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Principles of Microeconomics CLEP Test
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CLEP (College Level Examination Program) There are 229 multiple-choice practice questions and detailed explanations contained in the Practice Tests and Study Guides below. The ACE (American Council on Education) recommends 3 lower level college credits for this exam. Studying, and passing, the practice tests below will allow you to confidently take and pass your Principles of Macroeconomics CLEP test. The overall key concepts, and specific individual points, that will allow you to pass your test are within the practice questions and detailed explanations contained in the materials below.
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| CLEP Practice Test and Study Guides - Begin your studies here | # of questions |
Course Information and Overview
This
Principles of Microeconomics CLEP Test consists of material typically taught in an
introductory-level college course. The actual CLEP Test is 80 questions and
allows 90 minutes to complete.
Successfully passing this CLEP test requires knowledge and understanding of important economic concepts and terms, understanding and interpretation of economic graphs, evaluation and interpretation of economic data, and application of simple economic models. The typical college course related to this CLEP test would cover an introduction to marketing, basic marketing strategies and goals, marketing fundamentals, and major principles of marketing.
According to the official College Board site the Principles of Microeconomics CLEP test contains questions from the following topics:
- Basic Economic Concepts (8-14%)
Economic systems
Analysis of margins
Opportunity cost, scarcity and choice
Comparative advantage
Property rights and incentives - Supply and Demand (15-20%)
Price elasticity
Equilibrium of markets
Supply and demand determinants
Differentiation
Consumer and supplier surplus
Market efficiency - Theory of Consumer Choice (5-10%)
Marginal utility
Total utility
Demand curves
Substitution of products
Price factors - Production and Costs (10-15%)
Short and long run production and costs
The law of diminishing returns
Cost minimization
Economies of scale - Firm Behavior and Market Structure (25-35%)
Analyzing profits
Profit maximization (MR=MC)
Perfect competition
Monopolies
Price discrimination
Cartels and collusion
Product differentiation vs. substitution
Capacity and efficiency
Short and long run supply issues
Market power
Oligopoly
Strategic behavior and game theory - Factor Markets (10-18%)
Labor markets
Distribution of income within markets
Derived factor demand - Market Failure and the Role of Government (12-18%)
Externalities, positive and negative, and remedies
Public goods vs. private goods, provision of goods
Competition promotion, antitrust policies and regulation
Income distribution, equity, and income source inequality
CLEP Principles of Microeconomics information is available at The College Board.
