Exam structure

Total time: 2 hours 10 minutes

MCQSection I: Multiple Choice
60 Qs·70 min·66.7%

5 answer choices. No calculator allowed.

FRQSection II: Free Response
3 Qs·60 min·33.3%

1 long FRQ (multiple parts, 10 min) + 2 short FRQs (5 min each). Remaining 40 min for all FRQ.

Scoring

Scored 1–5. MCQ = 66.7%, FRQ = 33.3%.

Tips
  • ~70 seconds per MCQ
  • No calculator allowed
  • FRQ: draw and label graphs fully (axes, curves, equilibrium)
  • Know AD/AS, Phillips Curve, money market, loanable funds graphs

What's on this exam

Unit 1: Basic Economic Concepts

8%
  • Scarcity and Opportunity Cost
  • Production Possibilities Curve
  • Comparative Advantage and Trade

Unit 2: Economic Indicators and the Business Cycle

15%
  • Gross Domestic Product
  • Unemployment
  • Inflation and Price Indices
  • Business Cycle

Unit 3: National Income and Price Determination

23%
  • Aggregate Demand and Supply
  • Multiplier Effect
  • Fiscal Policy

Unit 4: Financial Sector

21%
  • Money and Financial Assets
  • Banking and Money Creation
  • The Federal Reserve
  • Monetary Policy

Unit 5: Long-Run Consequences of Stabilization Policies

21%
  • Phillips Curve
  • Long-Run Aggregate Supply
  • Economic Growth

Unit 6: Open Economy — International Trade and Finance

12%
  • Balance of Payments
  • Exchange Rates
  • International Trade