AP Macroeconomics Exam information
What it is, what's tested, and how it's scored.
AP Macroeconomics exam details
The Advanced Placement (AP) Macroeconomics exam evaluates students' knowledge of fundamental economic principles, theories, and analytical/visualization methods. It is the culminating assessment for the AP Macroeconomics course, administered by the College Board and available at participating high schools.
Students enrolled in AP Macro complete rigorous, college-level coursework and may earn college credit based on their exam performance.
The AP Macroeconomics exam is hosted by College Board and costs $99 to register. Participants have 2 hours and 10 minutes to answer 60 multiple-choice questions, 3 free-response questions. The passing score is 3.
Time
2 hours and 10 minutes
Format
60 multiple-choice questions
3 free-response questions
Exam fee
$99
Passing score
3
Details
The AP Macroeconomics exam is administered at schools or approved testing centers and is typically delivered in a hybrid format using the Bluebook testing app. The test consists of two sections, lasting 1 hour and 1 hour 10 minutes, respectively, with a scheduled 10-minute break in between. Multiple-choice questions are answered entirely online, while free-response questions are presented on the testing app and answered by hand in your testing booklet.
The AP Macro course covers the following topics, which are all covered in the AP exam:
Unit 1: Basic Economic Concepts — Introduction to first principles of economics, including opportunity cost, comparative advantage and trade, decision-making mechanisms, markets, and demand and supply shifters.
Unit 2: Economic Indicators and the Business Cycle — Covers how economic activity is measured using the circular flow model, metrics such as gross domestic product (GDP), unemployment, inflation, and price indices.
Unit 3: National Income and Price Determination — Explains aggregate demand and aggregate supply, equilibrium in the AD-AS model, inflationary and recessionary gaps, and fiscal policy effects and limitations.
Unit 4: Financial Sector — Examines financial markets, loanable funds and money markets, banking and money supply expansion, monetary policy tools and implementation, and real versus nominal interest rates.
Unit 5: Long-Run Consequences of Stabilization Policies — Analyzes the Phillips curve, long-run monetary neutrality, policy debates such as rules versus discretion, government debt and crowding out, and the drivers of long-run economic growth.
Unit 6: Open Economy: International Trade and Finance — Covers the balance of payments, exchange rates, and foreign exchange markets, the effects of exchange rates on aggregate demand, and monetary policy in an open economy.
As part of the AP Macroeconomics framework, students will develop and apply four distinct skills throughout the course:
Principles and Models: Define economic principles and models.
Interpretation: Explain given economic outcomes.
Manipulation: Determine outcomes of specific economic situations.
Graphing and Visuals: Model economic situations using graphs or visual representations.
The College Board provides a standardized curriculum framework for all AP exams. However, the sequence in which units are taught, as well as the depth and emphasis of each topic, may vary at your teacher's discretion.
College Board's AP Macroeconomics exam summary
Multiple Choice
66% of exam
60 questions
Questions require the use and understanding of economic concepts, topics, and reasoning taught throughout the course. Students are asked to define key principles, identify famous models, and determine/explain the outcomes of economic scenarios.
Free Response
33.3% of exam
3 questions
Students will be asked to apply and explain economic concepts, principles, models, outcomes, and/or effects in practice; perform numerical analysis and calculations; and create graphs or visual representations. The section includes 1 long free-response question (50% of section score) and 2 short free-response questions (25% of section score each). 10 minutes of reading time are included.
Achievable AP Macroeconomics content outline
1
Core economic concepts
Introduces first principles of economics, including opportunity cost, comparative advantage and trade, decision-making mechanisms, markets, and demand and supply shifters.
2
Measurement of economic performance
Covers how economic activity is measured using the circular flow model, metrics such as gross domestic product (GDP), unemployment, inflation, and price indices, the GDP deflator, and business cycles.
3
National income and price determination
Explains aggregate demand and aggregate supply, equilibrium in the AD-AS model, inflationary and recessionary gaps, fiscal policy effects and limitations, and real-world demand and supply shocks.
4
Financial sector
Examines financial markets, loanable funds and money markets, banking and money supply expansion, monetary policy tools and implementation, the reserves market, and real versus nominal interest rates, including the Fisher effect.
5
Long-run consequences of stabilization policies
Analyzes the Phillips curve, long-run monetary neutrality, policy debates such as rules versus discretion, government debt and crowding out, and the drivers of long-run economic growth.
6
Open economy: International trade and finance
Covers the balance of payments, exchange rates, and foreign exchange markets, the effects of exchange rates on aggregate demand, monetary policy in an open economy, and applied international case studies.