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Principles of Microeconomics CLEP TEST

Principles of Microeconomics CLEP Test

The Principles of Microeconomics CLEP Test covers the material that is taught in a one-semester class at the 101 college level in introductory microeconomics. This area of economics deals on the smaller, consumer level. Students will need to be able to apply analytical information to solve real world and hypothetical problems. An understanding of how free markets work and consumers influences and purchasing power is critical for this CLEP test.

You will need to know how to determine the outcome in a market structure based on given information on the CLEP test. Wages, allocation on resources, economic efficiency, distribution of income are all included on the CLEP test.

You will need to answer 80 questions in 90 minutes. There is no penalty for guessing on the test and there are some pretest questions included that are not scored.


Credits: 3

Number of Questions: 80

Time to complete the test: 90 min

Rank of Difficulty: 3

ISBN: 9781614331179

Information you will need to know for the Microeconomic CLEP test includes:

  • scarcity
  • opportunity cost
  • price controls
  • elasticity
  • total utility
  • margins
  • long and short run costs
  • profit
  • competition
  • monopoly
  • efficiency
  • oligopoly
  • excess capacity
  • distribution of income
  • factor markets
  • externalities
  • public goods
  • private goods
  • antitrust
  • regulation

The sections of the Marketing CLEP test are broken down as follows:

8-14% Basic Economic Concepts
55-70% The Nature and Functions of Product Markets
15-20% Supply and demand
5-10% Theory of consumer choice
10-15% Production and costs
25-35% Firm behavior and market structure
10-18% Factor Markets
12-18% Market Failure and the Role of Government

Principles of Microeconomics CLEP Test ...................................$55.00 $34.97

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