Final answer:
The most frequently accessed data in a two-tier web application should be stored in a separate caching server to optimize the application's response time.
Step-by-step explanation:
The most frequently accessed data in a two-tier web application should be stored in a separate caching server to optimize the application's response time. A separate caching server stores and serves frequently accessed data, reducing the latency and load on the application and database servers. This allows the application to retrieve data more quickly, improving overall performance.