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Exam prep · AP Economics

AP Macroeconomics and Microeconomics flashcards: every graph, every chain of effects

Both AP Economics exams come down to a few dozen graphs and the chains of cause and effect that move them. Flashcards with the graph on the front and the shift plus its consequences on the back are the whole game. Start with the free macro and micro principles decks below.

Start studying free Turn my prep book into flashcards

Updated 2026-10-27. Decks are shared by Quizcard and its users; study them on the page or copy them into a free account.

AP Economics at a glance

Format (each exam): Section I: 60 multiple-choice questions in 1 hour 10 minutes (two thirds of the score). Section II: 3 free-response questions in 1 hour (one third): one long and two short.
Length: 2 hours 10 minutes each. Macro and Micro are separate exams with separate scores.
Scoring: 1 to 5 for each. No penalty for wrong answers.
Calculator: A four-function calculator is permitted on both exams.
Dates: Both in the May exam window, on different days. Register through your school.

What the AP Economics tests

Macro Unit 1: Basic economic concepts. Scarcity, PPC, comparative advantage. 5 to 10% of the Macro exam.
Macro Unit 2: Economic indicators and the business cycle. GDP, unemployment, inflation. 12 to 17%.
Macro Unit 3: National income and price determination. AD and AS, fiscal policy, multipliers. 17 to 27%.
Macro Unit 4: Financial sector. Money, banking, monetary policy, loanable funds. 18 to 23%.
Macro Unit 5: Long-run consequences of stabilization policies. Phillips curve, growth, debt. 20 to 30%.
Macro Unit 6: Open economy. Balance of payments, exchange rates. 10 to 13%.
Micro Unit 1: Basic economic concepts. 12 to 15% of the Micro exam.
Micro Unit 2: Supply and demand. Elasticity, surplus, price controls, taxes. 20 to 25%.
Micro Unit 3: Production, cost and the perfect competition model. 22 to 25%.
Micro Unit 4: Imperfect competition. Monopoly, oligopoly, game theory, monopolistic competition. 15 to 22%.
Micro Unit 5: Factor markets. 10 to 13%.
Micro Unit 6: Market failure and the role of government. 8 to 13%.

Free AP Economics flashcard decks

Missing a topic? Upload the chapter from your prep book and Quizcard builds the deck for you, grouped by topic, with figures kept from PDFs. How it works.

Sample cards from “Macroeconomics Principles”

What are the three functions of money?

Answer: Medium of exchange, unit of account, store of value.

Explanation

Fiat money has value by government decree, not intrinsic worth.

What are the phases of the business cycle?

Answer: Expansion, peak, contraction (recession), trough.

Explanation

A recession is commonly defined as two consecutive quarters of falling real GDP.

What are tariffs and quotas?

Answer: A tariff is a tax on imports; a quota is a limit on import quantity. Both raise domestic prices and protect domestic producers.

Explanation

Both create deadweight loss.

What is comparative advantage in trade?

Answer: Countries gain by specializing in goods they produce at lower opportunity cost and trading.

Explanation

Basis for the argument that trade raises total output.

How does currency appreciation affect trade?

Answer: A stronger currency makes exports more expensive abroad and imports cheaper, reducing net exports.

Explanation

Depreciation does the opposite.

What is a trade deficit?

Answer: Imports exceed exports (negative net exports).

Explanation

Financed by capital inflows; not inherently bad.

Showing 6 of 30 cards. Study the whole deck or copy it into your account.

A flashcard study plan for the AP Economics

Week 1: definitions. One card per term per unit; study the macro and micro principles decks until the vocabulary is automatic.
Weeks 2 to 3: graphs. Front: a named graph with one shift described. Back: the new equilibrium and the effect on each variable the exam asks about (price level, output, unemployment, interest rate).
Week 4: policy chains. Front: “expansionary monetary policy”. Back: the full chain: money supply up, interest rate down, investment up, AD right, output and price level up.
Week 5: upload your textbook chapters and generate decks; do one released free-response set per exam and card every graph you drew wrong.
Week 6: one timed multiple-choice section per exam, then only the “missed” deck.

How to write AP Economics cards that work

Draw the graph on the card. The long free-response question is graded on correctly labelled graphs, so practise the labels: axes, curves, equilibrium.
Card the differences between similar graphs: AD-AS versus the money market, short-run versus long-run Phillips curve, perfect competition versus monopoly cost curves.
Micro: card the profit-maximising rule (MR = MC) once, then one card per market structure for where price comes from.
Macro: card what each policy tool does and who controls it; mixing up the Fed and Congress is a common lost point.

Questions

Are the economics decks here free?

Yes. Study them on the page or copy them into a free account; your own cards are free with no limits.

Can Quizcard put graphs on flashcards?

Yes. Upload the textbook chapter as a PDF and figures are kept on the cards; the tutor can also draw simple line graphs on request. Two generated documents are free.

Should I take Macro or Micro first?

Micro first if you can choose; supply and demand and cost curves are reused in Macro. Either way, the basic-concepts unit is shared.

Is there a practice quiz?

Public decks with a quiz show it under “Test yourself”; you can also press “Quiz me” on any deck you copy.

Other exams

Official information: College Board: AP Macroeconomics, College Board: AP Microeconomics. Formats and weights change; check the official page before test day.

Try it with your own material

Upload a PDF, slides or notes and study the deck in minutes. Making your own cards is free with no limits.

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