The AP® Microeconomics exam is different from most in that most students don’t take the class for it before taking the exam. Your AP® Macroeconomics teacher probably offered you supplementary extracurricular lessons about the basics of microeconomics to give you an edge on the exam itself. This unconventional way of teaching microeconomics makes it a very difficult test to prepare for. As a result, it isn’t taken as often as the macroeconomics exam.
An easy way to remember the difference between macro- and microeconomics is in the name itself. Macroeconomics deals with the big picture; it studies how countries interact with each other and how economics works around the world. Microeconomics is more relevant to our everyday lives because it deals with how businesses work and how we decide what to buy and when.
What is the format of AP® Microeconomics?
The AP® Microeconomics exam is split into two sections, just like AP® Macroeconomics. It has the AP® Microeconomics multiple-choice section, and then the free response question, or FRQ. These two sections total about two hours and 10 minutes of exam time.
The multiple choice section is 70 minutes long and usually consists of 60 questions. These cover subjects according to the percentages the CollegeBoard gives in the recommended curriculum. You should take note that you have about 45 seconds to answer each question, so a proper exam strategy is necessary to get your best score. Overall, the multiple choice section is worth nearly 70% of the total exam grade, making it crucial to your success.
The free response section is just like the AP® Macroeconomics FRQ in that it is 10 minutes of recommended planning time followed by 50 minutes of writing, for a total of one hour. It will have one long question and then two shorter ones that all have to be answered with drawn graphics. The section is worth about 30% of the overall exam score.
Why is the AP® Microeconomics Multiple Choice Section Important?
As previously stated, the majority of your grade on the exam will depend on how you do in the multiple-choice section of the exam. Because of that, your AP® Microeconomics review will have to take your strategy for answering these questions and your knowledge of the subject into account. Let’s take a deeper look into how this section has an effect on your scores. Note: as a general rule, most colleges will require you to get at least a 4 on the exam to be considered for credit.
According to the 2005 AP® Microeconomics multiple-choice section scoring sheet, those who scored a 4 or 5 on the exam had to answer at least 45 out of 60 questions correctly. Your chances of scoring a 4 will drop dramatically if you don’t get at least 45 questions correct. Thus, you will have to plan your AP® Microeconomics study around the multiple choice section. You should aim to get at least 85%, or about 50 questions, correct, just to be safe.
What Content is Covered in the Multiple Choice Section of AP® Microeconomics?
As part of the recommended lesson plan that is provided by the CollegeBoard, a teacher is expected to concentrate on certain concepts. Your AP® Microeconomics study guide will likewise follow the percentages given. The following is a breakdown of all the concepts that should be covered as you are studying.
- Basic Economic Concepts (8-14%)
- The Nature and Functions of Product Markets (55-70%)
- Factor Markets (10-18%)
- Market Failure and the Role of Government (12-18%)
For more information on the specific content of each of these concepts, you should look into the Albert.io blog post on how to study for AP® Microeconomics. The main thing you should take note of going into the exam is that as much as half of the exam will be similar to what you would have covered in your Macroeconomics classes. In fact, the largest portion of the subject, which deals with the Functions of Product Markets, will be your main point of concentration for studying.
How to Prepare for the AP® Microeconomics Multiple Choice Section
Right off the bat you may be nervous about this exam because of the unfamiliar content that is not covered in a normal class. However, the AP® Microeconomics multiple-choice section is just like any other test, and a certain amount of strategy goes into answering questions – even the ones that you don’t know. The following are some AP® Microeconomics tips to help you get by.
1. Identify Unfamiliar Concepts
As we’ve stated in the past, there are some honestly difficult parts of the exam where you will have no idea how to answer. Because of this, you should immediately look into the specifics of each concept. Make sure you can figure out what parts you have already learned and what parts are the newer concepts specific to microeconomics.
2. Look for a Study Guide
There are plenty of study guides out there to help you get familiar with the exam and the subject itself. While most of the time you might be able to get along without buying a study guide, in this case you will need one because you probably haven’t taken a class in AP® Microeconomics.
3. Ask Questions
Your economics teacher will have extensive knowledge of economics and, specifically, microeconomics, despite the fact that they are teaching macroeconomics. You can usually go to your them for help. As a matter of fact, many teachers hold study sessions outside of class in order to help you prepare for this unfamiliar exam.
All this preparation can be helpful in identifying your weak areas as well as strengthening the areas that you are best at. The best part is that you will have at least some preparation from learning macroeconomics, where you will have learnt the basics of economics as well as certain subjects dealing with factor markets and government intervention. You should review your macroeconomics notes, especially the parts that have to do with graphing.
How to Answer AP® Microeconomics Multiple Choice Questions?
As you prepare, it would be good to get in and learn how you should be answering the questions on the microeconomics exam. The CollegeBoard has a practice exam that you can download to find your weak points and understand how the exam works. The following are some questions directly from the practice exam. These questions were chosen to demonstrate certain common patterns that occur on the exam itself.
1. Assume that Clark spends his entire income on the purchase of two goods, X and Y. If his income and the prices of good X and Y all double, Clark will
(A) double the purchase of goods X and Y.
(B) buy more of good X and less of good Y.
(C) buy less of good X and more of good Y.
(D) buy less of both goods X and Y.
(E) buy the same amounts of goods X and Y.
Just looking at this question, you should take note of the most important factor in microeconomics. The basic difference between macro- and microeconomics is the fact that the latter deals with personal preference and understanding consumer choices. This question is a good example of that.
As far as the answer, the question itself deals with inflation and how people will behave. People tend to purchase products depending on their income. As inflation raises proportional to income, they will be inclined to continue consumption as normal. Therefore, E would be the correct answer.
Following a prolonged power outage the price of flashlights normally increases significantly. If cities had passed laws prohibiting price increases for flashlights during power outages, such laws would most likely
(A) make flashlights more available.
(B) create a shortage of flashlights.
(C) shift the demand curve for flashlights to the right.
(D) shift the supply curve for flashlights to the left.
(E) have no effect on the availability of flashlights.
This question is another good example of the relationship between macroeconomics and microeconomics. This question obviously deals with the concept of supply and demand; however, it goes deeper than the relationships covered in macroeconomics. You should also take note that you will need to use your scratch paper to properly answer this question if you need a graph for visualizing the scenario.
In this case, the question deals with consumer behavior as well as the effects of government intervention. As you have learned, when demand goes up, the price will rise proportionally while supply stays the same. In this question, the government intervenes to keep the prices from going up during an unforeseen event (an act known as price gouging). As a result, the supply and price both stay the same, despite the higher demand. The effect of this mix will therefore be B, because there will not be enough supply to deal with the unforeseen demand for flashlights.
How can I practice for the AP® Microeconomics Multiple Choice Section?
Now that you have your study plan and review down, it is time for you to practice for the exam and really hone your skills. There are plenty of AP® Microeconomics practice questions out there to help you get used to the multiple-choice section. Albert.io has a huge store of questions that are available to you for helping you study. They are even separated into the different concepts so you can better identify your weak spots and work on your review.
The AP® Microeconomics practice will take time and patience, and you will have to remember that this is a subject you are learning from scratch. With the proper preparation, you can get a great score on the exam and use that score towards earning college credit when you go into higher education.
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