This guide organizes advice from past students who got 4s and 5s on their exams. We hope it gives you some new ideas and tools for your study sessions. But remember, everyone's different—what works for one student might not work for you. If you've got a study method that's doing the trick, stick with it. Think of this as extra help, not a must-do overhaul.

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📌 Overview

Students make assertions about economic concepts, explain principles or models, make mathematical calculations, and create graphs or visual representations.
FRQ 1 is the long free-response question worth 10 of the 20 points in Section II. Section II accounts for 33.35% of the total exam score, so FRQ 1 makes up about half of the free-response section.
Section II is 60 minutes total, including a 10-minute reading period. During the 10-minute reading period, read all 3 FRQs carefully and plan your approach mentally. Do not start writing your response, outline, or graph until the writing period begins. After the reading period ends, a good pacing plan is about 25 minutes for FRQ 1 and about 12–13 minutes each for FRQ 2 and FRQ 3.

🧭 What FRQ 1 Usually Requires

FRQ 1 is the long question and often mixes several task types in one problem: (1) make an assertion or identify an outcome, (2) explain why the outcome occurs using an economic model, (3) calculate a value such as elasticity, cost, revenue, profit, or surplus when prompted, and (4) draw or modify a correctly labeled graph. To earn points, answer exactly what the task verb asks: identify/assert briefly, explain with reasoning, calculate with work shown, and label graphs completely.

FRQ 1 is the long question, usually worth 10 points. It commonly combines assertion, explanation, calculation, and graphing tasks. During the reading period, identify the market/model being tested, note which graph is required, and plan mentally how each subpart connects to the previous one.

💭 General Advice

Tips on mindset, strategy, structure, time management, and any other high level things to know

Honestly, you know the answer to every question! Read the question carefully and underline any key terms that signal you towards a certain approach.
Have a solid understanding of the base Perfect Comp and Supply & Demand graphs.
Changes in price don’t shift the curve! (Say it in a pirate voice to remember it)
When the FRQ asks you to “explain,” make sure to do so coherently and don’t just make assertions without elaborating on why!
When studying, practicing full length exams are the most helpful in building endurance and preparing you for the circumstances of the real test.
Many core graph types repeat across exams, so practice the standard models until you can draw and label them quickly. Be ready for graphs from any tested unit, especially market graphs, firm graphs, factor markets, and market-failure models.
Do as many practice FRQs as possible and do them with a pen. This will give you peace of mind during the final exam because you mentally know you have already done it like a real exam!
When practicing FRQs, make sure you grade them yourself honestly and thoroughly and go over the areas you got wrong. The only way to see your weak areas is by making yourself practice as much as possible in similar situations as the FRQ.
Verbally explain the shifts and outcomes of those shifts to yourself or a friend. If you can do this, it will prove if you actually understand the concept.
When a question says explain, give the economic reasoning that links cause and effect. Use the model, graph, numbers, or market logic in the prompt to support your answer, because points are awarded for correct reasoning tied to the task.
Bring a watch that’s not connected to any electronic device or phone. That way you can keep track of the time without having to look up at a clock. In some proctoring situations, you’re far away from the clock so it’s hard to keep track of time.
Keep track of the problems and questions that you consistently keep getting wrong. For example, if you get a bunch of Unit 2 wrong, dedicate a lot of energy to that unit because you know it’s your weak spot.

✏️ Before you Write

What should a student do in the first few minutes, before they start writing?

During the 10-minute reading period, read all 3 FRQs carefully and plan your approach mentally. Do not start writing your response, outline, or graph until the writing period begins.
First, make sure to read the entire FRQ and the questions before doing anything! It is so easy to make simple mistakes when you rush into it!
Identify the model or market being tested, note whether you need a calculation or graph, and watch how each part builds on the earlier ones.
Try and recognize any FRQ topics you saw lots of MCQs on if you don’t know where to start. Think of MCQs like a brain refresher for the FRQ.

🏛️ Structuring your Response

Make sure you include key words and correct vocab in your response!
Once the writing period begins, create a clear, thought out outline that you can constantly look towards when going through each part. Because you might be nervous, you might want to jot down everything covered and needed for each response in the outline to look at once you start your final FRQ response.
Follow the task verb closely: identify briefly, calculate with work, explain with economic logic, and graph with full labels.

➗ Most Common Equations

Percentage change = [(new value − old value) / old value] × 100
Price elasticity of demand = (% change in quantity demanded) / (% change in price)
Elastic demand: elasticity coefficient > 1
Unit elastic demand: elasticity coefficient = 1
Inelastic demand: elasticity coefficient < 1
Perfectly inelastic demand: elasticity coefficient = 0
Perfectly elastic demand: elasticity coefficient = infinity (horizontal demand curve)
Cross-price elasticity of demand = (% change in quantity demanded of good A) / (% change in price of good B)
CPED is positive -> good A and B are substitutes
CPED is negative -> good A and B are complements
Income elasticity of demand = (% change in quantity demanded) / (% change in income)
IED is positive -> the good is a normal good
IED is negative -> the good is an inferior good
Utility maximization rule: MUx/Px = MUy/Py (and the consumer spends the budget).
Firms choose the profit-maximizing quantity where marginal revenue equals marginal cost (MR = MC), using the upward-sloping part of the MC curve. In FRQs, also check the firm's operating decision: in the short run, a firm produces only if total revenue is at least variable cost (for a perfectly competitive firm, if price is at least average variable cost); otherwise it shuts down and produces zero output.
Profit = Total Revenue − Total Cost

📊 Drawing Graphs

Remember to always label your graphs clearly, correctly, and fully! Points can be lost from an incorrect graph even if you have the right “idea.”
If it helps, you may sketch a quick planning version only after the writing period begins and only in the official response space or other allowed exam materials.
Make sure the scored graph has labeled axes, correctly labeled curves, equilibrium or profit-maximizing points where needed, and any shifts or shaded areas required by the prompt.
NEVER forget adding your axis names for every graph!! This is one of the easiest areas to get points that many forget due to stress and feeling rushed.
Draw carefully. If you make an error, clearly correct it and make your intended final graph easy for the scorer to identify. If you redraw a graph, label the final version clearly rather than relying on a crossed-out graph.