AP
MICROECONOMICS
AP Microeconomics - Exam Overview
The AP Microeconomics Exam will test your understanding of the economic concepts covered in the course, as well as your ability to define economic principles and models; explain given economic outcomes; determine outcomes of specific economic situations, and model economic situations using graphs or visual representations.
Starting with the 2023 exam, a four-function calculator is permitted for use on both sections of the exam
Exam Duration
2hrs 10mins
Exam Components
Section I: Multiple Choice - 60 questions | 1hr 10mins | 66% of Score
Questions require the use of economics content knowledge and reasoning across the range of course topics and skills. You’ll be asked to:
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Define economic principles and models
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Explain given economic outcomes
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Determine the outcomes of specific economic situations
Section II: Free Response - 3 questions | 1hr | 33% of Score
The 60-minute time limit for this section includes a 10-minute reading period.
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1 long free-response question (50% of section score)
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2 short free-response questions (each worth 25% of the section score)
You’ll be asked to:
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Make assertions about economic concepts, principles, models, outcomes, and/or effects
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Explain economic concepts, principles, models, outcomes, and/or effects
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Perform numerical analysis and calculations
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(On paper and pencil exams) Create graphs or visual representations
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(On digital exams) Answer questions about given graphs and visuals
AP Microeconomics Exam – Scoring
For the first section (multiple-choice), for every question you answer correctly, you will get one point each. There is no negative marking. It means that even if your answer is wrong or left blank, no points are deducted.
Next is the free response section. Its scoring system is a bit complicated. Rather than being graded by AI, it is reviewed by AP graders and scored following the guidelines for set 1 and guidelines for Set 2 AP Microeconomics Exam.
For more information about AP Microeconomics Exam and scoring, you can visit the College Board’s website.
AP Microeconomics Exam – Credit
Keep in mind, credit and advanced standing based on AP scores vary widely from school to school. Though a score of 3 is typically considered passing, it is not always enough to receive credit. Regulations regarding which APs qualify for course credits or advanced placement depend on the policy that your desired college or university has for AP exams.
AP Microeconomics Exam - Study Resources
• College Board Classroom Resources
• Khan Academy — Economics and Finance
• Marginal Revolution University
• ReviewEcon.com by Jacob Reed
AP Microeconomics Exam Tips
The following strategies for answering the free-response questions will help you on exam day.
Take advantage of the 10-minute planning time.
Starting to write immediately can lead to a string of disconnected, poorly planned thoughts. Using the planning time allows you to analyze the question and think through your answer. Then you will have 50 minutes to answer all three questions in the free-response section. Spend approximately half the time (25 minutes) on the long question and divide the remaining time between the other two questions.
Remember that you may answer the questions in any order.
It’s fine to answer the question you feel most confident about first. Just be sure to indicate clearly in your answer booklet which question you are answering.
Don’t restate the question.
Get straight to the point! The exam readers know the question, so don’t waste time restating it.
Use correct terminology.
For example, the market demand curve for a product should not be called the aggregate demand curve, a macroeconomic concept that relates desired aggregate expenditures at different price levels. Learn and use the correct language of microeconomics.
Use graphs wisely.
Even if a graph is not required, it may be to your advantage to draw one anyway. A correct graph can indicate that you understand what is happening even if you use the wrong economic terminology. On the other hand, graphs are not magical tools that ensure high scores; they are useful in making arguments, but they don’t stand alone. It is important that the story they tell is explained. And remember that if the question requires you to draw a graph, you must do so to receive full credit.
Label graphs clearly, correctly, and fully.
You will lose points if the readers can’t figure out what you're trying to explain with a graph. Label each axis clearly and identify each curve on the graph. Changes in curves should be indicated clearly with arrows or with some clear sequencing, such as showing a change in demand with D and D’ or D1 and D2.
Use the same outline numbers or letters from the question in your answer, and answer them in the same order.
This helps the reader know where to look for specific answers to specific parts of the question. It also helps you remember to address all parts of the question in your answer.
Try to solve all parts of a question.
The free-response questions are divided into parts such as (a), (b), (c), and (d), with each part calling for a different response. Credit for each part is awarded independently, so you should attempt to answer each part. For example, you may receive no credit for your answer to part (a), but still receive full credit for part (b), (c), or (d). If the answer to a later part of a question depends on the answer to an earlier part, you may still be able to receive full credit for the later part, even if that earlier answer is wrong.
Explain your reasoning completely when prompted to “Explain.”
If the question includes the word “Explain,” don’t just state your answer, support it. For example, if a question asks you to explain what will happen to the price, don’t just make an assertion such as “the price will increase”; explain why the price will increase.
Show your work when doing calculations.
If a question prompts you to “Calculate,” be sure to include your work and don’t just provide the final answer. Showing work is required in order to receive any credit for a calculation question.
Bring a four-function calculator to the exam.
A four-function calculator is allowed on both sections of the exam.
Practice!
Answering free-response questions from previous AP Exams is a great way to practice. It allows you to compare your own responses with those that have already been evaluated and scored. Free-response questions and scoring guidelines are available on the Exam page for AP Microeconomics.
Task Verbs
Pay close attention to the task verbs used in the free-response questions. Each one directs you to complete a specific type of response. Here are the task verbs you may see on the exam:
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Identify. What? Which? Will? and other interrogatory words: Identify or provide information about a specified topic, without elaboration or explanation.
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Explain: Provide information about how or why a relationship, pattern, position, situation, or outcome occurs, using evidence and/or reasoning. Graphs and symbols are acceptable as part of the explanation.
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Calculate: Perform mathematical steps to arrive at a final answer. Showing work is required.
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Draw a correctly labeled: Create a graph or visual representation that illustrates or explains relationships or phenomena. Labels are required.
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Show/Label/Plot/Indicate: Show, label, plot, or indicate an economic scenario on a graph or visual representation created by the student. Clearly labeling all axes and curves and showing directional changes where relevant is required.
You can also view Past Exam Questions and Scoring Information for you to have a glance at what questions to expect during the exam day.
Conclusion
Taking AP Microeconomics and all other AP Exams as a whole, while you’re in high school, is a great way to demonstrate your academic skill and prepare for college coursework. If you do well on your AP exams, those high scores will be valuable assets when it comes time for you to apply to college. On exam day, just be positive and look forward to your goal. If you make little mistakes, it's okay! If you fail, do not be afraid to try again. Good luck!