The Principles of Macroeconomics examination covers material that is usually taught in a one-semester undergraduate course in introductory macroeconomics. This aspect of economics deals with principles of economics that apply to an economy as a whole, particularly the general price level, output and income, and interrelations among sectors of the economy. The test places particular emphasis on the determinants of aggregate demand and aggregate supply, on monetary and fiscal policy tools that can be used to achieve particular policy objectives. Within this context, candidates are expected to understand measurement concepts such as gross domestic product, consumption, investment, unemployment, inflation, inflationary gap, and recessionary gap. Candidates are also expected to demonstrate knowledge of the institutional structure of the Federal Reserve Bank and the monetary policy tools it uses to stabilize economic fluctuations and promote long-term economic growth, as well as the tools of fiscal policy and their impacts on income, employment, price level, deficits, and interest rate. Basic understanding of foreign exchange markets, balance of payments, effects of currency, and appreciation and depreciation on a country's imports and exports are also expected.

Supply and demand, theory of demand, principles of production, pricing, and distribution. Output market structures, labor markets and issues, and international trade.