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AP Macroeconomics 💶
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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)
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.
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!
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
- 1.4 Demand
- 1.5 Supply
🎥 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
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
- 2.3 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
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
- 3.8 Fiscal Policy
🎥 Watch these videos:
- Complete Unit 3 Review by ReviewEcon
- Aggregate Demand Models by Jacob Clifford
📰 Check out these articles:
- 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
- 4.5 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
⚖️ 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
- 5.5 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
🏗 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
- 6.2 Exchange Rates
🎥 Watch these videos:
- Complete Unit 6 Review by ReviewEcon
📰 Check out these articles:
✍️ Practice:
- 2019 Free Response Questions: Question 2 addresses unit 6 topics
Browse Study Guides By Unit
💸Unit 1 – Basic Economic Concepts
📈Unit 2 – Economic Indicators & the Business Cycle
💲Unit 3 – National Income & Price Determination
💰Unit 4 – Financial Sector
⚖️Unit 5 – Long-Run Consequences of Stabilization Policies
🏗Unit 6 – Open Economy - International Trade & Finance
🤔Exam Skills
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