Complete Guide To The AP Macroeconomics Exam 2025

The AP Macroeconomics exam tests whether you can apply economic models, interpret data, and explain how policies affect the entire economy—all in 2 hours and 10 minutes. Most students walk in confident about supply and demand but stumble when they have to shift the AD-AS model or explain why the Phillips curve is vertical in the long run.

This guide walks you through the exam format, the six units you'll encounter, the calculations and graphs you need to master, and how to build a study plan that fits your school schedule and gets you the score Canadian universities recognize.

Exam Overview And Key Dates

The AP Macroeconomics exam tests how well you can apply economic principles, models, and reasoning to real scenarios. You'll answer multiple-choice questions and write free-response answers that require you to draw graphs, calculate values, and explain cause-and-effect relationships in the economy. The exam covers seven main areas: basic economic concepts, GDP and inflation measurements, aggregate supply and demand, money and interest rates, fiscal and monetary policy, economic growth, and international trade.

The test happens on Friday, May 9, 2025, at noon local time. Most schools handle registration in the fall—usually October or November—though some set earlier internal deadlines, so check with your AP coordinator in September to stay ahead.

Paper Versus Digital Options

Since 2023, the College Board uses a hybrid format. You'll take the multiple-choice section on a computer using the Bluebook app, then handwrite your free-response answers in a physical booklet. Download Bluebook before exam day, log in with your College Board account, and try the practice tests inside so the interface feels familiar when you sit down for the real thing.

2025 Test Date And Registration Deadlines

Registration deadlines typically fall between October and November, though your school might set an earlier cutoff to order materials. If you're homeschooled or your school doesn't offer the course, you can still register by contacting nearby schools or using the College Board's coordinator lookup tool to find a test center that accepts outside students.

AP Macroeconomics Test Format

The exam runs 2 hours and 10 minutes total, split into two sections. Section I is 70 minutes of multiple-choice with 60 questions. Section II is 60 minutes of free-response with three questions—one long and two short—plus a 10-minute reading period at the start. Multiple-choice counts for 66% of your score, and free-response makes up 33%.

Timing And Question Counts

Section I gives you 70 minutes for 60 questions, which works out to just over a minute per question. Section II gives you 60 minutes for three questions: one long question worth 10 points and two short questions worth 5 points each. The 10-minute reading period at the beginning of Section II is your chance to read through all three prompts, sketch rough graphs, and decide which order you'll tackle them in.

How Long Is The AP Macro Exam

The total test time is 2 hours and 10 minutes. You'll usually get a short break between the two sections, though timing depends on your proctor. Factor in check-in, instructions, and the reading period, and plan for about three hours at the test site on exam day.

Section I Multiple-Choice Breakdown

The multiple-choice section is worth 66% of your overall score and covers all six course units. Questions test whether you can define economic terms, read graphs and data, and figure out what happens when policies or conditions change. You'll see standalone questions and question sets that refer to one graph or table.

Common Graph Types

Expect to see supply and demand graphs often—they're the foundation for understanding how markets reach equilibrium. You'll also work with the Phillips curve (inflation versus unemployment), the money market (nominal interest rate and quantity of money), the loanable funds market (real interest rate), and the AD-AS model (aggregate demand and aggregate supply). Other frequent visuals include production possibilities curves, foreign exchange markets, and policy impact diagrams.

Scoring Weights

Each of the 60 questions is worth one raw point, and there's no penalty for wrong answers, so answer every question even if you're guessing. Your raw multiple-choice score gets converted to a scaled score, then combined with your free-response score to create a composite score. The College Board maps that composite to the 1-to-5 scale.

Section II Free-Response Breakdown

The free-response section accounts for 33% of your score and tests whether you can explain economic ideas, do calculations, and draw accurate graphs. Graders use rubrics that award points for specific elements—correctly labeled axes, accurate shifts, clear explanations—so precision matters more than long paragraphs.

1. Long FRQ Structure

The long question is worth 10 points and usually has multiple parts labeled a, b, c, and so on. You might draw an AD-AS graph, identify whether the economy is in a recession, show what happens when the government increases spending, explain the effect on unemployment, and then analyze a related market like loanable funds. Each part builds on the one before, so if you make a mistake early, keep your reasoning consistent in later parts to earn follow-through points.

2. Short FRQ Structure

The two short questions are each worth 5 points and focus on narrower topics. One often tests the money market, Phillips curve, or calculations like the spending multiplier or CPI. The other might ask you to explain how interest rate changes affect capital flows or to calculate exchange rate changes. Write clear, direct answers—define terms, show your work, label every axis and curve.

Self-Scoring Tips

After practicing free-response questions, use the official College Board scoring guidelines from past exams to grade yourself point by point. Look for the exact elements the rubric requires—correct labels, accurate direction of shifts, proper terminology—and mark where you earned or lost points. Keep a list of mistakes you make repeatedly, like forgetting to label axes or confusing "price level" with "inflation rate," so you can fix those habits.

Approved Calculators And Equation Sheet

Starting in 2023, you can use a four-function calculator on both sections of the exam. Scientific and graphing calculators aren't allowed, and neither are devices with text storage like phones or smartwatches. Bring a handheld four-function calculator you know how to use, and check the batteries beforehand.

AP Macro Calculator Rules

You're allowed a basic calculator that does addition, subtraction, multiplication, division, square root, and percentages. Graphing calculators, programmable calculators, and anything that connects to the internet aren't permitted. If you're taking the digital portion on a laptop or tablet, you won't have an on-screen calculator during multiple-choice, so confirm your school's device and calculator rules ahead of time.

Equations Provided On Test Day

The College Board gives you a formula sheet with key equations like the quantity theory of money (MV = PQ), the spending multiplier (1 / (1 - MPC)), the tax multiplier (-MPC / (1 - MPC)), and the money multiplier (1 / reserve ratio). You'll also see formulas for real GDP, the GDP deflator, unemployment rate, and inflation rate. However, you still have to know when to use each formula and how to apply it, and some relationships—like how bond prices and interest rates move in opposite directions—aren't on the sheet.

AP Macro Units And Topics To Know

The course has six units, each building on the one before to show you how economies work and how policy decisions affect outcomes. Understanding the sequence helps you see connections—like how a change in the money supply shifts aggregate demand and influences inflation and unemployment.

Unit 1 Basic Economic Concepts

Unit 1 covers scarcity, opportunity cost, and the production possibilities curve, which shows the trade-offs an economy faces when choosing how to use resources. You'll also learn comparative advantage, gains from trade, and the basics of supply and demand, market equilibrium, and how shifts affect price and quantity.

Unit 2 Economic Indicators And Business Cycle

Unit 2 introduces the measurements economists use to track economic health: GDP, unemployment, and inflation. You'll calculate nominal and real GDP, learn GDP's limitations as a measure of well-being, distinguish between frictional, structural, and cyclical unemployment, and use price indices like CPI and the GDP deflator to measure inflation. The unit also covers the business cycle—expansion, peak, contraction, and trough.

Unit 3 National Income And Price Determination

Unit 3 is the heart of the course because it introduces the AD-AS model. You'll learn what shifts aggregate demand (consumption, investment, government spending, net exports) and aggregate supply (input prices, productivity, expectations), how short-run and long-run equilibrium work, and how the economy adjusts over time. The unit also covers fiscal policy—government spending and taxes—and how it can close recessionary or inflationary gaps.

Unit 4 Financial Sector

Unit 4 explores money, banking, and interest rates. You'll define what money is, calculate M1 and M2 (measures of the money supply), and understand how banks create money through lending and the money multiplier. The unit introduces the money market (where nominal interest rate is set) and the loanable funds market (where real interest rate is determined by saving and investment), plus monetary policy tools like open market operations, the discount rate, and reserve requirements.

Unit 5 Stabilization Policies

Unit 5 looks at the long-run effects of fiscal and monetary policy. You'll study the Phillips curve, which shows the short-run trade-off between inflation and unemployment, and learn why that trade-off disappears in the long run. The unit also covers money growth and inflation, government deficits and national debt, crowding out (when government borrowing raises interest rates and reduces private investment), and what drives economic growth—capital, technology, human capital.

Unit 6 Open Economy And Trade

Unit 6 adds international trade and finance. You'll learn the balance of payments accounts (current account and capital/financial account), how exchange rates get determined in the foreign exchange market, and how interest rate or policy changes affect currency values. The unit also explains how exchange rate changes influence net exports and aggregate demand, and how capital moves across countries in response to interest rate differences.

Must-Know Macroeconomics Equations

Certain formulas show up repeatedly on the exam. Knowing them by heart saves time and cuts down on mistakes.

GDP And Price Indices

You'll calculate nominal GDP (current-year prices times current-year quantities), real GDP (base-year prices times current-year quantities), and the GDP deflator ((Nominal GDP / Real GDP) times 100). CPI is calculated as ((Cost of basket in current year / Cost of basket in base year) times 100), and inflation rate is ((CPI this year minus CPI last year) / CPI last year) times 100.

Money Multiplier

The simple money multiplier is 1 divided by the reserve ratio. If the reserve ratio is 10%, the money multiplier is 10, meaning each dollar of new reserves can support up to $10 of new money through repeated lending. In practice, the actual multiplier is often lower because banks hold excess reserves and people keep cash, but the formula gives you the theoretical maximum.

Phillips Curve

The Phillips curve shows the short-run inverse relationship between inflation and unemployment—when unemployment falls, inflation tends to rise, and vice versa. In the long run, the Phillips curve is vertical at the natural rate of unemployment, meaning there's no trade-off. Trying to push unemployment below the natural rate only leads to higher inflation without a lasting drop in unemployment.

Study Timeline And Strategies For Canadian Students

A structured study plan tailored to your school's schedule keeps you on track and cuts down on last-minute cramming. Canadian schools typically follow either a semester system or a block schedule, and each one works a bit differently.

Semestered School Plan

If your school runs on a traditional semester, you'll cover AP Macro over 18 to 20 weeks. Aim to finish content review by mid-April, leaving three to four weeks for intensive practice. Each week, master one or two topics, do the practice questions, and review any mistakes before moving forward. In the final month, take at least two full-length practice exams under timed conditions, then use the results to spot weak areas.

Block Schedule Plan

Block schedules compress the course into roughly 10 weeks of longer class periods. The faster pace means you'll want to review material more often to keep it fresh. After each unit, spend 20 to 30 minutes that same evening summarizing key graphs and formulas in your own words. In the two weeks before the exam, cycle through practice questions from all six units daily, and dedicate at least one full block to a complete practice exam.

Last-Month Cram Checklist

In the final four weeks, prioritize active recall and timed practice over rereading notes. Focus on these areas

• Graph fluency: Redraw the AD-AS model, money market, loanable funds market, Phillips curve, and foreign exchange market from memory, labeling every axis and curve.
• Multipliers and calculations: Practice spending multiplier, tax multiplier, money multiplier, real versus nominal conversions, and growth rate problems until you can do them quickly.
• FRQ rubrics: Review past free-response questions and scoring guidelines to see exactly what language and labels earn points.
• Unit 3 and Unit 4 depth: These units carry the most weight, so make sure you can confidently shift curves, explain policy effects, and connect the money market to aggregate demand.

Practice Questions And FRQ Resources

Consistent practice with real AP-style questions is the most effective way to improve your score.

Free Online Multiple-Choice Banks

AP Classroom (accessible through your teacher) has topic-based multiple-choice questions and progress checks for each unit. Khan Academy offers a free AP Macro course with practice exercises and video explanations. Track your accuracy by topic—if you're consistently missing questions on loanable funds or fiscal policy, you'll know where to focus.

Past FRQ Packets And Rubrics

The College Board publishes free-response questions and scoring guidelines from past exams on AP Central. Start with recent years (2019 onward) since they reflect the current course framework. After writing your response, compare it line by line with the scoring guideline and note which points you earned and which you missed. Pay attention to sample student responses—they show what a 10-point answer looks like and where common mistakes happen.

Macroeconomics Practice Test PDFs

Full-length practice exams are available from test prep publishers like The Princeton Review, Barron's, and 5 Steps to a 5. Take one full-length test in mid-April and another about a week before the exam, both under timed conditions.

Scoring Scale And What Earns A 5

AP scores range from 1 to 5, with 3 considered "qualified," 4 "well qualified," and 5 "extremely well qualified." The College Board sets cut scores after each exam based on difficulty, so the raw score needed for each level can shift slightly year to year.

Raw-To-Scaled Conversion

Your raw score is the sum of your multiple-choice points (out of 60) and your free-response points (out of 20). The College Board weights these sections—66% for multiple-choice and 33% for free-response—to produce a composite score, typically out of 90. Historically, a composite score around 60 to 65 points has often translated to a 5, though the threshold can shift.

Historical Pass Rates

Pass rates (scoring 3 or higher) have hovered around 55% to 65% in recent years, with 62 percent of students in 2024 earning passing grades. Top-scoring responses demonstrate precise terminology, correctly labeled graphs, and clear cause-and-effect reasoning, with 41% earning 4s and 5s in 2024.

How Canadian Universities Grant Credit

Canadian universities have different policies for granting credit or advanced standing based on AP exam scores. Most require a score of 4 or 5 for credit, though some accept a 3.

Sample Credit Policies

The University of Toronto typically grants 0.5 credit for a score of 4 or 5, which can count toward degree requirements or as an elective. McGill University may grant 3 credits for a score of 4 or 5, potentially exempting you from an intro economics course. UBC and the University of Alberta have similar policies, often awarding credit that can lighten your first-year load. Always check the specific AP credit policy on each university's admissions or registrar website, as requirements can change and may differ by faculty.

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Sending Scores Through MyAP

After the exam, you'll receive your score in early July through your College Board account on MyAP. From there, you can send your official score report to universities by entering the institution code during the score-send process. There's no fee to send scores to one institution at the time of registration. If you're applying to multiple schools, additional reports cost around $15 USD each.

Your Next Step To Personalized Help

Preparing for the AP Macro exam on your own can feel overwhelming, especially when you're balancing other courses and extracurriculars. Personalized tutoring gives you targeted help on the topics you find most challenging, whether that's the AD-AS model, the money multiplier, or writing clear free-response answers.

Book A Trusted AP Economics Tutor

TutorLyft connects you with vetted Canadian tutors who specialize in AP Macroeconomics and know the exam well. Whether you're aiming to close knowledge gaps, build confidence with timed practice, or refine your graphing technique, a tutor can create a custom study plan that fits your schedule. You'll get clear explanations, real-time feedback, and strategies that work—all without subscriptions or hidden fees. Find your AP Economics tutor on TutorLyft and take the next step toward the score you want.