About the Exam
Exam Day 2015
The exam is approximately two hours and 10 minutes long and has two parts — multiple choice and free response. The multiple choice section is worth two-thirds of the final exam grade and the free response section is worth one-third of the final exam grade.
Section I: Multiple Choice — 60 questions; 70 minutes
The portion of multiple choice questions covering each course topic area is:
- 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%)
Total scores on the multiple-choice section are based on the number of questions answered correctly. Points are not deducted for incorrect answers and no points are awarded for unanswered questions.
Section II: Free Response — 3 questions; 60 minutes, which includes a 10 minute reading period
- 1 long essay question
- 2 short essay questions
The essays usually require that you link two or more content areas, analyze an economic situation, and evaluate general microeconomic principles. The best essays demonstrate analytical and organizational skills, and when needed, incorporate diagrams that clarify the analysis. Some questions include graphs that you'll have to interpret while some others ask you to provide the graphs.
Fifty percent of the section score is based on the long essay while each short essay contributes one-quarter to the free-response score.