Principles of Microeconomics CLEP Test Description
The Principles of Microeconomics CLEP test covers the information that
is taught in one semester introductory course at the college level in
microeconomics. It covers the information about economics on a smaller
scale, i.e., the consumer scale.
You will be tested on measurement concepts supply, demand, price elasticity,
utility, price and quantity controls, equity, regulation and monopolies.
You need to understand the purchasing decisions for firms and individuals.
It is important to understand that you do not have to answer each and
every question correct to get a passing score. You need to get 50 of 100
correct (in most cases) to pass. The people the write the CLEP tests want
you to know about half of the information to get a passing score.
Included in the Principles of Microeconomics CLEP Study Guide
Basic Economic Concepts
Scarcity the Nature of Economic Systems
Opportunity Costs and Productive Possibilities
Comparative Advantage
Supply and Demand
Demand, Supply and Price Determination
Consumer Demand
Diminishing Marginal Benefit
Consumer's Surplus
Shift in Demand Curve
Elasticity of Demand
Firm's Production Cost and Revenue
Revenue
Long run costs and economies of scale
Long Period Total Cost Curves
Economies of scale
Profit Maximization
Perfect Competition
Monopolistic Competition
Monopoly
Efficiency
Factor Market Derived Demand
Determination of Wages and Other Factors of Production
Distribution of Income
Market Failures and the Role of Government
Externalities, Public Good and Information Economics
Externalities: a.k.a. spillover or Third Party effect
Public Good
Sample CLEP Test Questions
Test-Taking Strategies
What Your Score Means
Test Preparation
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Included in the Principles of Microeconomics CLEP Study Guide