2024 AP Macroeconomics Exam Guide

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. 

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) Note: Four-function calculators are allowed for both sections of the exam.

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

**The test is on paper at your school on Friday, May 10, 2024, at 12:00 PM your local time. **

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

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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!

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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
• • 1.4 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:

• [object Object] ✍️ 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

Big Takeaways

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.

Definitely do this:

📚 Read these study guides:

• • 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 🎥 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:
• • Unit 2: Economic Indicators and the Business Cycle ✍️ Practice:
• • 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

Big Takeaways

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! 

Definitely do this:

📚 Read these study guides:

• • 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 🎥 Watch these videos:
• • Complete Unit 3 Review by ReviewEcon
• • Aggregate Demand Models by Jacob Clifford 📰 Check out these articles:
• • Unit 3: National Income and Price Determination
• • Lesson summary: aggregate demand (Khan Academy) ✍️ Practice:
• • Unit 3 Practice FRQs by Ms. Lopiccolo and key
• • 2019 Free Response Questions: Question 1 addresses unit 3 topics

💰 Unit 4: Financial Sector

Big Takeaways

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

Definitely do this:

📚 Read these study guides:

• • 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 🎥 Watch these videos:
• • Complete Unit 4 Review by ReviewEcon
• • Functions of Money by Jacob Clifford 📰 Check out these articles:
• • Unit 4: Financial Sector ✍️ Practice:
• • Unit 4 Practice by Jacob Clifford

⚖️ Unit 5: Long-run Consequences of Stabilization Policies

Big Takeaways

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. 

Definitely do this:

📚 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
• • 5.3 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 🎥 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:

• Unit 5: Long-Run Consequences of Stabilization Policies  ✍️ Practice:

• • Unit 4/5 Practice FRQs by Ms. Lopiccolo

🏗 Unit 6: Open Economy- International Trade and Finance

Big Takeaways

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. 

Definitely do this:

📚 Read these study guides:

• • 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 🎥 Watch these videos:
• • Complete Unit 6 Review by ReviewEcon 📰 Check out these articles:

• Unit 6: Open Economy- International Trade and Finance ✍️ Practice:

• • 2019 Free Response Questions: Question 2 addresses unit 6 topics