APFIVE AP Macroeconomics Exam Info
Download PDFThe AP Macroeconomics Exam will test your understanding of the economic concepts covered in the course, as well as your ability to define economic principles and models; explain given economic outcomes; determine outcomes of specific economic situations; and model economic situations using graphs or visual representations. A four-function calculator is permitted for use on both sections of the exam.
This is a hybrid digital exam. You’ll complete multiple-choice questions and view free-response questions in the Bluebook testing app. You’ll handwrite your free-response answers in paper exam booklets.
Calculators are permitted for this exam. See AP Exams Calculator Policy for the list of calculators approved for this course.
AP Macroeconomics Exam
This is the regularly scheduled date for the AP Macroeconomics Exam.
Exam Components
Section I: Multiple Choice
Questions require the use of economics content knowledge and reasoning across the range of course topics and skills. You’ll be asked to:
- Define economic principles and models
- Explain given economic outcomes
- Determine the outcomes of specific economic situations
Section II: Free Response
The 60-minute time limit for this section includes a 10-minute reading period.
- 1 long free-response question (50% of section score)
- 2 short free-response questions (each worth 25% of section score)
You’ll be asked 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
Skills You'll Learn
Define economic principles and models
Explain given economic outcomes
Determine outcomes of specific economic situations
Model economic situations using graphs or visual representations
Units
Unit 1: Basic Economic Concepts
You’ll start the course with an introduction to economic concepts, principles, and models that will serve as a foundation for studying macroeconomics.
Topics may include:
- Scarcity
- Opportunity cost and the Production Possibilities Curve
- Comparative advantage and gains from trade
- Supply and demand
- Market equilibrium, disequilibrium, and changes in equilibrium
On The Exam
5%–10% of exam score
Unit 2: Economic Indicators and the Business Cycle
You’ll look at how economic phenomena such as employment and inflation are measured.
Topics may include:
- The circular flow and GDP
- Unemployment
- Price indices and inflation
- Real vs. nominal GDP
- Business cycles
On The Exam
12%–17% of exam score
Unit 3: National Income and Price Determination
You’ll explore how changes in aggregate spending and production, economic fluctuations, and policy actions affect national income, unemployment, and inflation.
Topics may include:
- Aggregate demand
- Short-run and long-run aggregate supply
- Equilibrium and changes in the Aggregate Demand-Aggregate Supply Model
- Fiscal policy
On The Exam
17%–27% of exam score
Unit 4: Financial Sector
You’ll examine the financial sector and explain how monetary policy is implemented and transmitted through the banking system.
Topics may include:
- Financial assets
- Definition, measurement, and functions of money
- Banking and the expansion of the money supply
- Monetary policy
On The Exam
18%–23% of exam score
Unit 5: Long-Run Consequences of Stabilization Policies
You’ll spend more time exploring the effects of fiscal and monetary policy actions and examine the concept of economic growth.
Topics may include:
- The Phillips Curve
- Money growth and inflation
- Government deficits and national debt
- Crowding out
- Economic growth
On The Exam
20%–30% of exam score
Unit 6: Open Economy—International Trade and Finance
You’ll examine the concept of an open economy in which a country interacts with the rest of the world through product and financial markets.
Topics may include:
- Balance of payments accounts
- Exchange rates and the foreign exchange market
- Effects of changes in policies and economic conditions on the foreign exchange market
- Changes in the foreign exchange market and net exports
- Real interest rates and international capital flows
On The Exam
10%–13% of exam score