bulent Temel, an economics professor at the University of Texas at San Antonio, estimated that eclipse tourism would add $285 million to the state’s economy. In an opinion essay, he called the event “ the most profitable 22 minutes in Texas history .”

But towns in the Texas Hill Country, which offers a better view of the eclipse, are far less accustomed to such events. Kerrville, a town of roughly 25,000, is preparing for its population to more than triple, town officials said.

The tourist-attracting event also presents a potential nuisance for public safety. Business owners and town officials have been preparing for several years, drawing on the experiences of the 2017 eclipse.

“This is going to be a great big economic shot in the arm for us,” said William Thomas, the emergency management coordinator for Kerr County, which includes Kerrville. “At the same time, it’s also going to be a tremendous drain on resources.”

Doug Hetzler, the manager of Gibson’s Discount Center in Kerrville, said his store was staying open longer during the week leading up to the eclipse and stocking its shelves with Moon Pies and wind chimes.

Mr. Hetzler said the store would offer a deal for tourists looking for precious space to park their cars during the event: Parking costs $50, but if you spend $100 in the store, you get that $50 back.

Mr. Hetzler hopes that the eclipse, more than creating a financial windfall, gives visitors a lasting impression of a town — and an old-time store — that they otherwise might not visit.

“Our opportunity is really to expose people to a store like this and a culture like this,” he said.

Santul Nerkar is a reporter covering business and sports. More about Santul Nerkar

J. Edward Moreno is a business reporter at The Times. More about J. Edward Moreno