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A few basic relationships show up repeatedly on AP Macroeconomics Free-Response Questions. Students must be able to graph and explain the effects of expansionary and contractionary fiscal and monetary policies, movements in interest rates, and shifts in exchange rates.
For each, a simple one- or two-sentence explanation of the change will work, IF the student accurately describes the key link. As the AP Course Description says, if the prompt says "explain," the student must "take the reader through all of the steps or linkages in the line of economic reasoning." This review activity tries to make sure students are solid on those linkages.
This two-page review handout (with answer key) covers almost all of the basic relationships. It asks students to draw AD/AS graphs, graphs of the loanable funds market, the short-run Phillips Curve, and the foreign exchange market. For each, it gives a model of the kind of concise, relevant explanation needed on the FRQs.
It's great for a one- or two-period review leading up to the AP Macroeconomics exam.