7 min read•august 18, 2023
A Q
A Q
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.
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)
You will have 2 hours and 10 minutes to take the exam. Unlock Cram Mode to get updates on the latest 2024 exam news.
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.
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!
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!
📚 Read these study guides:
1.0 Unit 1 Overview
1.1 Scarcity
1.2 Opportunity Cost and the Production Possibilities Curve (PPC)
1.4 Demand
1.5 Supply
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:
✍️ 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
Check out this Quizlet for vocab review!
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.
📚 Read these study guides:
2.0 Unit 2 Overview
2.3 Unemployment
2.7 Business Cycles
🎥 Watch these videos:
Complete Unit 2 Review by Jacob Clifford
Unit 2 FRQ Video Quiz by College Board: review key terms and practice unit 2 FRQs
📰 Check out these articles:
✍️ Practice:
Unit 2 Practice FRQs by Ms. Lopiccolo and key
Unemployment Rate by Year: dig into how recessions and business cycles impact unemployment rates.
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!
📚 Read these study guides:
3.1 Aggregate Demand
3.2 Multipliers
3.5 Equilibrium in Aggregate Demand-Aggregate Supply (AD-AS) Model
3.8 Fiscal Policy
🎥 Watch these videos:
Complete Unit 3 Review by ReviewEcon
Aggregate Demand Models by Jacob Clifford
📰 Check out these articles:
✍️ Practice:
Unit 3 Practice FRQs by Ms. Lopiccolo and key
2019 Free Response Questions: Question 1 addresses unit 3 topics
This unit dives into the financial sector which encompasses financial assets, interest rates, monetary policies, banking, and the loanable funds market.
📚 Read these study guides:
4.0 Unit 4 Overview
4.5 The Money Market
4.6 Monetary Policy
🎥 Watch these videos:
Complete Unit 4 Review by ReviewEcon
Functions of Money by Jacob Clifford
📰 Check out these articles:
✍️ Practice:
Unit 4 Practice by Jacob Clifford
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.
📚 Read these study guides:
5.0 Unit 5 Overview
5.1 Fiscal and Monetary Policy Actions in the Short-Run
5.2 The Phillips Curve
5.5 Crowding Out
5.6 Economic Growth
🎥 Watch these videos:
Complete Unit 5 Review by ReviewEcon
Phillips Curves by Khan Academy: learn how to draw and interpret Phillips Curves.
📰 Check out these articles:
✍️ Practice:
Unit 4/5 Practice FRQs by Ms. Lopiccolo
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.
📚 Read these study guides:
6.0 Unit 6 Overview
6.2 Exchange Rates
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
🎥 Watch these videos:
Complete Unit 6 Review by ReviewEcon
📰 Check out these articles:
✍️ Practice:
2019 Free Response Questions: Question 2 addresses unit 6 topics
Aggregate demand
: Aggregate demand refers to the total amount of goods and services that all sectors of an economy are willing and able to purchase at a given price level and period of time.Aggregate Demand-Aggregate Supply (AD-AS) Model
: The AD-AS model illustrates how changes in aggregate demand (total spending on goods and services) and aggregate supply (total production) affect price levels and real GDP in an economy. It helps analyze fluctuations in economic activity, inflationary pressures, and policy impacts.Balance of Payments Accounts
: Balance of Payments Accounts is a record of all economic transactions between residents of one country and residents of foreign countries during a specific period. It consists of three main components - current account, capital account, and financial account.Crowding Out Effect
: The crowding out effect refers to the phenomenon where increased government spending leads to a decrease in private investment due to higher interest rates and reduced availability of loanable funds.Deficits and National Debt
: Deficits occur when a government's spending exceeds its revenue within a specific period, usually a fiscal year. National debt refers to the accumulation of all past deficits minus any surpluses.Economic Growth
: Economic growth refers to an increase in an economy's production capacity over time, resulting in higher levels of real GDP (gross domestic product). It is typically measured by the annual percentage change in real GDP.Exchange Rates
: Exchange rates refer to the value of one currency in terms of another currency. It determines how much of one currency you can get in exchange for another.Fiscal Policy
: Fiscal policy refers to the government's use of taxation and spending to influence the economy. It involves decisions on how much money the government should collect in taxes and how much it should spend on public goods and services.Foreign exchange market
: The foreign exchange market, also known as the forex market, is where currencies are bought and sold. It is a decentralized global marketplace where participants trade different currencies based on their expectations of future currency values.Free Response Questions (FRQs)
: Open-ended questions that require students to provide detailed written responses rather than selecting from predetermined answer choices. These questions often assess higher-order thinking skills and require critical analysis.Loanable Funds Market
: The loanable funds market represents the interaction between borrowers and lenders in an economy. It determines the equilibrium interest rate and quantity of loanable funds available for investment or borrowing.Long-Run Aggregate Supply (LRAS)
: LRAS represents the total amount of goods and services an economy can produce when all resources are fully utilized, and prices have adjusted to their long-run equilibrium levels. It is a vertical line on the aggregate supply curve.Monetary Policy
: Monetary policy refers to actions taken by a central bank (such as adjusting interest rates or controlling money supply) to manage and stabilize an economy's money supply, credit availability, and interest rates.Money Growth and Inflation
: Money growth refers to the increase in the total supply of money in an economy over time. Inflation is the sustained increase in the general price level of goods and services in an economy.Money Market
: The money market refers to the global marketplace where short-term borrowing and lending of funds take place. It includes various financial instruments such as Treasury bills, commercial paper, and certificates of deposit.Money Supply
: Money supply refers to all physical currency (coins and paper bills) circulating in an economy along with demand deposits held by individuals and businesses in commercial banks.Multiple Choice
: A type of question format commonly used in exams where students are given a question and a set of answer choices, and they must select the correct answer from the options provided.Nominal vs. Real Interest Rates
: Nominal interest rates refer to the stated interest rate on a loan or investment, without taking inflation into account. Real interest rates, on the other hand, adjust for inflation and represent the true purchasing power of an investment.Phillips Curve
: The Phillips Curve shows the inverse relationship between unemployment rate and inflation rate. It suggests that as unemployment decreases, inflation tends to increase (and vice versa).Short-run Aggregate Supply (SRAS)
: Short-run aggregate supply represents the total amount of goods and services that firms are willing to produce and sell at different price levels in the short run. It takes into account factors such as input prices, wages, and productivity.7 min read•august 18, 2023
A Q
A Q
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.
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)
You will have 2 hours and 10 minutes to take the exam. Unlock Cram Mode to get updates on the latest 2024 exam news.
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.
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!
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!
📚 Read these study guides:
1.0 Unit 1 Overview
1.1 Scarcity
1.2 Opportunity Cost and the Production Possibilities Curve (PPC)
1.4 Demand
1.5 Supply
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:
✍️ 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
Check out this Quizlet for vocab review!
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.
📚 Read these study guides:
2.0 Unit 2 Overview
2.3 Unemployment
2.7 Business Cycles
🎥 Watch these videos:
Complete Unit 2 Review by Jacob Clifford
Unit 2 FRQ Video Quiz by College Board: review key terms and practice unit 2 FRQs
📰 Check out these articles:
✍️ Practice:
Unit 2 Practice FRQs by Ms. Lopiccolo and key
Unemployment Rate by Year: dig into how recessions and business cycles impact unemployment rates.
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!
📚 Read these study guides:
3.1 Aggregate Demand
3.2 Multipliers
3.5 Equilibrium in Aggregate Demand-Aggregate Supply (AD-AS) Model
3.8 Fiscal Policy
🎥 Watch these videos:
Complete Unit 3 Review by ReviewEcon
Aggregate Demand Models by Jacob Clifford
📰 Check out these articles:
✍️ Practice:
Unit 3 Practice FRQs by Ms. Lopiccolo and key
2019 Free Response Questions: Question 1 addresses unit 3 topics
This unit dives into the financial sector which encompasses financial assets, interest rates, monetary policies, banking, and the loanable funds market.
📚 Read these study guides:
4.0 Unit 4 Overview
4.5 The Money Market
4.6 Monetary Policy
🎥 Watch these videos:
Complete Unit 4 Review by ReviewEcon
Functions of Money by Jacob Clifford
📰 Check out these articles:
✍️ Practice:
Unit 4 Practice by Jacob Clifford
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.
📚 Read these study guides:
5.0 Unit 5 Overview
5.1 Fiscal and Monetary Policy Actions in the Short-Run
5.2 The Phillips Curve
5.5 Crowding Out
5.6 Economic Growth
🎥 Watch these videos:
Complete Unit 5 Review by ReviewEcon
Phillips Curves by Khan Academy: learn how to draw and interpret Phillips Curves.
📰 Check out these articles:
✍️ Practice:
Unit 4/5 Practice FRQs by Ms. Lopiccolo
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.
📚 Read these study guides:
6.0 Unit 6 Overview
6.2 Exchange Rates
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
🎥 Watch these videos:
Complete Unit 6 Review by ReviewEcon
📰 Check out these articles:
✍️ Practice:
2019 Free Response Questions: Question 2 addresses unit 6 topics
Aggregate demand
: Aggregate demand refers to the total amount of goods and services that all sectors of an economy are willing and able to purchase at a given price level and period of time.Aggregate Demand-Aggregate Supply (AD-AS) Model
: The AD-AS model illustrates how changes in aggregate demand (total spending on goods and services) and aggregate supply (total production) affect price levels and real GDP in an economy. It helps analyze fluctuations in economic activity, inflationary pressures, and policy impacts.Balance of Payments Accounts
: Balance of Payments Accounts is a record of all economic transactions between residents of one country and residents of foreign countries during a specific period. It consists of three main components - current account, capital account, and financial account.Crowding Out Effect
: The crowding out effect refers to the phenomenon where increased government spending leads to a decrease in private investment due to higher interest rates and reduced availability of loanable funds.Deficits and National Debt
: Deficits occur when a government's spending exceeds its revenue within a specific period, usually a fiscal year. National debt refers to the accumulation of all past deficits minus any surpluses.Economic Growth
: Economic growth refers to an increase in an economy's production capacity over time, resulting in higher levels of real GDP (gross domestic product). It is typically measured by the annual percentage change in real GDP.Exchange Rates
: Exchange rates refer to the value of one currency in terms of another currency. It determines how much of one currency you can get in exchange for another.Fiscal Policy
: Fiscal policy refers to the government's use of taxation and spending to influence the economy. It involves decisions on how much money the government should collect in taxes and how much it should spend on public goods and services.Foreign exchange market
: The foreign exchange market, also known as the forex market, is where currencies are bought and sold. It is a decentralized global marketplace where participants trade different currencies based on their expectations of future currency values.Free Response Questions (FRQs)
: Open-ended questions that require students to provide detailed written responses rather than selecting from predetermined answer choices. These questions often assess higher-order thinking skills and require critical analysis.Loanable Funds Market
: The loanable funds market represents the interaction between borrowers and lenders in an economy. It determines the equilibrium interest rate and quantity of loanable funds available for investment or borrowing.Long-Run Aggregate Supply (LRAS)
: LRAS represents the total amount of goods and services an economy can produce when all resources are fully utilized, and prices have adjusted to their long-run equilibrium levels. It is a vertical line on the aggregate supply curve.Monetary Policy
: Monetary policy refers to actions taken by a central bank (such as adjusting interest rates or controlling money supply) to manage and stabilize an economy's money supply, credit availability, and interest rates.Money Growth and Inflation
: Money growth refers to the increase in the total supply of money in an economy over time. Inflation is the sustained increase in the general price level of goods and services in an economy.Money Market
: The money market refers to the global marketplace where short-term borrowing and lending of funds take place. It includes various financial instruments such as Treasury bills, commercial paper, and certificates of deposit.Money Supply
: Money supply refers to all physical currency (coins and paper bills) circulating in an economy along with demand deposits held by individuals and businesses in commercial banks.Multiple Choice
: A type of question format commonly used in exams where students are given a question and a set of answer choices, and they must select the correct answer from the options provided.Nominal vs. Real Interest Rates
: Nominal interest rates refer to the stated interest rate on a loan or investment, without taking inflation into account. Real interest rates, on the other hand, adjust for inflation and represent the true purchasing power of an investment.Phillips Curve
: The Phillips Curve shows the inverse relationship between unemployment rate and inflation rate. It suggests that as unemployment decreases, inflation tends to increase (and vice versa).Short-run Aggregate Supply (SRAS)
: Short-run aggregate supply represents the total amount of goods and services that firms are willing to produce and sell at different price levels in the short run. It takes into account factors such as input prices, wages, and productivity.© 2024 Fiveable Inc. All rights reserved.
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